Skilled and experienced financial employees are hard to find, especially when it comes to constantly having to go through the hiring process over and over again to replace employees. Some positions are easier to fill because the qualifications are basic and easy to read on paper. But in the financial field, it is a bit trickier. Special certifications and levels of financial experience are often precious commodities of each assignment.
For these reasons and more, retaining your talented financial employees is critical to the success of your organization. Here are some tips to help you with this process.
The Cost of Turnover
Turnover is going to cost you a lot of money, especially in the financial industry. It isn’t just time and energy spent on finding new financial employees, but the actual cost of going through the hiring process. You are paying for running candidate background checks, time spent away from your normal daily duties to verify credentials and work experience. Then there are the many other expenses with just hiring a new employee, such as advertising in financial publications. This doesn’t even include possible candidate relocation and training expenses. High turnover in a financial market is going to cost you a lot.
To better retain financial employees, start by offering generous incentives and bonuses to your current staffers. While it is easy to entice new recruits with things like a sign-on bonus or job security, keeping them onboard and engaged in their work when the job market improves is going to be more difficult. Don’t just assume your best employees will stick with your company, especially if they will likely get other job offers. Continue offering incentives and praise to your best employees. They are talented and doing great work for you, and should be compensated as such. Consider pay raises, flexible work schedules, wellness programs and other perks if you feel it is justified.
Listen to Your Employees
When your employees are making suggestions, voicing complaints or bringing up other issues; actually take the time to listen to them and make a note of it. Many times, your employees have more information than management because they are out there performing the duties, dealing with clients and have a first-hand look of your company’s finances. They are also the innovators for your business and should be treated with the respect they deserve. Create an open-door policy of considering the ideas of your employees and take action to make the work environment more collaborative.
Be Flexible to Changes
You also need to be flexible as an employer. If your financial employees need to change their schedules, pick up new duties or take time off, be flexible and open with this. Your talented employees might have suggestions for improvement within the company, and you should show that you are willing to be open to those suggestions and take them into consideration. Don’t just humor them, but make a genuine effort to listen and pay attention. After all, if you are not paying attention to your employees’ needs, your competitors will.
Develop a Succession Strategy
Create a strategy you can stick with for retaining and advancing your very talented and skilled financial employees. This succession strategy could be similar to a business plan, where you have a checklist for things to keep up with in your current employees. These could include training and educational opportunities, bonuses and incentives, business seminars and offering annual raises to your best workers. It can also include an annual employee feedback survey that asks how you can improve your employees’ gratification in your company.
With these tips, you can help retail your financial employees and avoid the costs and hassle of turnaround. Remember that it costs less to keep your current employees and to train them to move up in the company, than it does to hire new employees off the street.