By its history and character, the financial advisory industry is imbued with a Darwinian survival-of-the-fittest attitude. One question though, especially if you are a leader or principal of a financial advisory team. Does this “sink or swim” mindset also apply to your new employees and team members? If so, you may be placing your…employee morale, productivity, and company revenue…at great risk.
Check this out:
Is your interest piqued yet? Wait! There’s more…
Calculating the real (and intangible) cost of losing a valued employee? What’s the real cost of employee turnover? In many cases, the costs are intangible and hard to track. Some examples:
The bottom-line is that happy employees (and team members) help a company (and team) thrive. Unhappy employees can carry costs that go well beyond simple dollars and cents, which by itself is considerable.
What’s the answer?
One effective tool for financial advisory practices to minimize employee turnover is an employee on-boarding program. A successful employee on-boarding program ensures that new hires feel welcome and prepared in their new positions, in turn giving them the confidence and resources to make an impact within your organization. In fact, new employees who go through a structured on-boarding program are 58% more likely to be with the organization after three years.
For more detail on how to create an effective employee onboarding process, stay tuned. We will address this in greater specifics in an upcoming blog post.
For a complimentary ClientWise Learning Tool on how to find new clients, please download below: