Work-life balance options and promoting a strong company culture are the most popular tools for attracting and retaining staff in financial services, new research has revealed.
The majority of 1,800 professional employers interviewed by recruitment consultancy firm Michael Page offer flexible working arrangements, alternative leave options such as volunteering, increased maternity leave and team building/offsite activities in a bid to retain staff.
Up to 28% of financial services employers in Australia said company culture is a major motivator for staff, followed by work-life balance options (23%), and structured career progression.
Other highlighted incentives include recognition and rewards (17%), training and mentoring partnerships (7%) and global career opportunities (3%).
Hiring activity is likely to be subdued for the next 12 months due to the “strong” trend of off-shore transactional, accounting and investment support functions. However, Simon Meyer, managing director of PageGroup in Australia, said employees still have a duty to retain and reward their staff as unsatisfied employers are likely to leave for a range of reasons.
Around 28% of respondents believe staff resign because they can improve their salary elsewhere; a further 28% attribute it to staff wanting to broaden their experience; and 15% to achieve a better work/life balance. Other reasons given were to achieve better work/life balance, better training and support and overseas opportunities.
“Businesses need to remain focused on talent management to ensure their best employees are retained as [economic] conditions improve,” Meyer said.