Career development 'key to staff retention' in finance
When it comes to retaining good employees, providing career development opportunities is more important than higher salaries a survey finds.
Research suggests that the majority of financial services executives are concerned about employee retention. A study by financial recruitment company Robert Half found that 89 per cent of leaders in the sector were concerned about losing their top performers to competitor organisations in the next 12 months.
However, rather than paying higher salaries or big bonuses, leaders in the financial services sector argued that the key to keeping good employees in a tight jobs market is giving them a rewarding career path with plenty of opportunities to learn and develop.
The study found that 68 per cent of respondents said they would look to provide better career development opportunities for high performing employees, while just over half (54 per cent) said they would consider providing current employees with a raise in remuneration or bonuses.
The research also highlighted other ways of retaining valuable staff, such as offering more flexible working patterns (28 per cent) and making a counter-offer (27 per cent).
However, as Luke Davis, Vice-President of Robert Half Financial Services, said: "While companies may be tempted to provide counter-offers in a bid to retain staff, this is generally a short-term solution and the employee ends up leaving in the long run. Regularly benchmarking remuneration coupled with establishing career paths and advancement opportunities will help companies keep their most valued assets on board."
Professional development with ICAS
ICAS offers a wide range of continuing professional development (CPD) opportunities to help you retain and develop your most valuable employees. Whether it’s a technical course or personal development course to help keep your skills up to date - or a more focused leadership and management training to help your best people move into a more senior role - ICAS can help.
Rather than paying higher salaries or big bonuses, leaders in the financial services sector argue that the key to keeping good employees in a tight jobs market is a rewarding career path.
Visit our CPD section to find out more about what ICAS offers to help support your professional development.
Through our framework for professional development, our ambition is to transform the opportunities and support available to all members, wherever they are based and at whatever stage they are in their career.
Whether you're looking for a general technical update or something more specialised, the our range of CPD courses and qualifications can help. To help you meet your Continuing Professional Development (CPD) requirements, ICAS offers over 200 face-to-face courses throughout Scotland, England and Wales and continues to offer self-directed online courses for all of our global members too.