Just like with any sector, those in asset finance are experiencing a turbulent time of turnover within their companies.
Across the board, over half of employers are seeing more and more of their colleagues leaving jobs of their own accord (McKinsey).
Ylva Oertengren, COO of Simply Asset Finance claims: there is a war for talent and it is really an employee’s market at the moment”.
So how can asset finance companies overcome this fate?
Here are a few suggestions:
Generation Z, and even millennials, are all about finding a workplace that matches their passions. They would rather work for a company that promotes similar values to their own than blindly follow the money.
As Nathan Mollet, head of asset finance at United Trust Bank puts it: “The next generation of talent put greater emphasis and importance on working for an organisation that has common values and common purpose.”
Therefore, you need to prioritise your values, and not simply keep them as a pretty graphic on your company “About Us” page.
Does your company hold an exit interview with outgoing employees? If you’re not, you’re missing out on some vital intelligence that can prevent a resignation epidemic within your company walls.
An exit interview is where you get to put your questions to the employee, find out why they are leaving and then you can address these areas in the future. Is it about the money? Presumably, if you want to retain this talent, you’ve already put forward a counteroffer. If they haven’t accepted, it’s not the money – it’s about how they feel. This is where you need to improve if you want to retain future talent.
People get a great deal out of coming to work. It’s not just about being paid for their time and talents. For many, coming to work builds their self-esteem and can give them a sense of status. However, working day in day out for no reward other than a pay check can leave staff feeling unappreciated and demotivated.
That’s why managers need to acknowledge the efforts of all team members when they meet their targets, create a great presentation or go above and beyond to clinch a deal.
You can show you value your people in other ways too. Does your company offer a structure for career development? Do you have conversations with them about what they want to do with their lives? Your regular review meetings need to cover these bases. They are also a chance for you to show you are listening, you are on their side and you want them to reach their goals, both personally and professionally.