Singaporean CFOs’ Headache: Finance Staff Turnover at 10%

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More than half of Singaporean CFOs (56%) report that 10% of their finance staffers are currently leaving the organization voluntarily, according to a recent survey report by Robert Half.

The survey is developed by Robert Half and was conducted in December 2017 by an independent research firm, surveying 150 CFOs in Singapore, as part of the international workplace survey, said the recruitment agency.

Those CFOs said they have seen an increase in staff turnover in the past three years and 51% of surveyed CFOs expect turnover to grow higher over the next 12 months though 99% of them indicate they have implemented measures to tackle the problem.

Voluntary employee turnover is highest within accounting (39%), financial management (35%), compliance (30%), accounts payable/receivable (29%) and credit management (26%).

Lack of exit interviews and regular salary reviews

Singapore’s finance employers miss out on valuable insights from their departing employees, as more than eight in 10 (84%) fail to undertake exit interviews, said Robert Half.

In addition two thirds (67%) do not perform regular salary reviews, the recruitment firm noted.

When looking at the measures companies take to retain their employees, only half (50%) offer training and development programs, while only 42% offer flexibility and employee wellness programs respectively, the firm pointed out. 

“Being proactive with staff retention is essential. Managers should regularly check in with their staff and never assume employees are satisfied and engaged – rather this should be part of an ongoing conversation which involves understanding the key motivating factors keeping employees content in their role and identifying areas for improvement,” said Matthieu Imbert-Bouchard, Managing Director of Robert Half Singapore. “These dialogues make it that much easier for managers to remedy any underlying concerns that may prompt employees to leave the organisation prematurely.”

Source: Independent survey commissioned by Robert Half among 150 CFOs in Singapore – multiple answers allowed

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