Welcome back to the Autumn addition of the HedgerWay newsletter, which features a fascinating new CFO spotlight and the usual selection of our latest articles. For those that have been regular readers since we launched just over 2.5 ago, you’ll know that we’ve backed UK entrepreneurialism to weather any storm that Brexit brewed. We did not predict that it would last for so long, nor that it would still be at this stage of conversation. We are still yet to feel any major impact on the recruitment landscape, although our clients are starting to tell us that they are more concerned about the Corbyn factor. Whatever your view, uncertainty is still the factor that dominates the landscape.
With bonus season and pay reviews just around the corner and this uncertainty ahead of us, the need to retain and motivate our key talent is more important than ever and maintaining the team by writing bigger cheques is neither desirable, nor effective. Adopt the following three attributes into your culture and you can retain your people whilst also improving the contribution and commitment within the business. You’ll also save yourself a few quid in unnecessary over payments in the payroll and a small fortune in the cost of recruiting replacement hires.
Variety
Finance roles at all levels can at times be dominated by the vanilla and routine. This is especially true when a business is in a holding pattern, neither growing nor retracting as it seeks to understand the challenging landscape. Key finance talent stretch themselves, seek out new challenges and seize opportunities, they are never content to operate within a business as usual environment. Leadership teams must therefore create a culture that embraces both the drive and curiosity of these high achievers if they wish to keep them engaged.
Recognition
The roles of senior finance professionals have evolved significantly over the past 20 years and the days of sitting the accountant in a corner with an abacus is a long-outdated concept. Senior finance professionals add significant commercial value and driving and underpinning the strategic direction of a business whilst maintaining strong financial governance. Leadership teams that value this commercial direction and control should seek to ensure that this input is seen to be valued and recognised. Celebrating their input and achievements will create more joined up business and culturally cohesive environment, whilst keeping this important pool of talent motivated.
Engagement
Engaging the team and seeking their input on the key decisions facing the business is a both a trait of strong leadership and critically, will ensure that your team remains engaged. When facing an uncertain future and big decisions, the need for strong leadership is obvious, but we should not overlook the value of keeping your existing people on the team. By encouraging input and contributions, whilst maintaining visibility and keeping communication lines open, your team will be on board for not only today but will also educate them to ensure they make better contributions tomorrow.
Money is rarely the major factor in a person’s motivation for leaving a role and while not paying to the right level may be considered a lack of recognition, using it as a retention tools is not a long-term solution. As Kennedy once said, the time to fix the roof is when the sun is shining. It may not be sunny out there are the moment, but while it’s still just overcast there is still time to embrace some wider thinking get the team set for whatever comes next.
One more thing...
When the influential Conservative think-tank, chaired by Iain Duncan Smith, recommended plans to increase the retirement age to 75, for those of us who are now 20 years into our careers, we had a stark moment of realisation. We are not yet at halfway point in our careers.
Whilst this recommendation does not look like it will reach the statute book, it is a reminder for all of us that our careers are becoming increasingly longer. This may be especially true for those early millennials that achieved their aspirations of reaching CFO at only 15 to 20 years. And what are the implications for businesses when this group, who have a markedly different set of expectations towards long term employment and career aspirations, start to occupy more and more senior leadership positions?
