Last month, Count Financial managing director Barry Lambert took the unconventional step of offering staff 10,000 Count options for every baby born to an adviser while working for the financial planning dealer group.
This is an unusual move at the best of times. But in the current climate, Lambert’s gimmick makes a lot of sense. There is a shortage of planners on the market. And holding onto the good ones these days has become a difficult business.
So difficult that attracting the jewels of the planning world, and keeping them, has become an essential part of running a successful advisory outfit, says Megan Tough, who specialises in teaching people how to run their business more efficiently.
“We’re in a tight labour market and it is damn hard to hold onto good people,” says Tough, who, after spending 15 years in project management and human resources for the likes of MLC, Westpac and ING, set up her own consultancy, Complete Potential, five years ago.
She has developed what amounts to six different carrots that businesses can offer their planners to keep them from bolting.
These are:
n hygiene;
n money and incentives;
n recognition;
n leadership;
n the work itself; and
n involvement and empowerment.
Although few would deny that wearing deodorant in summer and keeping your fingernails clean will contribute to maintaining a better work environment for all, Tough uses the word hygiene to describe “things you’re going to do to keep people happy, things like work environment, policies and procedures and how the business is run”.
As for structuring remuneration, Tough is an advocate of paying people fairly for the work they do.
“Don’t just be a cheapskate. Poor pay is usually the first reason that people leave.”
And although Tough find’s Barry Lambert’s baby bonus a rather curious incentive — “I’m not quite sure what that’s going to make people do that will benefit the business too directly” — she is a big fan of offering incentives. But businesses should be careful about the type of sweetener they offer.
“I’m all for incentive programs provided they’re well designed and reward the right behaviour.
“Some sales incentives where awards are provided for meeting higher targets, if they’re not thoughtfully designed can encourage people to compete against each other instead of concentrating on the business. If you just say ‘win more business’ employees might focus less on customer service and just concentrate on the next sale.”
By recognition, Tough means employers will have to give their advisers credit where it is due.
“In Australia, we’re really good at pointing out people’s flaws. We don’t compliment their achievements as often as we should.”
Understanding the positive and negative impact leaders have on others, enhancing the work that people do to keep them challenged and giving employees more control over the destiny of the business, so they feel valued, are among other staff retainment tips that Tough will detail in her presentation.
