While hiring the perfect new employee in a financial services setting can be challenging enough - holding onto those new staff members could be even more difficult.
According to the latest data, more than a quarter of all job
candidates (28%), are willing to leave their position within the first three months. On top of that, approximately 31% of new team members leave within 6 months of being hired
So, what's going wrong?
The simple answer is that the world of employment is far different today than it was only a few years ago. As various crucial industries become increasingly desperate for key talent, candidates at the top of their game know that they have their pick of potential job opportunities.
That means that you need to work harder than ever to attract and retain the right talent, experts and leaders for your organisation. Here are just some of the ways you can keep your new hires for longer.
1. Write Better Job Descriptions
Many companies overlook the value of a well-crafted job description. However, when your goal is to draw in talent from around the world, your job description is the advertisement that needs to inspire people to pack up and change their lives.
It's essential to make sure that your job description covers all the important details that your new talent needs to know and outline the type of person you want.
2. Have Attractive Compensation and Benefits Packages
All companies have budgets to stick to when it comes to hiring new talent. Unfortunately, if you want to hire and keep the best that your sector should offer,
you need to provide comprehensive remuneration packages too.
Salary needs to be at the going rate, as a minimum, for the role in question and ideally at the upper end of the salary range. Depending on the positions you are recruiting for if bonus payments are an option make them high value and something worth achieving.
Today’s workforce generations are also looking for additional benefits too. From private healthcare, additional leave and flexible working hours. When recruiting expats, offering relocation assistance and providing temporary accommodation and vehicle expenses can be well received.
3. Put Communication First
Communication is crucial when it comes to establishing a positive company culture. As todays younger, professionals search for a company that offers both security and comfort, it's critical to focus on building strong relationships within your business. Remember, it's not only just what you say, but how you say it too. One study found
that much of the meaning we draw from communication comes from non-verbal cues. That means that taking the time for in-person meetings and face-time could be crucial for establishing trust and loyalty in your new hires.
4. Refine the Onboarding Process
Your new hires need to know what's expected of them if they're going to perform well in their new role. A lack of guidance or clarity could cause employees to feel overwhelmed or uncertain about their position. Unfortunately, about 25% of companies
claim that they don't have any kind of training available as part of their onboarding process.
Including an appropriate level of training into your onboarding program is vital to make sure that new hires can jump straight into their new role and get up to speed quickly. No employee, particularly the most talented ones, wants to feel as though they're new company isn’t ready and prepared for their arrival. Not a great way to start a new chapter in their life.
5. Create a Program for Mentorship and Growth
If your new hires don't feel as though there's any opportunity for growth on the job, then there's a good chance that you could lose anywhere up to 60% of your team
within the next four years. It's crucial to set up a robust system for growth and development in your company.
How that looks is up to you.
For instance, some companies might create a mentorship program that helps to build up employees for future promotions, while others will offer training and on the job coaching to support an employee’s development.
6. Remember to Reward Good Work
Employees want to feel recognised for the work that they do on behalf of your company. Make sure that you show your new hires that you respect their efforts, by giving them motivational feedback when possible, and introducing small rewards where you can.
For instance, you could reward a successful team with a meal at a local restaurant, or have a small celebration within your office when you achieve a milestone for your projects. While feedback is crucial, it's a good idea to make sure that your team feels as though they're also appreciated in a tangible way.
7. Don't Crowd Them
Finally, exceptional employees know what they're supposed to be doing, and when things need to be done. You hired your new team member because of their talents, so don't hover over them
in everything that they do - otherwise, you'll give them the impression that you don't trust them. Though it can be tempting to micro-manage your new hires, you need to make sure that your talent has clarity and direction whilst allowing them room to thrive and grow. While coaching and mentoring can be useful, make sure that your employees don't feel as though you're watching their every move.