Attracting and retaining talent in the Great Reshuffle

Exceptional talent is in high demand, and competition for skilled team members is fierce. As organizations grapple with talent depletion and the effects of the Great Resignation, understanding why workers leave their jobs is essential to leaders across firms.??

In the wake of the COVID-19 pandemic, employee priorities have shifted. Many of us have reassessed our quality of life and what we want from our careers.

"My organization is experiencing the effects of the Great Resignation and I'm worried about talent retention. How can I keep my employees and team members and also attract new talent in the current job market?" - CFO

Employees leave their positions with a desire for better work-life balance, more flexible working arrangements, higher pay and more fulfilling work. We now see a broader shift in the workforce, referred to as the Great Reshuffle, which includes resigning and seeking opportunities to change where and how people work. As employees seek greater flexibility, it’s clear that organizations must adjust to new employee expectations.

Leaders must realize what motivates their team members, how burnout affects them and what can be done to attract and retain talent.?

Purpose and recognition motivate employees.?

In the latest AICPA? & CIMA? report:?Finance and the Great Reshuffle , prepared in cooperation with PwC in Central and Eastern Europe, we set out to understand why finance professionals are leaving their jobs.??

When asked if they plan to change their job within the next year, 53%?of the finance professionals surveyed across Central and Eastern Europe said, “yes” or “undecided.”??

In the region, we do not see a Great Resignation but instead a Great Reshuffle. People aren’t leaving their current jobs; they are looking for more meaning within them.??

The primary drivers behind the desire to transition or leave their current jobs include aspirations for career growth and financial remuneration. Significantly, one-third of respondents cited a lack of purpose within their work. Attrition rates of around 15% are manageable, but the potential to lose half of your workforce within the next 12 months represents a significant threat to companies in the region.?

For professionals aged 35 and under, 78% responded that they would change roles for a higher salary. However, career advancement drives most finance professionals in the 35-and-older age group, indicating that recognition may be more important than income.

Burnout is a significant challenge.

Thirty-nine percent of finance professionals report symptoms of burnout.?The people experiencing this the most are team leaders, with 51% reporting symptoms of burnout. How can employers alleviate burnout among their staff and team leaders? Could a hybrid work structure be the answer?

We know that a hybrid work model plays a part in preventing burnout and that those working in the hybrid model are less likely to report burnout than their colleagues working full time in the office.

When we asked how well managers balance their work and personal life, we found that 25% reported no improvement in this area during the last two years. This lack of progress may be because of challenges in retaining employees and managing a workforce that includes in-person and remote work arrangements.

The exact proportion of time spent in the office versus at home may differ across organizations. But, to retain skilled employees, businesses must explore new and alternative working models, as higher salaries may not be enough to avoid turnover.

Leaders guide organizations through accelerated change and challenges. Managing a team during times of change is complex but filled with opportunities.?

Learn more during our MA Global Forum webcast, where we’ll discuss The Great Reshuffle: Talent Depletion. You will better understand the present condition of the workforce, talent depletion, and strategies for your organization to excel amidst times of change. Joining us on the live webcast will be industry leaders such as Akis Delkis , Chief Financial Officer at Coca-Cola Hellenic Bottling Company, Zurich, Switzerland. He’ll share the steps the company takes to retain talent and apply findings from research in their business strategies.

During the MA Global Forum webcast, you’ll hear from:

·?????? Andrew Harding FCMA CGMA , Chief Executive, Management Accounting, AICPA & CIMA

·?????? Jakub Bejnarowicz , Regional Director, Europe, AICPA & CIMA

·?????? Akis Delkis , Chief Financial Officer at Coca-Cola Hellenic Bottling Company, Zurich, Switzerland

·?????? Violetta Jerez Malek, Managing Director, Gekko AdvisoryNow, Warsaw, Poland

·??????Aleksandra Stelmach-Gryszka, Director GBS Advisory, PwC, Krakow, Poland

Sign up for the MA Global Forum: Finance and the Great Reshuffle on Wednesday, 17 May, 1–2pm GMT.

Tom Hood, CPA, CGMA, CITP?is the Executive Vice President of Business Engagement and Growth at the AICPA-CIMA. Tom leads the Future of Finance initiative in the Americas Region bringing together the top CFOs, CAOs, Controllers. Our purpose is to?reimagine the Future of Finance to Power Trust, Opportunity, and Prosperity.?Tom is one of?LinkedIn's Top 100 Influencers?and has been named the?Second Most Influential Person in Accounting by Accounting Today?every year since 2011.