Cultures must change

Private banking groups must change their work environments if they are to halt the flood of departures of key executives, according to Hamilton James & Bruce man-aging director Michael Markiewicz.

Private banking groups must change their work environments if they are to halt the flood of departures of key executives, according to Hamilton James & Bruce man-aging director Michael Markiewicz.

Markiewicz says the only means of re-building private banking numbers is through changes in cultures of private banks.

“Each part of the business is going to attract different cultures. Provide advice or access to each. We need to start treating people like human beings,” he says.

Markiewicz says employers need to concentrate on encouraging their employees and creating an improved structure.

“There is more open communication within the industry, but there is less loyalty as an employee. Employees are now free to move from bank to bank,” he says.

“However people are reluctant to leave jobs. Divorce, house changes and death are up there with job leaving.”

There is also a need to place more importance on job offers. Markiewicz says the job offered by an employer must reflect the job description and what is discussed in the actual interview. He also suggested placing employee training as a high pri-ority.

Markiewicz says the private banking sector is a dynamic area, however People don’t perceive it that way.

“Create a friendly working environment. Also the money offered must reflect the position. But don’t over promise on the salary bonus — it only buys trouble.”