The Most Cost-Effective Way to Keep Your Best Talent

Recruiting top-tier finance professionals is expensive. Replacing them? Even more so. Between hiring costs, onboarding time, and the steep learning curve that comes with every new team member, turnover can quietly erode the efficiency—and morale—of your finance organization.

The good news? The most effective retention strategy isn't costly at all. Mentorship and recognition are two of the simplest, most budget-friendly ways to keep your high-performing finance professionals engaged, growing, and loyal to your organization.

Mentorship: Building the Next Generation of Finance Leaders

Your future CFOs are already on your team. The question is—are you helping them get there?

A strong mentorship program creates a clear path for high-potential talent and signals that you're invested in their long-term success.

Here's how to make mentorship work in finance:

• Create a Controller-to-CFO pipeline by pairing rising talent with experienced senior leaders who can provide career coaching, leadership insight, and real-world strategy exposure.
• Establish structured mentorship programs that go beyond informal check-ins. Define goals, timelines, and outcomes to give the experience shape and value.
• Encourage cross-functional mentoring—for example, someone in FP&A learning from someone in operations or treasury. This expands business acumen and builds the well-rounded perspective future finance leaders need.

Technology Can Strengthen Mentorship and Collaboration

Modern finance teams often span departments, locations, and even time zones. That's where collaboration technology steps in.

Workiva, for example, enables real-time collaboration across accounting, FP&A, and treasury, breaking down silos and making it easier for team members to contribute to shared projects.

This transparency and connectivity fuels more than just efficiency:

• It accelerates learning, as employees see how their work impacts broader business goals.
• It builds strategic relationships across departments—an essential skill set for any finance leader in today's cross-functional world.

Recognition: Simple Actions That Drive Retention

Recognition doesn't have to be big or expensive to be meaningful. It just has to be genuine—and visible.

Consider these simple, powerful ways to show your finance team they matter:

• Peer-nominated awards for innovations or process improvements encourage a culture of ownership and creativity.
• Spotlight wins in board reports or leadership meetings. When someone's contribution shapes the company's story, make sure they're part of it.
• Conduct "stay interviews"—not exit interviews. Proactively ask employees what keeps them engaged and what could make them consider leaving. Then act on what you learn.

Retention Is About Belonging, Not Just Benefits

People rarely leave solely for a higher salary. More often, they leave because they feel invisible.

The combination of mentorship, recognition, and collaborative technology is a low-cost, high-impact formula for building a finance team that doesn't just stick around—but steps up.

Because when your people feel seen, supported, and set up for success, they won't need to look elsewhere.