Despite recent delays, the return to the office in some form is inevitable. While some employees will be happy with the revert to “normalcy” at the office, others will be disappointed and seek new employment opportunities that allow them to continue to work from home. Concurrently, organizations, fueled by pent-up demand from their customers and flush with stimulus money and less than anticipated economic impact, are hiring for senior leadership positions at an increasingly rapid pace.
To meet this demand for new talent, executive recruiters are stepping up their game. Like it or not, many of your top performers are likely approached every day about new job opportunities. With the increased availability of employment opportunities combined with any ongoing challenges your team members may be facing, it might take surprisingly little for a new opportunity to sound appealing.
What can your organization do to minimize friction and help make the transition back into an office setting smoother for all involved? In his article on CFO.com, recapped below, John Touey discusses the consequences for organizations that do not respond to employees’ new expectations, and why current team members may leave for a firm that does. Read the complete article here.
Be flexible with work location
Many people worked from home during the pandemic, and many have come to prefer their working remote work arrangement. In our recent survey, more than 80% of executives expressed a strong preference for a remote or hybrid work environment. Companies that don’t change their expectations for where their team works and how they interact with colleagues could lose employees to companies that provide options for remote work.
Re-focus on career development
The pandemic caused a lot of executive development to be put on hold. Moving forward the emphasis should be placed on two areas. First, it’s key to invest in talent development as it helps to retention and keeps employees engaged. Second, given the high-demand in the market for finance and other executive leaders, you’ll want to accelerate some of your succession management programs to have critical replacements ready in case any of your top talent starts searching for greener pastures.
Promote from deeper in your talent pool
Considering the state of the market it is expected that some top leaders may leave, and firms will be reaching deeper into their organizations for talent. Start looking to talent throughout your organization to identify potential development opportunities and begin conversations with those leaders about their future.
Provide competitive compensation
The reemergence of the war on talent has also cause an uptick in compensations. While salary is just one motivator in making a career decision, you should reassess your current compensation package to ensure you are competitive within the market and adjust it as necessary.
Focus on diversity and inclusion
With efforts focused on increasing diversity at the senior levels of the finance and accounting profession, it’s imperative to review the ways in which your organization attracts and evaluates candidates. Partner with your HR team to create position descriptions that focus on success in the position without being too prescriptive or narrow in your requirements. This will attract talent with varied and diverse backgrounds and experience.
Re-assess your company values
Your mission, vision and values should be more than a sign on the break room wall. Given how they have demonstrated loyalty to your organization during the pandemic, people want to work for (or join) firms that demonstrate a mission they can rally behind. Companies with a well-articulated value proposition that speaks to what they truly believe, beyond meeting revenue and EPS goals, will be better prepared to retain top performers, as well as attract more desirable talent. As we emerge from the pandemic, new rules apply as companies compete to recruit new talent or retain existing talent. Companies that invest in their employees and cultivate a workplace that people want to come back to will be best poised for success in the coming months.
