The great resignation has impacted all businesses including wealth management. The question to focus on is not how can you prevent turnover at this time, but rather how can you keep the people making the most impact?

Before you can learn how to keep your top wealth managers and decrease turnover, you have to figure out why people choose to leave.

According to CCIG, here are four common reasons people decide to leave a company:

  • Personal or Career Goals Stifled
  • Compensation Competition
  • Culture of the Workplace
  • Presented Better Opportunities

Turning these weaknesses into strengths is key to retaining your top money managers. Here’s how:

Create a Goal-Oriented Work Environment

A goal-oriented work environment goes hand-in-hand with providing better opportunities for existing employees. Much of the younger workers are Millennials now and are infamous for expecting instant promotions after hiring and numerous avenues for growth within a company. They are also known to leave a company when opportunities come along to advance their career quickly.

The companies that retain the Millennial workforce of today embrace these qualities and create a work environment that provides clear goals and ways to measure success.

When employees make, execute, and accomplish self-set goals, they get the gratification of consistent achievement and progress without the need for so many legitimate promotions. In turn, these high performers tend to stay the longest with companies.

Design a Competitive Compensation Package

Standard compensation packages can be beneficial, but customizable packages can help to reduce turnover significantly. When employees are given options to choose their benefits, they’re more likely to capitalize on this by staying with a company.

This is also a way for employees to feel like they are growing within a company. Not all promotions have to change someone’s job title. Some promotions could give someone the flexibility to change their work schedule and be just as effective at creating the ideal work environment.

Hire According to the Workplace Culture You Portray

It’s not enough to have the ideal workplace culture and compensation package on your vision board. You have to hire workers that complement those values. And the only way you’ll attract and hire workers that compliment your values is to live your work-life alongside those values.

Poor workplace culture is one of the main reasons modern employees leave a current job. According to Forbes, the boss and team of people you work with dramatically impact your overall feeling about the job. Those that can’t connect with their boss or team will leave a job sooner.

It’s easy to come up with pretty words to make any job sound appealing, but if the actions don’t match, you can kiss the retention of top money managers goodbye.