While CFOs have many responsibilities and concerns, employee retention would not appear to be a priority.

Surprisingly, this does appear to be the case particularly amongst smaller firms.

With the average cost of hiring a replacement for even an hourly worker is $4,000+, there appears to be ample financial reasons for looking at the company’s retention level.

A recent report by Robert Half International found that employee engagement and retention was a major pain point for financial leaders.

“Retaining top talent means keeping employees happy and engaged at work,” said Razor Suleman, CEO and founder of I Love Rewards. “Loyalty doesn’t appear overnight. It develops when you align employees with their companies by recognizing everyday progress and thanking them for their hard work. Employees become engaged through performance-based recognition tied to meaningful rewards.”

The report, CFO Concerns: What Are the Top Challenges Facing Today’s Financial Executives, polled 1,400 CFOs. They ranked staff morale and motivation as one of their most pressing issues, in addition to healthcare costs and controlling spending. Also, 81% reported that it is more challenging to be a company leader today than it was five years ago, partially because of the negative impact of the recession on employee happiness.

“If employees fail to find satisfaction and sufficient motivation in their work, they may be prepared to seek greener pastures, if they can find them,” the report said. In another study, Robert Half found that since the recession, 44 % of U.S. workers are more inclined to leave their jobs for new opportunities.

The complete report is available at http://s3.amazonaws.com/DBM/M3/2011/Downloads/RH_CFOConcerns_sec.pdf.