by Rob Joseph, Director, BeaconCFO Plus
In 2021, according to data from the Bureau of Labor Statistics (BLS), 68.9 million workers left their jobs. 70 percent of those individuals left voluntarily.
Why are workers leaving their jobs in droves?
The specific reasons will be different depending on industry and role, but Grant Thornton’s State of Work in America cites the top concerns aside from compensation as:
- The benefits package didn’t fit their needs (roughly ⅓ of workers)
- The company’s reputation (27 percent)
- The company’s values didn’t align with personal beliefs (21 percent)
Organizations across the country continue to grapple with how to attract, hire, and retain a strong team—and CFOs have an opportunity to step up to the plate. While a CFO is not part of HR, he or she can support and partner with your human resources team to manage this talent shortage.
- CFOs analyze your company’s spend on benefits.
The Small Business Chronicle noted that benefits made up 32 percent of an employee’s total compensation in 2020. That number has risen: The BLS says, as of March 2022, the average cost of an employee’s benefits is $40.90 per hour worked. In some cases, your organization is spending money on benefits that aren’t being utilized by your team. Your CFO can help you adjust your spending to better align your benefits with what your employees actually care about—yes, that means you may be able to enhance your benefits and save money at the same time. - CFOs guide hiring decisions.
Your CFO has a unique bird’s eye view of your entire team. Perhaps you are at risk of losing more potential employees due to retirement in one particular department. The CFO can study the makeup of your team and identify risks and opportunities for retention. You can then target your hiring on filling those gaps and protecting your operations. - CFOs strengthen your employer brand.
Your CFO can draw connections between your values and mission as a company and your employee retention. This includes continually assessing and enhancing your employer brand. As we mentioned, if you are struggling to retain employees, compensation is usually not the only issue. What is your company’s value proposition, and does it set you apart from your competitors? A CFO can work closely with you to evaluate if changes are needed to employer branding and marketing to engage and retain your people. - CFOs model work–life balance.
In the State of Work in America, more than a third of 5,000 full–time workers said they selected their new job because it offered a better work–life balance. Your CFO is in a position to model a work–life balance to employees across the organization. When team members see executive leaders taking good care of themselves and prioritizing their personal wellness, they are more likely to feel comfortable doing so—and this can go a long way toward helping them stick around long–term.
Work With BeaconCFO Plus
We’ll Be an Asset to Your Business
Are you struggling to manage the talent shortage? Our team of experienced CFOs can offer strategic guidance to your organization on a project–based or part–time basis. Reach out to start the conversation today.