We’re well into 2022, and it doesn’t look like the Great Resignation is tapering off. After 48 million people left their jobs in 2021, the pace of quits has only increased, to 13.2 million in Q1 of 2022 and an all-time high of 4.5 million in March. Clearly employees are still unsatisfied. And a recent Willis Towers Watson survey of nearly 10,000 US employees in large and midsize private employers showed 44% of employees are “job seekers” and 56% cite pay as a top reason they’d look.
CFOs have taken notice. A recent Deloitte survey of CFOs recently reported that retention is the number one concern of CFOs right now.
The good news: they’re in a great spot to do something about it. Here are four key reasons why.
1. Hiring budget: plan versus reality
Great CFOs are strategic operational leaders. As a result, in many companies they pull double duty as COOs and run HR and recruiting teams. Candidate experience matters, especially at the negotiation phase.
As the war for talent continues, the hiring budget you may have laid out for a particular role or department may not be realistic. Make sure your budget reflects market reality, and your hiring managers know the negotiation boundaries they need to stick to. Don’t let confusion slow negotiations and lead strong candidates to slip through your fingers.