The great resignation in financial services: is it all bad?

Anyone working in financial services recruitment has likely encountered the Great Resignation that began in 2021. It was a time when a tidal wave of employee churn took place, leaving companies without the staff to manage operations, including in the financial services industry. 

Though there has been a significant slowing in the amount of turnover occurring, there are still plenty of people leaving financial services and finance departments.

But in 2022, is that necessarily a bad thing? 

Reframing the Great Resignation in Financial Services: Could it be a Good Thing?

Some organisations are working to turn this mass exodus into an opportunity, in a number of ways:

• They’re seeing it as an opportunity to revamp and redefine their employees and the benefits offered
• The speeding up of natural attrition within financial services organisations could be an opportunity for restructure, fresh talent and fresh ideas
• If an employee’s leaving experience is a positive one, not only do companies have the opportunity to gain some valuable feedback during an ‘exit interview’, but the employee could also become a brand advocate for their organisation

So how to make your organisation a place where people want to come to work, and stay?

The easy reaction is to think that you need to pay employees more. 

That's only a fraction of the process, though. It is more important for companies to focus on making tangible changes that allow them to do two things:

• Improve the quality of their hires
• Provide the benefits and supportive services that high-quality employees desire

To do this, it is important to understand what employees within organisations like yours are truly looking for in a company. It's not just money.

What Goes Into Creating a Stronger Employee Base?

The goal is not just to attract finance talent but also to create a scenario where you retain your existing talent. The right atmosphere encourages others to work with you. 

There are a few core components that may help you to work through the Great Resignation in financial services and turn it into more of an opportunity for your organisation.

Begin with encouraging and empowering existing employees.

In order to bring in new employees, you have to maintain those that you currently have, especially your top tier talent that you rely on for consistent support. 

A specific goal you should have is to ensure these people, those who are already working for you and represent your brand well, feel both appreciated and empowered within your company.

Speak to these employees openly. Find out:

• Why they stay
• What they enjoy about the company
• Where they are in their professional lives
• Where they hope to be in a few years
• How valued and respected they feel
• Gaps in the support they get from you

Often, keeping these lines of communication open allows you to understand what your employees need. That helps ensure they are less likely to leave your company with the rest of the pack.

Be authentic and deliberate about your hiring

Many companies found themselves facing financial difficulties as more and more employees resigned in the last year. It was harrowing and continues to be. 

Yet, hiring just to have a person there isn't good enough, and it can impact your employer brand. Instead, be authentic in what you need and what you can offer. 

Encourage people to work with you because they know your company and what it offers.

This starts in the job interview process. You want to be sure people fit your ideal company culture, but you also want to ensure they want what you can offer. That includes tangibles like money, but it may also include:

• Training
• Supportive services
• Benefits packages
• Development programs

Adjust the way you work to accommodate the needs of your talent

One of the many reasons for the Great Resignation in financial services was simply that people did not feel appreciated. That may mean that now is a very good time to start working on redefining how you treat your employees. 

Find ways to provide for what they need while still ensuring that the work gets done.

What can you do to show people that you offer what they need to thrive? 

There may be a few things within the financial sector that other companies are doing that could support your team.

• Provide benefits that match the desires and actual needs of your employees
• Compensation should be competitive, but so should insurance programs and paid time off
• Provide more flexibility in things like work schedules to allow for better home-work balance
• Consider remote work as a true alternative because it enables the same amount of work done and benefits your employees
• Focus on providing qualified employees with a respectful, diversified, and transparent place to work

When you focus on these areas, the Great Resignation in financial services no longer has to be a negative. 

It may, in fact, be an opportunity for you to change the way your company treats employees, build a better employer brand, and enable better hires; as well as get some fresh talent and fresh ideas!

Book your complimentary recruitment strategy workshop with Savvi finance recruitment experts today. We will use this time to help you resolve your key recruitment challenges.

​We offer insights and guidance on:

• Available talent pools and market salaries
• Market trends on flexible working arrangements
• Employer branding
• Your recruitment process
• Employee retention strategies.