Hiring and Keeping the Best - Strategies for talent retention and acquisition

Wealth Management and Private Banking

08 June 2023

COVIDDevelopmentEmploymentMeeting of MindsRetentionTalentWealth Management and Private Banking

Expert: Mariann Meszaros and Renata Stein - Dorsum Facilitator: Mark Somers

Headlines:

  1. Employees tend to join a company because they align with the brand, and they tend to leave because of the management.
  2. Changes in mindset from demand and control leadership to mentoring style leadership are needed
  3. Treat your employees as internal customers
  4. Non-monetary incentivisation tools are crucial
  5. Covid stands as an example of adaptability

Context:

Who should decide when employees work from home?

Empowering employees to take responsibility for when they need to be in the office can be extremely effective, and creating a positive value proposition for employees means that they will want to come into work.

Leadership prefers when employees work in the office, so incentivise employees to come into work rather than forcing them too.

The ‘privilege’ of deciding when to work from home can be dependent on trust and performance levels.

There must be certain cornerstones that are non-negotiable but as flexible as possible to empower the employee.

There are lots of parallels between how you treat clients and employees. In the way that you would explain to a client the most beneficial options, you can explain to employees the value of working in the office.

Seeing employee needs in a similar way to client needs changes your mindset to be more flexible.  This inspires the employee to decide what is meaningful and beneficial for themselves, therefore taking control.

Encourage employees to work in the office for their personal development. If leadership adopts a mentoring style, employees will see a benefit, both professionally and personally, from working in the office.

Offering employees good training can seem a risk, as you invest in them and then they take their skills elsewhere. However, if you train people to leave, they tend to stay.

A key incentive for working in the office can be fear of missing out. Strategic meetings and key social interactions can be a strong pull for employees.

Since the lockdowns have lifted, socialising at work has been less of an incentive. However, offering a subsidised/free lunch and facilitating socialising is still a huge pull for employees and helps with retention.   

During the pandemic, most firms had to change their day-to-day operations almost overnight. Firms were forced to think outside the box and should not stop thinking creatively about solutions for their employees.

Key takeaways:

  • Try to be flexible when approaching employee experiences
  • Empower the employee to make decisions about blended working, with the understanding that with empowerment comes responsibility, and there are certain cornerstones that are required

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