6 Ways Financial Companies Can Retain Their Top Talent
As a financial motivational speaker and relatability expert, one question I always hear is, “How can I protect my company from the Great Resignation?”
Or, put another way, “How do I keep my best employees from going to work for the competition— or themselves?”
The banking and finance industry struggles to find and keep top talent. As of 2021, the industry’s turnover rate hit 16.2%. And while that’s the lowest industry turnover rate in four years, it proves there’s still a lot of ground to cover.
“The companies that put realistic expectations on their team, and offer employees the flexibility to close their laptops before dark, are the ones that will maintain a healthy, long-term staff and a stronger bottom line.”
Want to retain your top financial team members— before they take their talent elsewhere?
Follow these six key tips:
1. Foster a positive company culture.
MIT recently published research that underscores just how crucial work-life balance is to retaining your financial industry employees. A toxic work culture is 10x more likely to cause employee turnover than low compensation. But the best solutions to a toxic culture are within reach:
Encourage healthy communication
Connect with your employees on a meaningful level
Address conflict— and resolve it
Engage with your team, including virtual team members
Practice empathetic listening
Show, in word and action, that you value every team member
2. Give employees opportunities for growth and development.
This is an amazingly effective way to help every employee feel valued at your company. It shows that you not only see them, but you also want to see them improve.
That same MIT study also revealed that employees who find meaning in their work are more satisfied with their job. By giving your employees opportunities to grow, learn, and promote, you’re helping them find meaning— that intrinsic motivation they need to continue investing.
3. Encourage creativity and innovation.
People value innovation. In a survey by Ernst & Young, a full 69% of respondents admitted they would leave their current role for a similar one at another company if they considered that company to be an innovation leader.
Something is thrilling about being in an innovative, forward-thinking environment where outside-the-box ideas are embraced. And the more opportunities you give your team to flex their creative muscles, the more likely they will stick around.
That’s not just good for your turnover rate— encouraging creative, innovative thinking gives your company a huge competitive advantage.
4. Offer competitive salaries and benefits.
It almost goes without saying, companies that pay well attract and retain top talent in the financial industry and across the board.
If your company cannot provide the most competitive salary, you can still enrich your employees’ experience—and retain your top talent—with other benefits. Schedule flexibility, remote work opportunities, bonuses, continuing education credits or tuition reimbursement, parental benefits, wellness perks—there are dozens of ways to compensate your employees with more than just a salary.
5. Celebrate employee successes.
Doesn’t it feel great to be recognized for your hard work? So pay it forward!
Each time you take a moment to recognize and honor your employees’ above-and-beyond efforts, with frequent and visible rewards, you’re improving their job satisfaction, strengthening your team, and making work a better place. Reward generously and often. Your employees, and employee retention, are worth it.
6. Promote work-life balance.
Financial industry employees are some of the hardest workers I have encountered. With many financial positions demanding 40+ hours a week, poor work-life balance takes its toll. Fast. These employees may be compensated for their extreme work ethic, but most won’t be around long enough for your company to benefit from their efforts.
But remember, a healthy work-life balance is more than just offering generous PTO. What good is all the time off in the world if your employees don’t have the freedom and flexibility to use it? Protect against employee turnover by creating a work environment where your team is encouraged to take the time they need without worrying about how that time off will hurt their KPIs.
The companies that put realistic expectations on their team, and offer employees the flexibility to close their laptops before dark, are the ones that will maintain a healthy, long-term staff and a stronger bottom line.
Looking for a financial motivational speaker for your next industry event? I’d love to share these skills with your team!
Relatability is one investment that has a time-tested ROI. Equip your team with the relatability and emotional intelligence skills they need to retain your company’s top talent. Check out my targeted keynotes for finance teams or start the conversation here. I can’t wait to connect with you!
RACHEL DEALTO
Rachel DeAlto is a keynote speaker on communication, leadership, team building, and more. She’s on a mission to connect people to their most powerful resource—each other.