For financial services recruiters, sourcing candidates will be difficult for the foreseeable future. But consider the combined effects of a slow talent pipeline and attrition on succession planning.
Sadly, only 34.7 percent of financial services employees report a high intent to stay with their current employer, while a mere 34.2 percent are satisfied with their future career opportunities.11 Again, insurance’s situation is the most dire in financial services.
For years, the insurance industry has failed to engage enough professionals to help bridge the growing skills gap resulting from impending retirements. Now the mass talent shortage is here, and insurers must take action.”12Gregory P. Jacobson, CEO, The Jacobson Group
One potentially transformative paradigm shift is for a company to begin treating employees more like customers. If your company puts as much effort into creating an invested workforce as does building brand loyalty, the shortcomings of traditional processes become clear:
Employee-customer experience efforts often focus on touchpoints—the individual interactions support staffers have with their colleagues—rather than end-to-end customer journeys. That exposes a company to the possibility of failing to understand and improve its users’ satisfaction because it can’t see blind spots, and misses important cross-functional issues.”14McKinsey & Company
Cloud-enabled performance management software can replace an outdated “annual review” approach with one that monitors and tracks individual and team goals. Workers are more likely to develop their careers within your company, while supervisors are more likely to catch signs of trouble before top performers quit.