Are You Hiring? Everyone Else Is!
Updated: Mar 2, 2022
I have always worked with growth-minded advisors. But in the past 12 months, I’ve noticed a significant increase in the number of advisors in my world who are hiring. Lead advisors, operational staff, administrative support, relationship management, customer service, planning and analytics… every team I know seems to either have an opening (sometimes several), or is growing fast enough that they know they need additional team members imminently.
And for the first time, MOST of the advisors I know who are hiring have had highly competitive offers accepted by quality candidates, only to have the firm they are departing woo them back with equity or unbelievable counter offers.
Beyond personal experience, a recent CFO.com article confirms the trend. And even if you’re not an advisor currently competing for talent, others may be approaching your team with opportunities. Finally, consider the latest Bureau of Labor Statistics Employment Projections released in early September 2021, which show the US population 2020-2030 growing at the slowest rate in six decades and the labor force continuing to grow at less than 1% a year. This implies the financial war for talent will likely get worse, not better.
What’s an advisor to do? A few high-level tips:
Recognize good talent when you see it and reward it when you’ve got it.
Put a thoughtful talent development plan in place for each team member that includes succession management as folks develop, are promoted, or exit the firm.
Ensure compensation is and stays competitive.
Create a deliberate culture, rooted in strong firm values. And ensure new hires are well aligned with the desired culture and values.
Create and maintain open feedback channels as the post-COVID competition for talent progresses.
This will help you stay ahead of the curve on topics like flexible working trends and the perks and inclusions competitive offers may be likely to contain. In this way, you’ll also hopefully avoid the awkward position of having your key talent wonder if the only reason you’re willing to offer what they’re worth is because someone else offered first.
Christy Charise, Founder & CEO of Strategic Advisor