Is everyone in your team happy? Losing your best loan writers can be fatal to your brokerage
Is everyone in your team happy? Losing your best loan writers can be fatal to your brokerage.
Organisational development consultant Craig Buller reveals some key insights into the devastating effects of employee turnover from a roundtable hosted by financial services recruiter Talent Web Recruitment.
In financial terms Buller suggests that the cost of losing a team member can be up to 1.5 to 2.5 times their annual salary. Other issues include:
- Lost time;
- Lost corporate knowledge; and
- Weakened bench strength.
“Surveys have shown time and time again that the reason why organisations stumble, fail or don’t reach their potential that everyone thinks they’ll reach, is that they don’t necessarily have the best strength, or their best strength is continually being weakened,” he says.
But what is it that makes your best performers walk away?
“I went to a number of surveys and these five points popped up,” says Buller. These are:
- Inadequate pay;
- Lack of promotion opportunities;
- Poor relationship with manager;
- Poor work/life balance; and
- Lack of a challenge.
He adds, however, that pay is not a great retainer – and usually only works as a short-term strategy.
So how can you keep your best planners on board? Buller suggests that, from an employee’s perspective, these are the top nine staff engagement/retention drivers:
- Senior management sincerely interested in employee wellbeing.
- Improved my skills and capabilities over last 12 months.
- Social responsibility reputation of organisation.
- Input into decision making in my dept.
- Organisation quickly resolves customer concerns.
- High personal standards.
- Excellent career advancement opportunities.
- Challenging work assignments.
- Good relationship with manager/supervisor.
“If your leaders aren’t sincere around the wellbeing of employees, then you’re not going to retain those employees,” says Buller, who added a pertinent message for managers and principals:
“People join the company and leave the leaders.”
