The CommunityBanker 20 Finally, attitude differences between generations have an effect. Only 10% of millennials hired to work in the financial services industry intend to make a career of it. Most of them plan to gain a little experience and move on. To attract and retain talent, the most effective strategy is to keep as many good employees as possible, so start by developing a retention program for your best employees. They might rethink leaving if you give them professional development opportunities. Since replacement alone costs an average of $4,129, the cost of losing people adds up. The next step is to enlarge the hiring pool: advertise on digital platforms, have a referral program, diversify your hiring practices and stay in touch with former employees who might return someday or send a likely candidate your way. Finally, look at recruitment from a marketing perspective and consider what your company offers potential employees. Build a strong brand that will help you market your company to them. Employees want to work for organizations that share their values, in part because they spend so much time working. Also, there isn’t always a clear distinction between work and leisure. How serious are employees about working for a company whose company culture is attractive? It is a big enough issue that 70% of all professionals will work for less money if a company has values that match their own. That percentage is skewed by age. Only 9% of boomers would take a pay cut, but 86% of millennials would. People want to be paid well, but they also want wellness programs and opportunities for professional development. Also, do more than talk about diversity. Give everyone equal opportunities to advance. Finally, choose benefits thoughtfully: if employees can have either a game room at work or time off during holidays, most employees want time off. Potential employees have the advantage when the market is tight. As long as that’s the case, you will probably have long negotiations about salary and benefits, but remember that intangible benefits outweigh money once the money reaches a certain level. That fact can be your secret weapon. Continued from page 19 People want to be paid well, but they also want wellness programs and opportunities for professional development. Also, do more than talk about diversity. Give everyone equal opportunities to advance.
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