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Retaining staff remains a key concern for CFOs and finance directors, staffing specialist Robert Half found in a new survey of 200 CFOs and finance directors in the UK. Two thirds (66%) said they were very concerned about losing top performers in the next year.
Publicly listed companies are the most concerned about staff resignations (73%), being closely followed by 64% in the private sector, while the public sector is the least concerned at 60%. Large company executives are particularly worried (74%) as are over half of medium (64%) and small (63%) sized firms.
It is not only top performers that companies should be concerned about losing: more than one in three finance leaders (36%) believe that up to a fifth of their new finance and accounting employees leave the company within the first year. This is in sharp contrast to the expectation that new employees will stay in their jobs for an average of 4 years.
When asked why new staff leave soon after being hired, the large majority felt that poor fit was a primary factor, including an inability to meet expectations (32%), the role not meeting the employee’s expectations (19%), a poor fit with corporate culture (18%) and the inability to integrate with the team (10%).
“It is surprising to see such a high percentage of new employees that leave due to their inability to meet their employer’s expectations, showing that a lot more needs to be done during the initial hiring process,” said Phil Sheridan, Managing Director at Robert Half UK.