Financial Service Firms Effective With People Management Practices
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What is your employee turnover rate?
- We have little/no turnover with our employees - 54%
- We don’t measure turnover - 15%
- About average for our industry - 14%
- Lower than the industry average - 12%
- Higher than the industry average - 4%
One area where small business owners could look to improve with personnel relations is providing employees with regular feedback on performance. Ongoing performance related discussions help employees to know how they contribute to the business and what they can do to help move the business in the right direction. Forty-three percent of respondents said they ‘don’t have a formal process in place to communicate and comment on employee performance feedback’ and a further 13% said they provide it ‘less than once a year.’ Although 21% reported they provide ‘continuous communication and documentation of feedback.’'
How often do managers provide employees performance feedback?
- We don’t have a formal process in place to communicate and document performance feedback - 43%
- We provide continuous communication and documentation of feedback - 21%
- Biannually - 15%
- Less than once a year - 13%
- Quarterly - 9%
Employers in the financial services sector offer a wide range of learning development options to staff, from online learning libraries to training reimbursement to company-hosted training opportunities. Only 24% of respondents said they do not have company-provided training.
What training options do you provide to develop the skills of your employees?
- Company-hosted training - 44%
- Online/on-demand learning library - 33%
- No company-provided training - 24%
- Reimbursement for outside training - 23%
- Educational/tuition benefit program - 14%
As an owner or manager of a small financial services firm, consider:
- Do your employees know what’s expected from them and how they can help to move the business forward?
- Do employees receive feedback and opportunities to learn and grow so they can show up and do their best?
- Are you tracking employee hours logged to pre-empt burnout?
Today’s workers seek more from their jobs than just an excellent salary and a robust benefits package. They want opportunities to learn and grow, and line of sight for career advancement. Facilitating career conversations is a win-win for your team as well as your financial service firm.
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