Retention has always been of high importance in fintech, an industry dominated by a shallow talent pool. The competition is fierce to source the best candidates, so in an ideal world you don’t make life harder by losing any.
The primary means of keeping talent has always been salary, and in a candidate driven market, that strategy can be very costly. So apart from benchmarking salary, what other strategies can you employ to maximise retention in 2022?
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Upskilling and reskilling
Many recruitment and retention strategies are externally focussed and reactive rather than proactive. Shifting that focus internally can greatly enhance your company’s stability, and if done correctly, kills two birds with one stone.
Look at the talent you already have, why not add value and greater incentives for them to stay, through greater training and learning opportunities?
Even if a position you need is somewhat outside an employees initial experience, offering such a chance can drastically increase their loyalty, whilst simultaneously boosting their value and saving you money.
Flexibility
Flexibility has become essential post-pandemic. A recent study by Hazelwood, showed that 51% of employees who currently have the choice to mix remote and office work would leave their company if this flexibility was removed.
Hybrid options are standard in most companies and job offers, so wise employers will leave flexibility options in place, or even seek to enhance their offerings. Remote roles are especially on the rise, increasing 20% between January and February.
Flexibility is also important in retaining working parents, who need the breathing room to fit their work around their personal lives. Women in particular are 9% more likely than men to take a job due to remote perks and 7% more likely to quit a job that doesn’t offer flexible working options.
Corporate social responsibility
Social responsibility has become particularly important in recent times, with professionals increasingly motivated by values that reflect the greater gain of society and the planet itself. Environmental policies, company culture, and corporate governance are all under intense scrutiny, with companies such as HP and Cisco leading the way according to recent data.
This is particularly important when considering Millennials and Gen Z, 87-94% of whom believe companies should be addressing pressing social and environmental issues. Up to 55% of consumers are willing to pay extra for products and services that contribute to positive change, a trend that strongly correlates with employee engagement figures.
Up to 93% of employees in fact, believe companies must lead with purpose, and 60% say they would even take a pay cut to work for a company with a clear sense of purpose. Nearly nine-in-ten employees believe it is no longer acceptable for companies just to make money; they must positively impact society as well. This is key in fintech, where companies with a clear stance on responsibility and consumer safety have a much better chance of attracting premium talent.
Maximising retention
Investing in training, competitive flexibility packages and prioritising company culture are the best compliment to salary in maximising retention. Salary is important, but where you work is often more important than purely how much you earn.
Turning your attention inward is the best strategy to breeding long lasting loyalty, happiness and purpose in your employees. Greater purpose translates into higher engagement and thus better retention.
Companies that keep up-to-date with modern market expectations will continue to command the very best in fintech industry talent.
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