10 Strategies to Retain and Hire the Best Finance and Accounting Talent in 2024
If attracting and retaining top talent is a high priority for your team this year, you’re not alone. A majority of organizations name recruiting and retaining staff as a “primary challenge,” according to a recent survey from Accounting Today.
In today's competitive landscape, attracting and retaining top finance and accounting talent is essential for companies looking to thrive in 2024 and beyond. With over a decade of experience partnering with leading organizations, I've identified ten proven strategies to help businesses retain their top talent and attract the best finance and accounting professionals in the coming year.
Cultivate a Strong Employer Brand
- Invest in building a compelling employer brand that showcases your company's values, culture, and commitment to employee development. A strong employer brand will attract top talent and differentiate your organization from competitors. Staying informed about reviews and updating relevant content on popular sites like Glassdoor and Google Reviews can be a great starting point for giving candidates an insider’s view of your team.
Offer Competitive Compensation and Benefits
- Ensure that your compensation and benefits packages are competitive within the industry and geographic location. Research compensation benchmarks for your open roles to stay informed about market trends and adjust your offerings accordingly to attract and retain top talent. Check out our 2024 Finance & Accounting Compensation Study & Industry Report for detailed compensation bands for 27 key finance and accounting roles.
Provide Opportunities for Career Growth
- Top finance and accounting professionals are eager to advance their careers. With more than half of Americans considering a major job change in 2024 according to a recent survey by GOBankingRates, creating an enriching workplace can help keep top performers committed and motivated. Consider what your team can offer in terms of opportunities for professional development, upskilling, and advancement to help employees grow and progress within the organization.
Foster a Culture of Diversity and Inclusion
- Create an inclusive workplace culture where all employees feel valued, respected, and empowered to contribute their unique perspectives. Not only will embracing diversity and inclusion initiatives attract a diverse pool of new talent but data from the Pew Research Center also shows that existing employees “tend to see positive impact from policies and resources associated with DEI where they work.”
Consider Remote and Hybrid Work Options
- Recognize the importance of work-life balance and offer flexible work arrangements, remote work options, and support programs to help employees manage their professional and personal commitments effectively. Remote work continues to play a huge role in attracting and retaining top talent. In fact, 66% of respondents in
our recent LinkedIn poll said that remote work was an “extremely important” factor in their career decisions.
Invest in Technology and Tools
- Helping your team work smarter, not harder can boost morale and productivity. Equip your finance and accounting teams with the latest technology and tools to streamline processes, enhance productivity, and improve job satisfaction. 58% Finance professionals said that AI is important to their company’s future success, according to research from the Thomson Reuters Institute. Invest in training programs to ensure that employees are proficient in using these tools effectively.
Implement Effective Onboarding Programs
- Create comprehensive onboarding programs that welcome new hires, introduce them to the company culture, and provide the necessary training and resources to succeed in their roles. A positive onboarding experience sets the tone for long-term success, which is why the DeWinter Group team continues to support candidates through the onboarding process, setting our clients and candidates up to hit the ground running.
Foster Open Communication
- Encourage open communication and feedback between employees and management. Create channels for employees to voice their opinions, ideas, and concerns, and take action to address feedback and improve the employee experience.
Recognize and Reward Excellence
- Acknowledge and reward employees for their hard work, achievements, and contributions to the organization. Implement recognition programs, performance bonuses, and other incentives to motivate and retain top talent.
Provide Meaningful Work
- Offer opportunities for employees to work on challenging and meaningful projects that align with their interests and career goals. Providing autonomy and ownership over projects can increase engagement and job satisfaction.
In 2024, retaining and hiring the best finance and accounting talent requires a strategic and proactive approach. By prioritizing employee engagement, career growth, work-life balance, and a positive company culture, businesses can attract and retain top talent and position themselves for success in the competitive landscape. Implementing these ten strategies will not only help organizations retain their top talent but also attract the best finance and accounting professionals in the coming year and beyond.
Are you considering additional finance or accounting consulting solutions in 2024? Whether you need
immediate, short-term accounting support or have an urgent project that requires specific skills, DeWinter Consulting’s Boston has the finance and accounting network to help New England's top companies thrive. DeWinter Group's Boston Consulting team offers professional on-demand finance and accounting support.
Learn more and get in touch today.
About the Author:
Jacqueline Berman has cultivated an extensive understanding of the New England recruiting market over the past 12 years, specializing in Accounting, Finance, Admin, and HR roles. Her expertise spans diverse industries, ranging from biotech and pharma to nonprofit and higher education. Working with companies of varying sizes, from large corporations to small businesses, she possesses a keen awareness of the distinct intricacies associated with each.
Adapting to evolving workplace dynamics, Jacqueline has seamlessly transitioned to remote work and national job placements in recent years. She perceives recruiting as a form of matchmaking, driven by a genuine passion and unwavering commitment to connecting the right talent with the right opportunities. It is evident that for her, recruiting transcends being merely a job; she considers it an integral aspect of her identity.
