Hiring the right employees and retaining talent has become a struggle for many industries around the world. The wealth management industry is no exception to this change.
The receding line of staff members at your bank, private, or public company is a signal that things need to change and they need to change fast.
How do you ensure you have enough staff members at your firm to continue operating your business effectively? We will discuss how the wealth management industry is facing staffing struggles and what you, as a leader or owner, can do about it.
The Pandemic Conundrum
Almost all businesses have faced the harsh effects of the pandemic. Banks and credit unions shut down their branches, leading to significant layoffs. As the dust began to settle down and businesses opened up again, there was a staffing shortage.
The pandemic has also forced a lot of people to work from home. As a result, companies are now adopting remote and hybrid work policies.
Employees Demands Have Increased
Many employees are leaving their current positions because employers are demanding them to return to the offices. Adopting a hybrid model or permanent remote possibility would prevent your employees from leaving.
Employees are looking for better healthcare, bonuses, stock options, and higher salary. When you are hiring wealth managers for your team, including attractive incentives in the package can increase their chances of accepting your offer.
Consider Inflation and Disease
Inflation has been on the rise as companies continue to cope with rising costs. Inflation affects both employers and employees. If their paycheck is barely enough to make ends meet, they will look elsewhere for better opportunities.
With rising concerns for COVID, your employees may already be facing mental and physical illnesses. Those with pre-existing conditions may be facing heightened anxiety and fear of catching the virus. People are coping with vaccine and booster shot side-effects. With everything that’s going on, as a firm leader or a hiring team, be more empathetic towards these concerns. Allow people to take the time off they need to recover. Offer these flexibilities to new hires and show that you are all in this together.
In order to retain great talent, you should pay slightly above the market and set the bar high so it will reduce the need for existing team members to shop around. If you wait until your people start looking, it will be too late. Bottom line – is its more effective to retain than replace.
Are you looking for seasoned staff members to join your fast-growing wealth management firm? There are effective wealth management staffing firms out there that can find intellectually sharp individuals for your team.