CFOs can help with recruiting and retention

CFOs have a role in easing the labor crunch

CFOs help manage their organization’s risk. With their unique perspective, they should consider these three areas to manage their labor risks.

The role of Chief Financial Officer (CFO) continues to add value in the C-suite. Through the pandemic, to the “Great Resignation,” CFOs remain a strategic leader of managing their organization’s risk.

With the reshuffling of labor dynamics in 2021, CFOs will have to decide which cards are most important to play in 2022. Salary and wages are attracting the headlines, and employers need to ensure they are competitive within their industry and local market. But as a recent SHRM article noted, companies must tailor benefits packages to employees’ needs. We find these three areas help our clients recruit and retain quality employees.

Paid Time Off (PTO)

Generous PTO policies can provide employees flexibility to meet their wellness needs and manage personal issues. Employees need time to recharge and recover from sickness or stress. Many employers already give their employees paid leave as part of their benefits package, but employees are expecting more.

If your organization struggles to attract and keep quality employees, review your PTO policy. Consider the risks and benefits of increasing the amount of PTO or providing paid parental or caregiver leave, floating holidays, or more time off in the summer. These extra benefits can help attract and retain employees but ensure you can continue to serve your customers.

Flexible working environment

Employees are seeking tailored work experiences, with the ability to work remotely or adjust hours of work as needed. Some organizations are offering hybrid models as a compromise, but many organizations remain uncertain about remote work.

Your organization’s situation will drive your work environment decision. For jobs that cannot be done remotely, consider flexibility in working hours or schedules to help employees meet their needs outside of work. Embracing remote work may offer your organization a competitive advantage in attracting and retaining talent but be mindful and assess the risks.

Broad range of benefits

No two employees are alike. Employers must offer a wide range of benefits to remain competitive in the labor market. Yet, applicants and employees must know about these benefits. We remind our clients of the importance of communicating available benefits to employees and applicants. Often, employees don’t know the benefits are there, or how to use them properly. Including benefits in a job posting is effective in gaining quality applicants.

Assess how well your benefits package is performing and identify opportunities to improve it. Make sure you are marketing your benefits in your job postings. Speak with employees to make certain they know the benefits available to them. A simple conversation may prevent significant turnover costs for your organization.

In summary

With today’s uncertainty, organizations can focus on areas they have direct control over like their recruitment and retention efforts. CFOs can use their unique perspective to help evaluate and develop creative solutions to help the organization recruit and retain great employees.

AGH is proud to sponsor the Wichita Business Journal’s CFO of the Year awards. Congratulations to this year’s honorees and the organizations they lead. To learn more about recruitment/retention best practices, contact Carrie Cox using the information below.

Carrie Cox

Senior Consultant
HR & Org. Development Services

Carrie has experience in a variety of human resource functions, including labor laws, compensation structures, employee classification, benefits administration, performance management and human resource best practices. She has served clients in a number of industries, including manufacturing, construction, banking, government, and not-for-profits. Carrie is a member of the national and local chapters of the Society of Human Resource Professionals (SHRM) and serves on the Wichita chapter board of directors.

She is a certified practitioner for the Myers-Briggs Type Indicator® and the Hay Group’s Emotional and Social Competency Inventory. Her additional certifications include Certified Professional Coach from the Academy of Creative Coaching, Professional in Human Resources (PHR) from the Human Resource Certification Institute, and SHRM-CP designated by the SHRM.

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