Retain staff by rewarding talent
Employers need to ensure they are continually engaging and rewarding staff as part of their retention strategy as the year comes to an end.
According to Macquarie Practice Consulting associate director Fiona Mackenzie, improving staff engagement can help boost morale in a period where difficult market conditions and regulatory change have weighed heavily on many financial planning businesses.
Hosting end-of-year celebrations is one way of recognising staff for their efforts throughout the past 12 months. It is important, however, for employers to reward staff on a regular basis to show that the company's leaders are committed to retaining staff, she added.
"Taking the time to recognise the contribution of staff and celebrate success is an important way to keep staff motivated and make them realise they are valuable members of the team; this is vital when it comes to retaining talent," Mackenzie said.
Planning practices must articulate the value of the roles that employees play in the running and growth of the business.
This involves encouraging staff to share examples of how they have helped a client, reinforcing the important role the employee plays in the company, Macquarie stated.
Other than rewarding and recognising staff, employees should also consider offering staff more flexible working conditions, organising social events or team-building exercises and developing open channels for communication so employees can discuss their professional goals with management, according to Macquarie.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
