Wealth managers must “transform” to avoid losing staff to “the big resignation”
Darran Irving of Super Recruiters and the SR Network – an HR consultancy service for the wealth management industry – said the continued impacts of the COVID-19 pandemic and “the great resignation” have created new challenges for wealth managers and that they cannot rely on the old structures.
“Many wealth management organizations are struggling to get back to where they were before COVID. Going back to where we were is no longer an option,” Irving said.
“Wealth managers must transform themselves into workplaces of the future. If they don’t, others will, and they will be the new leaders.
“Employees have experienced the benefits of flexibility and they don’t want to lose that – and will go to organizations that offer that flexibility. This even includes some senior executives.
Mr Irving suggested that to retain staff and attract new members, wealth managers should offer flexible working arrangements, with the most popular trend currently being to work three days in the office and two from home.
He added that it is vital for companies to create a culture where employees feel valued.
“A key aspect of this transformation is developing a holistic vision of what the organization stands for, why it exists, and where management and its employees want it to be in three to five years. And develop that with their employees, so everyone is engaged and working towards the goal of sake across the organization,” Mr. Irving said.
“It’s not about declaring that the goal is the best possible return for investors, but rather how those returns are generated. And what added value the organization adds.
“Organizations that can articulate and demonstrate such purpose attract more top candidates and safeguard their employees from external poaching.”
Neil is the Associate Editor for Wealth Headlines including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.