Published by PYMNTS.com July 6, 2022
While chief financial officers (CFOs) have a lot on their plates when it comes to handling technology and data, one of their top challenges has to do with people — helping their companies retain talent.
That’s a chore for companies across industries in the midst of the Great Resignation, with people leaving the workforce and not enough people joining it to replace them. It’s especially true in the tech industry, where it’s easy for people to move around and work from home, and where companies typically see employee turnover of 20% to 22%.
“That’s one of the things that we continue to spend a lot of time on,” David Rockvam, CFO at Riskonnect, told PYMNTS, adding that the company has kept its employee churn quite a bit below that industry benchmark. “If you lose somebody and have to replace them, that’s a lot of work on the organization.”
Riskonnect, a leader in integrated risk management solutions, has 700 employees across the Americas, Europe and Asia serving 1,300 customers worldwide. Rockvam joined the company in May, bringing over 25 years of experience in CFO and other leadership positions.
“I’m new to the company but I think we’re doing a good job of helping our team members get acclimated with the work from home and building a culture that is very inclusive,” Rockvam said.
Keeping Employees Engaged
Speaking as part of the PYMNTS series “A Day in the Life of a Digital-First CFO,” Rockvam said fostering engagement in a work-from-home workforce is tough, but achievable, pointing to Riskonnect metrics that indicate employees are engaged or fully engaged.
Video conferencing and messaging tools have been valuable in keeping employees connected, Rockvam said. At Riskonnect, every people manager has an assigned weekly, one-on-one meeting with every other member of their team.
Beyond that, all managers are on a call with the CEO and different team members every two weeks, and there’s a full town hall meeting every month.
“All those things are really important to keeping your employees engaged,” Rockvam said. “They can be sitting in their homes sitting on [Microsoft] Teams with any company, so we want to keep them here, keep them happy — and those are real important things, we feel, to doing that.”
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