Hiring a staff filled with financial industry talent is one thing, but the retention of this vital resource plays a large role in your company’s overall success. The large investment made in your employees – hiring costs, onboarding expenses, training, and more – all goes for naught if they end up leaving for another opportunity. We didn’t even mention lost productivity. To keep your top financial pros onboard, you need to ensure the team stays inspired, engaged and professionally satisfied.
Here is an analysis of an important issue facing financial organizations all across the country. Why is it becoming more difficult to retain talented finance pros? Let’s take a closer look.
Those Millennials Simply Want to Manage
If your company employs a large number of financial pros from the millennial generation, you need to understand what makes these workers different from the rest of your staff. Millennials are known for their entrepreneurial spirit as well as the desire to move into a management role as quickly as possible. If your company doesn’t provide these opportunities for leadership, it becomes difficult to retain your best younger workers.
This same rule applies to older generations, as well. Many financial pros want to know their career is on an upwards path. Ensure all your employees have a “career ladder” to reach their ultimate goals in the industry.
A Lack of Inspiration and Motivation
When employees feel uninspired, with an acute lack of motivation, they may start to look elsewhere for employment. Your company needs to foster an office culture where everyone enjoys coming into work every morning. Consider hosting afterhours social activities to help build camaraderie among your team.
Additionally, vary work assignments so your staff doesn’t get bored with their daily duties. Focus on using state-of-the-art technologies in the office, so there is always something new and interesting to learn. Related to the earlier point on career growth, make managerial training an important part of your employee development program.
Ensure Your Team is Properly Compensated
Compensation also plays a big role in driving an employee’s decision to look for another opportunity. Make sure your employees are paid competitively and consider offering extra on your company’s benefit package to foster employee loyalty. Other perks like tuition reimbursement and a well-considered training program also help.
Hopefully, these insights help ensure your workers stay professionally satisfied and loyal.
When you need additional advice on building a talented team at your company, talk to the experts at Venteon. As one of the top financial staffing agencies in the Midwest, we also provide the candidates able to make a difference for you. Schedule some time with us as soon as possible!