Human capital issues are on the rise, and the topics of talent attraction and retention within Finance and Accounting have become crucial talking points for businesses, irrespective of size or market.

In fact, in Aon’s latest 2023 Global Risk Management Survey, ‘Failure to Attract or Retain Top Talent’ reached the highest ranking ever, taking the fourth spot in the report globally and demonstrating a shift in how the issues around human capital are viewed by business leaders.

And these issues can be traced back to the likes of a growing skills gaps, talent shortages and greater competition, with businesses often competing not only with each other, but all businesses in their geographical area looking to hire the best Finance and Accounting candidates as well.

So, with competition for talent so tight, it’s no wonder it can be a challenge to both attract and retain top talent. However, by implementing a number of different strategies into your business effectively, you enhance your chances of attracting the right people with the right skills and retaining them for the long term.

By no means the complete solution, here are 6 considerations and steps to take to improve your ability to attract and retain Finance and Accounting talent:

1. Create a Strong Employer Brand

Creating strong employer brand that showcases the company’s values, culture, and commitment to diversity and inclusion is a crucial way to engage and attract talent.

Your website, social media presence, and online reviews can all impact how candidates perceive your company, therefore the company brand you’re developing needs to be reflected across multiple channels.

2. Offer Competitive Compensation Packages

Another critical factor in attracting and retaining top talent is ensuring you’re offering competitive compensation packages to both prospective candidates and current employees.

Be aware of the salary rates being offered across the industry by accessing salary reports and other resources to ensure you don’t lose out on talent as a result of paying too little.

3. Provide Professional Development Opportunities

Growth and professional development opportunities are highly sought after by Finance and Accounting professionals and can be a motivating factor for many when deciding on whether both join and stay with their company.

Therefore, companies that offer study support, training programs, mentorship, and other career development opportunities are more likely to attract and retain such talent.

4. Cultivate a Positive Workplace Culture

Employees want to work in a supportive and inclusive environment that values their contributions and promotes teamwork, so developing a positive workplace culture is critical in attracting and retaining top talent.

Promoting open communication, recognising and rewarding employee achievements, and fostering a sense of community within the organisation, and highlighting this to prospective employees will go a long to both retaining and attracting new talent into the company.

5. Promote a Healthy Work-Life Balance

Companies that prioritise work-life balance are more likely to attract and retain top talent, and those that do have policies and practices in place that embrace flexible work schedules and remote work options to accommodate their staff and their varied lifestyles.

6. Tap into a Wider Network and Talent Pool

Companies that consistently fish from the same pond will see the same type of candidate crop up time and time again. If you’re looking to engage with a different kind of profile, it’s important to engage with talent in new areas and through new channels.

Likewise, working with a recruitment partner will open you up to a wider talent pool and will be able to provide the right people at the right time who fit into your business effectively.