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A tight job market for technology professionals places the onus on companies to retain their own IT employees. In fact, a recent survey of HR managers noted nearly half ranked retention as their biggest challenge. After all, you lose the costs incurred recruiting, hiring, and training an employee if they leave. With FinTech growing in importance, this scenario definitely applies in the competitive asset management industry.
With the goal of improving your company’s retention rate, check out these useful tips and strategies. Leverage this advice to always keep your staff inspired, engaged, and professionally satisfied. It’s the right approach for saving money while making your financial business more productive and successful.
How Do You Retain Top IT Talent?
Provide Employees With a Significant Professional Development Program
LinkedIn surveyed its users and discovered an intriguing metric. 94 percent of employees responding said that investing in their professional development keeps them from leaving for another opportunity. Simply put, companies that invest in their employees enjoy a higher retention rate.
Thus, offering a robust training program and tuition reimbursement as a benefit remains vital. At the same time, ensure your managers meet with their direct reports on an annual basis to discuss their career plans. This proactive approach improves employee morale while making it easier to retain your best.
Positive and Proactive Management Engenders Employee Happiness
Sometimes employees leave for other jobs because of management. Maybe their manager lacked people skills and regularly offered nonconstructive criticism? It’s a situation that leads to unhappy employees looking for a way out.
Of course, any manager in the asset management industry needs a deep understanding of the financial world. However, their personality and emotional intelligence ultimately play a larger role in their success. In short, ensure your company employs a top-shelf management team if you want a high retention rate.
Craft a More Effective Onboarding Process
Notably, a company’s onboarding process plays a key role in successfully retaining employees. This is especially the case with remote working making it difficult for telecommuters to feel part of the team. Your financial organization needs to build an effective onboarding process to introduce new hires to your company culture.
Leverage an online HR portal so a new employee fills out all required forms before their first day. Also, ensure their managers take an even more active role throughout their first few months. This approach prevents employees from quickly leaving for another opportunity if they don’t feel welcome.
Are You Retaining IT Talent?
When your asset management firm needs IT talent, connect with The CERES Group. As one of the top technical staffing agencies in Boston, we provide exceptional candidates to help your success. Schedule a meeting with us to discuss your current staffing plans.