Talent management policies aid retention say finance professionals
Particular focus was on the influence of talent management in recruiting, retaining and developing the careers of finance professionals.
Perhaps reflective of the small number of businesses implementing talent management policies, 59% of respondents said that their talent is not being managed and 54% feel that their talent is not being developed. However, almost two-thirds feel that they have clearly defined goals, which could imply that businesses are not explicitly aligning employee objectives with talent management policies.
When asked about job tenure, almost half of finance professionals stated that they will be moving jobs within the next 6 months and another 23% believe they will move in 6-12 months. Of those who have only been in their current role for less than a year, the majority think they will be moving jobs again within 12 months. The most attractive aspect of a new role was & lsquo;career development prospects’ with over 41% stating it was their motivation to move. Interestingly, although & lsquo;salary increase’ was the second most popular answer, it only took 20% of the vote.
We subsequently asked what prompts finance professionals to leave their company. Again, & lsquo;career progression’ took the top spot with exactly half of respondents saying it was the main driver. & lsquo;Lack of prospects for salary increase’ came second and & lsquo;lack of work/life balance’ was rated third. It comes as no surprise then that over 75% of respondents feel that it is easier to progress their careers by moving company than by staying with their current employer.
Communicate also looked at the benefits that professionals are currently receiving and tried to establish whether or not these are the benefits that are most valued. These results were incredibly positive. In general the benefits that were valued highest were the most commonly received, implying that companies have recognised and acted upon the interests of their employees. The benefits that were considered most important were:
1) Performance related bonus
2) Generous holiday allowance
3) Above minimum contributory pension
In their current positions, 72% have access to a contributory pension scheme and 70% receive performance related bonuses. Around half are receiving what they consider a generous holiday allowance. Just over one in ten of the professionals surveyed received a gym membership, but this was considered to be one of the least important benefits.
James Lock, Founding Partner of Communicate, comments:
“In light of the high percentage of finance professionals considering moving jobs in the next 12 months, businesses need to be proactive if they want to retain the best talent. They need to make sure that those job moves are internal and not external. Ensuring employees are continually being developed and prepared for advancement needs to be at the forefront of succession planning initiatives. Not only can this counter the cost of external recruitment but businesses will be providing career progression opportunities that the survey has shown finance professionals place high value upon.
It is a concern that over three-quarters of respondents feel that it would be easier for them to progress their career in another company. Businesses need to offer clear development opportunities and training internally if they want to retain the strongest talent.”