The new year is throwing new people challenges to the nation’s wealth management industry.
The immediate challenge is for leaders to keep their teams safe and well – as well as engaged.
Working from home has created new challenges for wealth management leaders and human resources (HR) teams, with the ‘great resignation’ seeing many people more open to moving to firms and roles that offer them more – such as increased flexibility, increased working from home.
This has allowed many firms to target potential candidates directly from competitors, whereas previously this would never have happened in fear of their own people being raided. That said, determining who are the best possible candidates to target remains challenging.
Don’t strive to go back to normal
Many wealth management organisations are simply striving to get back to where they were before lockdowns, before COVID.
Returning to where you were is no longer an option.
Wealth managers need to be transforming themselves into the workplaces of the future, offering more than they ever have previously.
Employees have seen the benefits of flexibility and they don’t want to lose that – and will move. This includes some senior executives.
Wealth managers need to be able to react quicker to emerging challenges and this can be as simple as developing more effective ways to communicate and engage with your people.
Our people want – and need – to feel more valued, more than they ever had before.
This requires new skills for some of our leaders, such as increased empathy towards their people, valuing them more and rewarding them in ways other than money.
As such, Super Recruiters and SR Network sees HR consulting on how to learn to keep their people as the key HR challenge for 2022. It is not recruiting per se, not higher salaries, but rather leaders learning how to express more empathy.