Tackling Employee Exodus: 4 Ways CFOs can Help Businesses Retain Employees

Amid the ongoing global health events, several certified management accountants (CMA) across sectors and continents have been reconsidering their priorities in work and life. And accounting firms are grappling with the consequences — the most common being the “Great Resignation.”

In November 2021, 4.5 million US employees handed in their notices — a record high — to seek greener pastures. The pandemic has taught US CMAs that work is a part of their lives, including relationships and family, among others.

Organizations, therefore, need to focus more on finding the glue to retain high-potential workers while ensuring inclusivity and gender balance. They must chalk out ways to encourage CMAs with long-term rewards as well as a sense of increasing inclusivity in accounting and finance teams.

The potentially massive blow to companies’ bottom line due to rising quit rates is a problem that chief financial officers (CFO) can help fix. They have access to enterprise data and are significantly involved in compensation and workforce investment.

But how? By implementing these strategies:

Nurture a DEI Environment for CMA Professionals

Promoting and sustaining diversity, equity, and inclusion (DEI) benefits everybody in businesses. It packs a punch when CFOs assure that all accounting professionals can bring their entire selves to work and that they are free to express their opinions.

Prioritizing DEI is critical if a company wants to attract skilled US CMAs and maintain a workforce stocked with people from different personal and professional backgrounds.

Besides, CMA professionals like to see the value that their firms demonstrate. They want to belong. CFOs who can reconnect, offer genuine career growth, and are committed to their employees’ progress will have a better retention rate.

Place US CMA Well-being Front and Center

Beyond financial and compensatory benefits, there is a lot that decision-makers can do to keep CMA US happy. Whether real or virtual life, CFOs can include fitness and yoga sessions in work schedules to help CMAs with their mental and physical well-being. They can also offer psychiatry or psychology sessions to advocate for the mental well-being of their workforce.

Besides those benefits, organizations can provide paid time off for personal development, volunteering, and “me” time. Providing childcare support, increased parental leave, sabbaticals, and corporate discounts on certain products will further cement the employer-employee.

Revive Upskilling Efforts for CMAs ASAP

A critical statistic CFOs would like to note — 7 out of 10 employees are re-evaluating their skill sets because of the COVID-19 crisis.

Many CMA US have realized that they need to level up and diversify their skill sets to be marketable in the post-pandemic economy as well as the future of work. That includes understanding groundbreaking technologies, including artificial intelligence (AI) and machine learning (ML), which are already changing (and automating) various roles. Moreover, the ability to work with data analytics and explain the gathered insights to non-technical audiences in an easy yet engaging way is gaining more importance for finance professionals.

To provide them with what they want, CFOs should assure existing CMA US that the organization is well-prepared to invest in helping them achieve their career goals. However, this cannot just be word of mouth. CFOs must provide particulars about the available options for learning, growing, and advancing to CMA USA in their division, and at the firm. These could entail upskilling and reskilling, structured e-learning, and support for industry certifications.

Build Interactive Hybrid Work Arrangements

Keeping employees engaged is more difficult in a virtual or hybrid work environment. The social element of work has nearly vanished and must be revived in other ways.

There is no longer “grab a cup of tea/coffee” or “have a quick walk” or “take lunch.” These encounters are pretty vital for building relationships and thinking about new ideas. To mimic these activities, organizations can connect with CMA USA through digital communication tools to “have coffee” in a virtual arrangement.

The public-health crises have shown us that at-scale tech advances are key to a high degree of workplace flexibility. This is significant in improving the work-life balance and prioritizing the other aspects of life. CFOs must realize the importance of flexibility in order to retain the current talent.

The Bottom Line: Keep Existing CMA USA from Jumping the Ship

The pandemic-induced disruption has compelled firms and CMAs everywhere to rethink what they actually want and need from each other. Perhaps, it is high time to press the “reset” button on how organizations approach onboarding, retention, and growth.

By pairing with HR executives to better address individual CMA professional needs, CFOs can take charge and deploy tactics that support their culture and purpose. Those who actively follow the strategies discussed above will have better odds of securing the talent. Sticking to an outdated work model will no longer cut the mustard.

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Created on Feb 8th 2022 00:51. Viewed 245 times.

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