State of the Industry: Employee turnover in the financial services industry is immediately visible on the bottom-line: companies lose over $1,000 on average forevery hour a financial sales position goes unfilled. Unfortunately, it takes significantly longer to find and hire the best prospect for these positions. Employees must be able to thrive in fast-paced, sales-driven environments and employers often discover too late that they have hired people who simply do not fit with their assertive culture. Businesses also usually require background checks or other testing to ensure a new hire’s responsibility with clients’ assets, which add to the overall cost of the open position. Even when your company finds a perfect fit, you can expect talent poachers to continue to call new employees with offers of higher commission. In the high-stakes world of financial sales, it pays to retain your top-producing employees.
How Can Retensa Help? Retensa’s Turnover Audit is imperative for financial services companies wondering how much revenue they are losing in employee turnover. We train managers in Retention Skills so they know how to keep their hard-working employees motivated through means other than monetary incentives. By outsourcing exit interviews to a third party like Retensa, we can give you the most honest, accurate reasons for why your employees are leaving for your competitors. FYI, salary is not one of the top three reasons resigning employees tell Retensa they leave – even though it is most often cited when firms perform internal exit interviews. Why? It is easier for employees to tell the company the reason is pay, rather than burn a bridge by saying the real reason is the people, the manager, the conflict, or the career path.
Retensa can help you retain your best employees today. To talk to a retention expert, call us at (212)-545-1280 or email us here.