The workplace culture that baby boomers grew up with is slowly fading away. Millennials and Generation Z are challenging existing employee rights, and are demanding better working conditions, higher paychecks, and health benefits.
Banks are notorious for maintaining a “bureaucratic” and “highly corporate” work culture. If you want to attract high-performing talent, you need to make some important changes in your organization.
It is critical to have updated compensation levels to retain and attract talent. In other words. Top Wealth Management talent should not have to resign for the existing client to pay them what they are worth in the industry.
Shifting your thought process can help attract and retain the best talent. Interested to find more? Here are some other ways you can retain top talent. Let us see how!
The world is becoming a melting pot of different cultures and traditions coming together to achieve different goals, dreams, and aspirations. When hiring, include people from different ethnic backgrounds and genders on your team. This will not only improve diversity on your team but also bring more exposure, learning opportunities, and ideas to your business.
Advertise Inclusive Job Opportunities
While extensive experience in the financial, wealth management, and business sector is important to excel in the wealth management industry, a great attitude and curious mindset are also crucial.
People with 10-15 years of experience may be an ideal employee in your eyes, however, someone with lesser experience but a strong drive to learn and grow may actually be a better option. When posting job descriptions, be flexible in your choice of words. For example, consider how the Must-Have section is worded in the following two examples.
- Must-Have (Example 1)
15 years of experience in the field
- Must-Have (Example 2)
Is flexible and has experience adapting to the ever-changing needs of the wealth management industry
When you add a cap to the number of experience years, you are excluding a huge chunk of highly capable, and intelligent individuals who may actually bring something better and revolutionary to the table.
Be Transparent and Honest
As a leader or a hiring manager, how you communicate with your employees or potential hires is crucial to attaining their loyalty. If you are open and transparent about your expectations, they will value that. Millennials and Gen Z want to work with employers who can provide them with transparent feedback and help them work towards achieving their career goals.
Hiring and retaining talent can be challenging for many wealth management industries but you don’t always have to struggle with finding the right people for your team. Collaborate with executive search teams to help you find exceptional talent that can lead your business into the future.