For Baby Boomers, staying at one job for an extended period and retiring with a nice pension has been ideal. On the other hand, millennials grew up in an era of technological boom, and for them, loyalty to one company is not a priority.
Most wealth management companies offer workplace cultures where money is used as the only way to attract and retain employees. While this model may have worked in the past, in today’s time, wealth management companies need to change a few things to attract and retain quality talent.
According to the Herbers & Company 2022 Leadership Study, 34% of men and 30% of women left a full-time job in 2021. The main reason for this change was bad leadership, burnout, and lack of fulfillment in their roles.
Most employees sought leadership that showed empathy and efficiency and were extremely satisfied with their switch to the new companies.
While money is a driving factor for many employees to continue to stay in their jobs, the Herbers & Company leadership study proves that employees are looking for incentives beyond money.
Most people spend much of their daytime at work. If the work culture rewards and appreciates over-work rather than understanding employees’ real needs, it can be unsatisfactory.
Employees want to work with companies that understand their needs i.e., quality time with family, engaging in hobbies, and pursuing interests outside of work. At work, employees don’t want to just clock in hours, instead, they want to work on projects that are satisfactory and fulfilling.
As a wealth management company, here are a few things you can practice to adapt to the changing workplace culture in the industry.
1. Pay attention to your employees
When was the last time you had a 1:1 with your team to understand how they were doing? What steps can you take to make them feel valued and appreciated? What growth and training opportunities can you provide? Encourage them to take time off if they haven’t done so.
2. Hire the right people
When hiring, skills and expertise are essential factors to consider; however, judging a cultural fit is equally important. If the person can’t fit into your team, it can brew trouble sooner or later. A toxic team member can stick out like a sore thumb.
3. Lead by example
As a leader, most employees look at you as the example they should follow. If you are working on weekends or working late at night, that will be considered an expectation from your employees. Maintain a balance. Encourage a positive and inclusive work culture.
4. Pay attention to HR complaints
If there is a persistent cultural issue in the company, there is a possibility that HR may already be aware of it. Is anything being done to mitigate that issue? Employees who feel their problems are unheard will feel frustrated and leave the company.
5. Provide growth incentives
Mentorship and training opportunities are a great way to retain your wealth management employees. Hiring is not an easy feat and once you have a great fit, try to offer incentives that prompt them to stay. Every employee has a different goal. Ensure you can help them reach their goals through various growth options.
Are you an evolving wealth management firm? Executive firms can collaborate with you to identify your company’s needs to find the leaders with the skills and experience to lead your business.