Managing Staff Turnover
Employee turnover is a strain on any organization. It is often unexpected and can disrupt your business operations – not to mention the added financial costs and headaches. Ultimately, the process of backfilling talent is costly and puts employers at a disadvantage.
Risks & Challenges
Your time is both valuable and limited. Hours spent reviewing resumes and conducting interviews to fill in an open position add unnecessary stress to your already packed plate. The time and energy you spend focusing on replacing team members is a distraction that slows you down, potentially preventing you from meeting departmental goals and set targets.
Every day a position is open you lose productivity.
You may find yourself asking:
- How do I avoid missing department goals while recruiting?
- How can I spend more time working instead of dealing with the fallout of staffing changes?
- How can this opportunity be used to help the finance team meet its targets and increase long-term productivity?
Minimize Unavoidable Costs
In addition to costing you time and productivity, turnover comes with added financial challenges. Not only do you have to allocate resources (time, money, manpower) into recruiting, training and onboarding, but you also manage turnover costs incurred during the interruption.
Trends show that employees typically leave an organization when the job market is strongest, and stay when it’s weakest.
As an employer, it is more challenging to replace people in a strong job market due to the sheer volume of competition. However, this is also when employees choose to pursue new opportunities, leaving you to pick up the pieces on your own.
Historically, employees choose to switch jobs for a number of reasons:
- Poor relationships with bosses or supervisors
- Bad company culture fit
- Workloads and requirements
- Lack of career growth or development opportunities
- Work-life balance
In the current climate, however, it may take much less. Ensuring your staff has the help that they need now can save you the time and headache of turnover later.
The Elephant in the Room…
“Quiet-quitting” and “rage-applying” are the latest trendy “formula for success” used by workers who are not satisfied or fulfilled in their current roles. These individuals may not directly address or articulate their concerns or grievances with management before seeking greener pastures.
We all know there will be times when deadlines are demanding, creating a stressful work environment. These challenges directly impact turnover rates. This is true in every industry. Your staff ends up stretched, sometimes to the point of looking elsewhere and jumping ship. At its worst, this can lead to turnovers of entire teams forcing you to hire and train new employees rapidly (sometimes sacrificing quality for the sake of time).
Although busy periods are temporary, the bottom line is that overloading your current staff can, and most likely will lead to more chaos.
It is important to recognize when you’re stretching your own staff too thin and avoid it if at all possible. The best way to prevent this strain on yourself and improve employee retention is to increase capacity by partnering with a fractional accounting firm.
Make the Most of Your Fractional Team
Fractional teams offer companies flexible resources and skills to augment your current employees – not replace them. This helps maintain a positive culture by providing your valuable employees with the assistance they desperately need!
Sharing the burden of extra or irregular work with a dedicated fractional team gives your internal team the freedom to push through their day-to-day challenges.
Retain top talent and allow your staff to stay productive while avoiding burnout as they work proactively through issues rather than being stuck in a chaotic reactive loop. Fractional teams help transform unsustainable short-term pushes into a long-term model for success.
A fractional accounting team may be the right solution to help manage your staff.
How do you determine your needs?
- Ask your team for feedback on their current managers.
- Ask for feedback on employee engagement from others in the department.
- Identify existing skills and possible gaps in your team
Maintaining a dynamic relationship with your team helps you gauge which of your employees is the best fit for your team and culture alongside opportunities for improvement. Your fractional team members will have the day-to-day experience of working with these individuals and often observe behaviors that you, as CFO or Controller, cannot.
Employees always show their best selves to the CFO.
An impartial fractional team of peers helps identify and understand each employee’s best and worst attributes in a more realistic manner. Become an “Undercover Boss” without the bad makeup and prosthetics! Not only can this flush out issues with culture, but it also highlights gaps in competency and skills, which ultimately gives you more control over employee turnover rates.
At Bright Balance, our team is ready to assist you in your fractional team efforts! We can help your team with accounting support, CFO and FP&A augmentation, and transactional processes to get your fractional model back to where it needs to be.
Take the stress off of your back-office team, and discover more about our services by visiting our website.
