CFOs who offer their teams a career culture based on experiences (rather than titles and promotions) and the ability to move between departments can reduce the compensation premium companies must offer to new hires by half, according to Gartner.
In the current highly competitive labor market, finance executives are hardly exempt from the challenges all business leaders are facing in attracting new talent. Making the problem worse, from a CFO’s perspective: 22% of current finance and accounting employees have a low degree of intent to stay in their current position, Gartner data shows.
As a result, it’s important for finance leaders to understand how their current employee value proposition is perceived by prospective and current employees and the criteria that are most meaningful to both of those audiences.
“Our research shows that two key attributes that both attract finance talent and reduce attrition are career culture and how employees view their ability to progress and develop,” says Hilary Richards, advisory vice president in Gartner’s finance practice. “Finance departments that organize around hierarchical job titles and limit teams to a single department communicate to employees that their ability to progress and tackle new challenges will be limited.”
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