Persistent skill shortages in the financial landscape, combined with changing employee priorities and the rise of the “Great Resignation”, are creating significant challenges for employers. Business leaders must update their strategies for retaining and engaging staff or risk losing top talent.
Regularly recognising and rewarding financial employees is critical to improving their commitment to your business. Recognition can potentially increase retention by 56% and generate more than $16 million in cost savings for modern companies.
Unfortunately, many organisations are still stuck in the past with their strategies for rewarding staff. The evolving workplace means the occasional voucher or travel reward will no longer appeal to the widest selection of employees.
Here’s how you can reward and recognise your team members in the new work-age.
Step 1: Understand the Human Needs of Your Employees
The first step in correctly recognising and rewarding financial talent in the modern world of work is understanding your people are more than just employees. Today’s team members want to be treated like real human beings. They expect a higher level of empathy, respect, and transparency from their employers.
Looking beyond the professional achievements of your team members and championing their personal wellness and growth is an excellent way to build better business engagement. For instance, you could set up wellness initiatives which reward staff members when they achieve their weight loss or fitness goals.
You can also celebrate the individual milestones of your staff members by offering gifts when they spend a certain number of years with the company or giving them a shout-out on their birthday. These simple acts of recognition can also significantly improve your employer’s brand.
Step 2: Say Thank You More Often
Employers often mistake assuming recognition needs to involve more paid time off or expensive gifts. However, it can be as simple as saying “thank you” when an employee does something right. Letting your financial team members know they’re appreciated is something you can do consistently without breaking any budgets.
Sometimes, a simple thank you email can be enough to let your employees know you see the work they’re putting in and value their commitment. You can even get the entire team involved in praising an employee, with congratulatory announcements for major achievements.
Making appreciation and regular recognition part of your company culture will improve employee satisfaction. It can also be an excellent way to help team members confirm they’re on the right track and prioritise the right things for your company.
Step 3: Offer More Flexible Working Options
Part of successfully recognising and rewarding your employees today is giving them more freedom to work in the best format. Financial professionals are often in an excellent position to leverage the benefits of working remotely or in a hybrid environment because a lot of their tasks can be completed digitally.
When your team members demonstrate their capacity to work independently and flexibly without constant guidance from a supervisor, reward them with more freedom to manage their schedule. All your employees pick their hours, provided they deliver reports and crucial projects according to deadlines.
You could also consider rewarding some of your high-performing staff members with the option to explore a four-day work week. This can give employees more freedom to improve their work/life balance while showing your team members you trust them to still get their work done.
Step 4: Make Rewards More Personal
Over the last couple of years, many financial companies have begun to recognise diversity’s importance to building a powerful team. However, as you embrace more diversity and inclusion in your recruitment strategy, you’re likely to end up with various staff members who feel motivated and engaged by different things.
Getting to know your team members individually and coming up with creative ways to offer different rewards can help you improve your chances of employee retention. For instance, some of your employees might be more motivated by the potential to take more paid time off, while others will want gifts and bonuses.
You may even consider implementing a reward and recognition program where your team members can trade “points” they earn for certain tasks for different prizes, based on their preferences. This will allow you to appeal to a wider range of staff members.
Step 5: Offer Plenty of Career Progression
While the priorities of many financial experts are evolving in the new world of work, there’s still one thing that all professionals want: progression. Giving your staff members the chance to develop their skills, improve their education, and take on new responsibilities is crucial to making them feel like they have a future in your organisation.
Every business leader should take the time to sit down with their financial staff and map a plan for the future. Discuss with your team members where they want to be in the next five years, and give them a strategy they can follow to improve their chances of promotions and new opportunities.
At the same time, ensure plenty of chances for your staff to expand their skill sets through training, mentorship, and educational programs. Committing to the continued progression of your team members will keep them happy and engaged while ensuring you can continue to access the best possible range of skills.
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs, and, in doing so, we match the two perfectly. Contact one of our team today to find out more, or you can call us on 01282 930930.
