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In a job market where there are often more open positions for experienced financial professionals than there are people to fill them, retaining staff is a priority for accounting and finance managers. Retention in this current environment depends largely on four key drivers of job satisfaction: compensation and benefits, work environment, career development and advancement, and work/life balance. With competition for top performers expected to remain intense, consider how well your company or department measures up in these critical areas.
Attractive compensation and benefits
Offering a fair and competitive salary is the most obvious way to attract and keep top talent, even though money isn't always the key factor determining an employee's job satisfaction. Still, if your company's raises have been minimal in recent years, they may no longer be competitive. Salaries for financial professionals are rising steadily in response to demand. Solicit input on your compensation levels and benefit offerings for accounting and finance positions from industry colleagues and associations, recruiting firm contacts, and resources such as annual salary guides.
Employers should also evaluate whether the benefits they offer are as attractive as those competitors provide. A 2005 survey conducted by the research firm Zogby International revealed that 58% of employees polled would prefer a job with excellent benefits over one with a higher salary. Demographic changes in the workplace, including...