Many financial advisers, when asked, report that attracting and retaining staff is getting more difficult over time.
Barry Lehrer, Diffuze HR founder and director, observes a difference in employers’ and workers’ expectations. While older business owners are generally accustomed to traditional ways of trade and expect employees to do what they are asked to do, generations X and Y workers expect their employers to be more creative and hands-on in their engagement with staff.
Younger workers also show more needs and expectations from their careers than just financial rewards. They want to be a part of a conversation, and want to be included in how the business is run – “they don’t expect employers to listen to everything they say and do it, but they want to be a part of the process”, says Lehrer.
It is clear that for financial service businesses to remain relevant and sustainable for the future, they need to attract and retain quality younger workers, and the way to achieve that is to listen to what the new generations are looking for, and try to meet them in the middle. If, as Lehrer says, “financial advisers want to be seen as knowledgeable, professional and proactive”, then they need to start acting that way, to secure their future.