According to the Bureau of Labor Statistics data, there were 244,000 financial services job openings in May 2018. That’s a lot of jobs to fill, and each company may be vying for the best, but top talent are savvy — they know they have options.
As the CEO of a company offering a marketing operating system for financial organizations, I believe that traditional recruiting and retention tactics don’t always align with the way modern job seekers think. Many firms seem to fail to reel in and set top talent up for a long-term commitment to the organization — for example, they might ignore negative reviews on Glassdoor or make empty promises and display a lack of transparency.
According to a Deloitte article, 44% of millennials will be looking for a new job in two years, and a 2012 literature review by the Center for American Progress suggests that the cost of replacing an employee is about 20% of their yearly salary. If you want to grow, I recommend investing in these key areas to retain top talent.
Improve the employee life cycle.
In the world of sales and marketing, we spend countless hours talking about the customer journey: how best to lead prospective customers to a purchase decision, accompany them along that journey and build lasting relationships that lead to repeat business. Companies know the value of keeping new and existing customers engaged.
Employee retention is no different. This is a crucial step to take, according to one Deloitte article, as 83% of surveyed candidates who had a negative interview experience say it caused them to view the company or job negatively […]