Non-negotiables for recruiting in the new normal
BY JAMIE WILLIAMSON
9 MAY 2022
The wealth management industry is not immune to the great resignation, but there are ways to avoid being hit too hard, Super Recruiters says.
The recruitment agency said that while many wealth management organisations are striving to get back to the pre-pandemic normal, it simply isn’t possible in the new environment.
“Returning to where we were is no longer an option. Wealth managers need to be transforming themselves into the workplaces of the future,” Super Recruiters senior consultant Darran Irving said. “If they don’t others are, and they will be the new leaders.”
To both attract and retain staff, wealth managers must offer flexible working arrangements as a priority, he said.
“Employees have experienced the benefits of flexibility and they don’t want to lose that – and will move to organisations that offer that flexibility. This even includes some senior executives,” Irving said.
“This is why it is harder for many organisations to find suitable candidates to fill the roles they have. Candidates are being more selective than they ever have before, more selective beyond the salary dollars.”
Candidates and existing employees must also feel valued
“A key aspect of this transformation is the development of an over-arching vision of what the organisation stands for, why it exists, and where the c-suite and their people want to it to be in three to five years. And developing this with their people, so that everyone is engaged and working towards the sake goal throughout the organisation,” Irving said.
“This is not about stating the objective is greatest possible returns for investors, but rather how those returns are generated. And what additional value the organisation adds.”
Those companies that can articulate and demonstrate purpose will be more likely to attract candidates and combat external poaching of staff, he said.