Please read original article here

Recently Founder and CEO of The Wilner Group, Maureen Wilner, sat down for a Q & A with CFO Intelligence magazine to offer some hiring and retention tips.

CFO lntelligence: We'll get right to the point: a lot of companies are hurting for good employees. What's the key to finding and keeping them?

Maureen Wilner: Many businesses are offering competitive salaries and benefits, but today, it takes more than that. More importantly, businesses need to look at other factors like their culture, flexibility, camaraderie, inclusion and training and development. These are always a part of the discussion.

Q: You mean like work from home arrangements?

A: It’s not always that simple. You have to balance the needs of the business with the needs of the employee. During the height of the pandemic, many companies went fully remote, and some stayed with that model. But then we saw larger companies enacting return to office policies, and then smaller companies followed. But again, the issue is balance. So, we suggest avoiding a “hard” two days out of office and three days in, where an employee can work from home as needed – perhaps if they need to leave early to pick up their child from school or day care, or if they need to take an elderly parent for a medical appointment. We’re seeing there are fewer and fewer candidates that look for 100% remote work; they’ve expressed that being in the office has so many benefits, building relationships and trust as well as earning the flexibility to work remote, as well as training and potential for promotion. For a company, the key is to clearly communicate your WFH policy.

Q: What else should companies be doing, besides offering competitive salaries and benefits?

A: Employees want to grow, learn and develop new skills, as well as take on more responsibility. Companies should be investing in training and development programs, with a goal of offering clear career paths to employees. These programs should also be a part of their performance management process.

Q: What about DEI (Diversity, Equity and Inclusion)? There’s been some controversy about that.

A: Companies that have a socially responsible culture tend to attract qualified people. But it has to be a real commitment. You can’t just say you’re “green” or support “inshoring or reshoring.” Your company should have an inclusive policy that respects everyone. DEI is still important to many candidates, and you can be certain that they are doing their research on a potential employer.

Q: What about retaining people? According to a 2024 survey by the American Society of Employers, the top primary reasons for turnover included better salary/compensation, lack of advancement opportunities, and access to remote work opportunities.

A: There are a few layers involved in retaining qualified people. Salary, of course, is important, but employees also want recognition, like a shout-out for a job well done. They also want frequent feedback on their job performance. The old standard of a 6- or 12-month review is no longer sufficient. Employees want to demonstrate their potential and understand their opportunity for promotion. Strong leadership plays and integral role in this and providing a roadmap engages the employee to demonstrate their abilities and potentially stretch themselves.

Work-life balance is also very important. Benefits like mental health support can make a difference, especially now, when people are very anxious about multiple. Issues, including childcare, eldercare and their own health.

Q: What do you see as some common corporate errors?

A: One recurring theme is a slow or inconsistent hiring process. Many businesses have not recognized the speed to market that we’re seeing in employment, especially given the low unemployment rate. Qualified candidates are getting multiple offers, and a company that is otherwise a good fit can lose out on recruitment opportunities if their hiring process is not efficient. But it’s even more than the hiring process, it’s the lack of communication or slow response. Our job is to keep the candidates engaged and we can only do so when we actively partner with the companies.

Q: Do these best practices vary for attracting and retaining CFOs and other executives, as compared to non-executive employees?

A: Everyone, at all levels, wants to develop and either have a mentor or serve as one. At senior levels, in particular, a C-Suite executive or other high-level individual wants to avoid a silo situation where their responsibilities are narrowly focused. The higher you climb, the more you want to get a clearer picture of your company’s entire operations. So, it’s important to ensure that senior-level jobs are designed to give that kind of 360-degree transparency and involvement. Succession planning is also important, especially for many mid-cap companies that have not adequately addressed this issue. Proper planning can enhance the career path for high-performing employees, and it gives them confidence in the company’s longevity.

Q: What are some steps that companies can take now to connect with the right candidates?

A: All companies aim to build a talented and effective workforce. Some of the steps they can take are to define clear job descriptions, utilize multiple recruitment channels, leverage employee referrals and build a strong employer brand.

Q: You have noted that women are underrepresented in the C-Suite, despite research indicating that companies with more women in top-level positions are more profitable, provide higher-quality customer experiences, and are more socially responsible. How are you helping client companies to tap into this underutilized demographic?

A: Well, the candidate needs to be qualified for the position. So, it’s important to hire the right person, regardless of gender or other attributes. We do help companies identify female executives by advising them about women’s leadership conferences, implementing bias training, review and revise policies, promote and acknowledge their women employees on the website or social media platforms.

Q: Why do you think more companies aren’t hiring more women CFO and other executive positions?

A: We are seeing less resistance to bringing women aboard for top positions but many hiring managers still get comfortable and look for white males to fill the CFO and other top positions. But we’ve also seen that some women need to take a break in their career, because they tend to have so many outside responsibilities, like childcare.

As companies navigate through the new business environment, they are finding that professionals like Wilner are invaluable allies in the journey.