5 reasons your talent is leaving and 5 tips to retain them
It isn't about increasing pay and finding better managers.
The Great Resignation may be a temporary phrase but the concept isn't going away and industry leaders must take action to minimize the impact to their firms and their customers. In our interviews we found 5 key reasons people left. Are these impacting your business?
Speed of change
Technology companies are often more dynamic with a focus on people, participation, communication, and collaboration. That delivers the best value in the fastest way possible to the customer.
A desire for greater impact
While people enjoyed the impact they made at one company and in their one division, some wanted to have a greater impact on what was possible for employees and customers.
A thirst for innovation
People wanted to be able to try new things and be innovative. Some firms were not as conducive to the “fail fast” mindset, so trying new things was not easily done.
Feeling prioritized as technologists
Technology was seen as a sunk cost, and not as a critical component of the success of the bank. That meant those people who were keen to drive value to the business using technology didn’t feel prioritized.
Culture matters
The ability to learn and grow was a common theme that sparked financial services pros’ interest in open, collaborative ways of working.
What are the true motivations of people who are resigning? Exit interviews can be helpful but they don’t tell the whole story.
Consider these 5 retention tips from the former financial services pros:
As a leader you have to get comfortable with being uncomfortable. Culture change, moving to an open decision making methodology, and truly collaborating in a non-hierarchical way can, and likely will, be uncomfortable at first. Be transparent with your team about that and share how you are working through that.
The "risk" is worth the reward for your company, your staff and your talent.
Get actionable tips in the full article.
