The internet abounds with general tips on how to reduce employee turnover. Get creative with benefits, articles trumpet. Offer regular praise and recognition, blogs proclaim.
But what about the first month, when new finance hires are most prone to throwing in the towel. What does a hiring manager need to do to ensure that the top talent they carefully interviewed stays in the fold?
4 Things to Do to Keep Your New Finance Hires
Remember what it was like your first week on the job? You felt overwhelmed – new processes, environment and people. Your new hires likely feel the same way no matter how experienced they are. This is why if someone is on-boarded properly you have a much higher chance of retaining them. On-boarding correctly means, in part, giving them a schedule of deliverables for the first month, introducing them to key stakeholders and giving them access to systems they need to do their job well.
Get your new finance hire shadowing someone. This will increase their comfort level, allow them to learn the ropes of the company and connect them to someone they can develop a rapport with. The buddy or partner you select should have a good understanding of the new hire’s role and what needs to be done to excel.
Focus on identifying quick wins for your new finance hire so that they can experience success early. This will build confidence and help them buy into the company’s vision.
You did a good job of wooing the candidate during the interview process. Ensure now that you haven’t overpromised. For example, if you portrayed the job a certain way in the interview then make sure to follow through. Communicate both long-term and short-term expectations clearly and leave time for them to come to you with their concerns.
The most vulnerable time for a new finance hire is the first month. Make sure, therefore, that they are on-boarded correctly. Develop a schedule for them so they have a sense of what is expected. Don’t overpromise and ensure that there is someone they can shadow and go to if they have questions. The investment of time that you do at the front end will pay dividends down the road in increased employee retention and satisfaction.
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