Turnover in the finance industry has always been high. For the past few years Wall Street combated this by offering new perks to attract in-demand professionals. Mandatory personal time, guaranteed weekends off, and accelerated promotion programs are just some of the initiatives banks have implemented. Although these efforts are a step in the right direction, they might not be enough.
Attracting talent is the first step. Retaining them takes more effort. According to a new report by Quantum Workplace, the finance industry ranks ten out of eighteen in terms of employee engagement. Though seemingly solid, it is also one of only three industries in which employee engagement has dropped off in the past three years. Efforts to create a better culture on Wall Street may seem like they are working, but there are several factors firms should consider if they’re looking to retain finance talent.
The growing shortage of mid-level professionals should be taken into consideration when designing new programs to attract and retain finance talent. It has been contributing to a wider overall age gap between employees that has created a substantial difference in what employees need to stay engaged. For example, Gen X will not be nearly as excited to have ping pong tables or expansive training programs as Millennials might be. In order to maintain a high retention rate, employers need to understand these differences and cater to generations individually.
Companies also need to listen to what their employees need instead of following generalized trends. Every company has their own culture. It’s important to pair these incentives or rewards with what employees want most. At a younger hedge fund, maybe it’s happy hours and guaranteed Fridays off. At a bigger investment bank, maybe it’s company-wide activities where people can get to know each other. Whatever it may be, find out what will get your employees excited before you start offering perks.
It’s hard to attract and retain finance talent in such a competitive industry. However, if you put thought into what your employees need to stay engaged before implementing company-wide efforts, the reward will be worth the investment. To help you find the best talent for your firm, OneWire has an integrated database of 500K+ professionals in finance, accounting, technology and more. Start searching our resume pool today.