High staff turnover is an issue many finance companies face, and it's often due to a lack of clear communication and understanding between managers and their teams. To keep skilled employees, firms need to get to the heart of what makes staff stay: feeling heard, valued, and seeing a future within the company.

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Straight talk on dissatisfaction

It starts with knowing why employees might be unhappy. Common issues include feeling underappreciated, unclear about their career prospects, or not getting on with their boss. Tackling these problems means having honest conversations and being ready to make real changes.

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Better manager-employee relationships

A good relationship with their manager is something all employees value. If managers aren't naturally good at this, they need training. It's about more than just work; it's understanding each employee as an individual and what motivates them.

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Clear paths forward

People need to see where they're going. This means clear career paths and chances to learn and grow. It's not just about moving up the ladder; it's about expanding skills and taking on new challenges.

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Keeping everyone in the loop

When employees know what's happening in the company, they feel part of something bigger. This means being open about the company's plans, successes, and even its failures. It builds trust and a sense of belonging.

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Practical steps

To reduce turnover, consider these actions:

• Regular, open conversations: Make it easy for staff to talk about what's working and what isn't.
• Training for managers: Improve their ability to connect, listen, and respond to their team's needs.
• Personal development plans: Show each employee how they can grow within the company.
• Open communication:
• ‍ Make sure everyone knows what's happening in the company, good or bad.

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If you’re looking to hire for a finance role in 2024, get in touch with our specialist recruitment team here at Insite Recruitment.

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