Private wealth divisions within banks and organizations can’t find people to fill the job openings. With so many jobs left hanging on the line, it seems that everyone is hiring, but no one is willing to get hired.
This makes it all the more important to take care of your existing team. This is your opportunity to keep your top performers from leaving for more lucrative and convenient options. Private wealth divisions within banks are most vulnerable during bonus time and especially vulnerable in this market.
Responsible private wealth divisions within banks value retention as it costs money and time to recruit and train employees, specifically the productive ones. Here are some actionable tips for keeping your top people in a hot market:
Create Meaningful Opportunities and Prioritize Flexibility
Studies reveal that 94% of workers stay longer when their employer gives them continuing training and career development opportunities.
It is vital to provide opportunities for professional enrichment and improvement to your team, giving them the chance to demonstrate their strengths in ways that best suit them. This is key to retaining your employees in this fiercely competitive market.
Connect With Your Team
A recent survey revealed that 66% of the most unemployed adults have considered switching occupations due to the emotional strain their jobs put on them.
Building personal and meaningful connections with employees can help employers understand these issues before they become an HR disaster. Moreover, creating authentic connections invites feedback. It enables open communication, which is imperative for conducting good business.
Employee performance, engagement, and productivity are 14% higher in companies with recognition/appreciation programs than those without.
Offer Benefits They Can’t Find Elsewhere
The current red-hot job market is candidate-driven, and firms have a cutthroat competition to secure quality talent and keep them engaged for the long term. So, offering competitive benefits can considerably improve your company’s growth and success in both retaining your top people in a hot market as well as attracting top talent.
Don’t be Afraid to give Bonuses and Increase Them When Top Performers Exceed your Expectations!
It is also pivotal to compensate your staff with benefits in addition to bonuses.
According to a survey, the following are the top five benefits that employees value:
- Healthcare insurance (e.g., dental, medical) – 40%
- Paid time off/ vacation days – 37%
- Paid sick days – 32%
- Performance bonus – 35%
- Retirement plan/pension,401(k) plan – 31%
Hiring top private wealth talent doesn’t have to be difficult, especially if you use the techniques detailed above. But retaining them for long is where the real challenge lies.
First, you must identify your top performers and then take the time to show them that you care about them. Your people need to know that you have their back. So, formulate policies, bonuses, and programs to demonstrate just that.