In today’s candidate driven market, it takes far more than a competitive salary to retain staff. What was once looked upon as job-hopping is now widely accepted as just another step up the corporate ladder to better opportunities and of course more money. The impetus now falls on employers to provide enough incentive to convince their top Financial Planners to stay. So, let’s look beyond salaries. What else matters most to your current workforce? Is it all about benefits?
Recruit UK spoke to some of the candidates that we placed this year, to determine and try to understand the reasons behind them wanting to leave their previous Financial Planning roles.
1. Promote from within
One of the most common reasons these employees wanted to leave their role was down to career advancement or promotional opportunities. In order for an employee to flourish, they must feel challenged and must be fully invested in their job duties. If they have remained in the same position for a long period of time, no longer feeling challenged or engaged, they may start looking for other opportunities. Providing growth opportunities within the financial services industry allows staff to grow within the organisation and flourish in other areas of the business.
Do employees have a clear understanding of their career and progression path? Offering development opportunities is an important element of employee engagement. It motivates existing employees and helps employers to create an effective progression pipeline.
2. Pay & Benefits
“Pay and Benefits” was the second most common reason that our candidates were looking for a new role. At the end of the day flexible work hours, extra holiday and vouchers are great- but none of these things are going to pay your employees mortgage, or put food on the table. There comes a point when you must weigh up the cost of losing your top employee against an increase in salary or offering a bonus.
3. Use survey questionnaires
The importance of gaining an insight into your current levels of employee engagement, and identifying any areas of improvement, should never be underestimated. Far too often, employers are not aware of the improvements that are needed within their organisation until their top advisers have already left. Anonymous employee surveys are a great way to find out what works and what needs to change within your company. Why wait until people have left to find out what it would have taken to make them stay? Giving your employees a voice empowers them to feel like they are making a difference, whilst also mending any tears in your corporate fabric. Happy, healthy staff are more engaged and productive and employers benefit from reduced absenteeism. How do your employees view their work-life balance? Are any employee wellbeing programmes working effectively?
4. Develop trust & recognition
People don’t quit their job, they quit their boss. Is your senior leadership team fostering a positive work environment or a negative one? Make your staff feel appreciated. Every employer should view their employees as their most valuable assets, and employees should know this. Recognition and credit should be given where it is due, and team accomplishments should be celebrated. Employees should also be trusted to work individually, and not be micromanaged. When an employee knows they have your trust they are motivated to work harder, in order to not lose it.
5. Refine your company culture
Does your organisation have a culture where people respect and support each other? Company culture has become a massive importance for employees when assessing their workplace environment. Having a great company culture is no longer just an option. Today’s workers consider it as much as they consider salary and benefits. People don’t just want a job that just pays the rent; they are looking for something more than just a desk and a computer; they are looking for an identity linked to their role. They want to be a part of a company with a personality. To find out more about how you can improve the culture at your organisation follow this link.
Are you hiring the right people into your organisation? Do these people have the right ‘cultural fit?’ Here at Recruit UK, we work alongside you to define the culture of your business and what it is your organisation has to offer- we will then help you find the perfect candidate for the job. With our knowledge on the wider market, we can give you expert advice on how best to hire and retain the best staff. Call us today on 01179 450450.