Staffing & Culture | 09.26.23
Employee Retention: Midweek Resource Roundup for Success
by: BISA Staff
Employee retention is a hot topic right now across financial institutions, and industry human resources professionals spend much of their time seeking solutions to encourage professional development and retention among advisors. But whether you’re in HR or not, you play a role in building a company culture that makes all feel welcome — from junior advisors and professionals to those considering retirement. We’ve put together a list of articles and podcast episodes with insights to get you brainstorming new possibilities for your organization.
Why are some firms able to keep junior financial advisors in the fold while others repeatedly watch them wash out? The failure rate among rookie advisors was more than 72%, according to a recent report from Cerulli. The study shows financial advisor headcount grew by just 2,579 advisors in 2022, with the number of new advisors entering the business barely offsetting retirements and trainee failures. Read article.
In 2022, McKinsey & Company found 40% of U.S. employees were planning to leave their jobs. While market-based compensation and benefits are a starting point to retain staff, McKinsey’s research found employees placed more emphasis on relational factors than on transactional factors. The top reasons people quit: not feeling valued by the organization or by their individual managers, and not feeling a sense of belonging at work. Read article.
In 2014, Andy Haldane, then chief economist of the Bank of England, laid out a vision for global financial surveillance systems. “I have a dream. It is futuristic, but realistic,” he said. “It involves a Star Trek chair and a bank of monitors.” He was dreaming of technology that could track the global flow of funds in real time, much like technology used to globally track the weather or internet traffic. Read article.
The workplace culture of today is suspended in a confusing, fuzzy gray area. The pandemic led to the normalization of remote work and the opportunity to reflect on whether “hustle culture” was a healthy path to follow or if greater prioritization should be given to things like downtime with family and friends, hobbies, self-care and travel. The Great Resignation gave workers and job seekers more leverage than they’d ever had before, forcing some employers to give in to their demands for remote work options and flexible schedules in order to attract and retain talent. Read article.
How can companies tap into the voice of employees, especially deskless workers, to shape a successful culture? This episode’s guest discusses the importance of listening to frontline perspectives and how technology creates seamless communication exchanges between leadership and staff. Learn creative ways to implement flexible scheduling, better recognition program and increased engagement for non-desk employees. Discover how to select the right tools to break down barriers and actionably use employee feedback and improve engagement outcomes. Listen to the podcast.
If you have a dispersed team you may have productivity concerns and wonder which state laws apply. This episode discusses how to effectively manage remote workers. Listen to the podcast.
Incorporating these insights into your approach to employee retention and company culture can lead to a more engaged and valued workforce. For additional guidance, consider downloading BISA's complimentary whitepaper, Best Practices for Banks and Credit Unions to Improve Recruitment and Retention Throughout Advisors’ Lifecycles, which offers best practices for enhancing recruitment and retention strategies.