There has been a great deal of discussion in the financial planning world about how to best serve your clients, and how to survive post FoFA. But does anybody care about you?
I recently attended a fascinating presentation on HR issues within the financial services industry, hosted by Talent Web Recruitment. Key amongst the topics of discussion were the subjects of employee engagement and retention.
HR terminology aside, it's hardly controversial to say that if you enjoy your job then you’re more likely to perform well and stick with your employer. But are financial institutions getting this message?
Interestingly, one of the presenters pointed out that none of BRW’s top 10 employers are in the financial services field, and one attendee even went as far as suggesting that the GFC has put financial services way off the radar when it comes to employee satisfaction.
It’s no secret that the GFC has forced many organisations to cut costs and try to do more with less. Major redundancies at some of the country’s biggest financial institutions have hit the news in recent months, and many financial services employees count themselves lucky simply to have a job at all – let alone one where they feel happy, valued, challenged and en route to a successful and fulfilling career.
Worryingly, the room seemed to be in agreement that once the GFC hangover subsides and employees realise that leaving for greener pastures has once again become a realistic option, many financial institutions will find themselves in the midst of a major employee retention crisis.
In the meantime, there was a palpable sense of frustration amongst the HR managers present at the event that senior leaders within their organisation failed to realise the value of implementing employee engagement and retention strategies.
So where do financial advisers fit into the employee satisfaction spectrum? If recent reports from the financial recruitment industry are to be believed, there is still a sizeable demand for financial planners – especially from the larger institutions.
So do you feel like there are options open to you if job dissatisfaction gets the better of you?
Are you happy at work, or do you feel like your organisation’s reaction to the GFC is squeezing the life out of you? Would you move on if you thought it was an option?
If you’re a manager or practice owner, how do you keep your staff motivated? What are you doing to keep hold of your star performers? Are you struggling to balance the books while looking after your team?
Wealth Professional would be fascinated to hear your responses to these questions, so please feel free to join the debate by placing your comments in the box below.