The Secret to Retaining Talent in The Financial Services Industry

Today’s most talented financial professionals are continually searching for new and improved ways to expand their skills and unlock new opportunities. Research suggests that one in two Australians were looking for a new job in 2017, making high turnover a genuine issue for modern companies.

In a competitive space like financial services, the right hires can either make or break your organisation. If you’re not already implementing strategies that convince your team members that your business has the best solutions for internal expansion and growth, then you soon begin to suffer from disengagement, and lack of loyalty.

In an era of role-hopping, gig economies, and career exploration, what does it take to ensure that your best talent stays? We discuss a number of key ideas in this post.

1. Have Genuine Conversations with Your Team

Every meaningful change in the professional world begins with an insightful conversation. The path to finding the perfect recruit for your company starts by discussing your needs with a professional recruitment agency, just as the route to employee satisfaction begins by talking to your employees. Don’t wait until your people are starting to lose faith in your organisation to invite them for a chat.

Regular conversations, or opportunities that allow staff members to provide frequent feedback, are a great way to gauge how your people are feeling about their employment. Open communication facilitates stronger relationships with a team while providing opportunities for proactive retention. If you sense someone is about to leave, you can quickly get to the bottom of the problem.

2. Cultivate a Supportive Company Culture

Many financial experts are independent, creative, and professional. Unfortunately, it’s hard for them to feel productive when their supervisors/ managers are continually looking over their shoulders. While it’s helpful to give your employees the guidance they need for long-term growth and development, a culture of trust and freedom can be essential – particularly for the Millennial workforce.

As a manager, if you’re not sure the level and detail of support your team need, it might be a good idea to rethink and determine what your people want most from you. Consider creating an open-door policy, so that individuals can ask for help when they need it.

3. Deliver Greater Flexibility

Today’s talent isn’t just searching for an incredible salary or an impressive set of benefits. While money matters in the recruitment game, younger professionals are also hunting for greater work/life balance, supported by flexible schedule arrangements. Although some financial roles won’t allow for virtual working others will be able to give employees additional opportunities to arrange their responsibilities according to times that suit both them and the organisation.

The more versatile a manager or supervisor can be when it comes to offering flexible careers, the easier it may become to attract individuals with more in-demand skills. This can also show your staff that you have an interest in their long-term wellbeing and personal needs.

4. Create Appealing Opportunities for Development

Many motivated people in the financial services sector will actively look for ways to contribute to projects outside of their job description in this ever-changing market. As new technology continues to transform the way we do business, your staff will be looking for ways to upskill, train, and expand their opportunities in the industry.

By establishing a roadmap for development as soon as you onboard a new hire, you can increase your chances that your employees will stay with you for as long as possible. Consistent solutions for training and education satisfy the average team member’s need to grow while giving your company access to a collection of employees equipped with some of the most compelling skills in the sector.

Remember, it’s not just about offering opportunities to climb up the ladder internally, but also delivering training for greater responsibility within existing, lateral roles.

5. Recognise and Reward

Finally, no matter which sector they prefer to work in, today’s talent is always looking for acknowledgement and approval. Implementing a rewards program for your company is an incredible way to make sure that you keep your staff happy. When people feel that their leaders are valuing their contributions, their loyalty and passion automatically grow.

The key to successful recognition is making sure that you don’t go over the top. While rises in pay, bonuses, and other similar rewards are great for those significant achievements, sometimes a public “thank you”, or a “well done” at a meeting can be enough to provide a sign to your employees that they are valued.

In the current job market, keeping hires happy and engaged can be a difficult process, but with the suggestions above, you can be on route to a more loyal, dedicated team in no time.

About JobFitts

JobFitts Consultants are a specialist provider of professional Recruitment Services for the Financial Services sector and related suppliers in Australia. Since 2003 we have recruited and placed a breadth of operational roles at all levels from; HR, Accounting, Marketing and Customer Service/Frontline.

To find out more visit our website at JobFitts here or call us on (02) 9220 3595 or email here.