Managing a firm is not an easy job. Besides hiring an accounting firm in Johor Bahru to help with the tasks related to accounting in your firm (Also see Common Myths About Accounting Profession), attracting and keeping talents can be a tougher job. A set of rules that works for all firms to cater to the diversified workforce does not exist. Nevertheless, there are several things employers can do to reduce the exodus of talent, keep main internal expertise as well as attract outstanding external talent.
Career Progression and Extra Training
Based on research carried out by Forbes, money isn’t the only motivator when they are looking for a job. They will have various other considerations, for example, career development as well as prospects. Firms may attract and keep the ideal talent if they assist their staff to acquire new expertise.
Furthermore, in the knowledge-based economy nowadays, workers acknowledge the value of firms that invest in the development of their workers. Most workers think that training for a particular skill is one of the incentives that will attract them to work in that firm (Also see Ways to Foster a Strong Accounting Team in Your Organisation).
Worker development plays a vital role in maintaining the spirit among the workers as well as increasing productivity in the long run. Firms need to possess a long-term perspective and never stop developing the expertise of the employees via training in management and entrepreneurial skills.
Wages and Compensation
Firms that refused to offer wages which are the same or at least close to those provided by other companies have higher possibility to experience an exodus of talent compared to their better-paying competitors. Apart from wages, potential or existing employees will also take holiday time, retirement plans, insurance, and so on into their list of considerations.
Recognition is essential in inspiring your workers to continue carrying out tasks as efficient as they can (Also see Why is Efficient Bookkeeping Vital for Annual Compliance in Johor Bahru?). Showing appreciation to workers who make exceptional contributions either by material rewards or encouragement are going to help in keeping talent. The management team have to interact with their workers from time to time to ensure that they are always they can understand the concerns and the opinion of their workers, which will help to improve the productivity and spirit of the workers in the long run.
Work-life balance is also one of the attractions to the workers. Firms can rethink how work is carried out and provided by flexible work arrangements, including flexitime, compressed workweeks, and working from home by using the Internet. By doing so, the mutual trust between the firm and its workers will cause the firm to benefit, which will subsequently increase the worker job satisfaction, efficiency, as well as firm loyalty.
Employers should not underestimate the importance of work culture in retaining talent. Best performers prefer to work for firms that share the same value as they do. It also encourages the top talent when their employers are willing to listen to their opinion and reward them for what they have accomplished.