When we look at prospective new employers, are we adopting the same rules and ‘shopping around’ for the best deal or are we just moving for money? Of course money is the key driver but let’s not forget the bigger picture and those things that contribute to our prosperity.
As well as cold hard cash we also need to consider the commission structure, quality of leads, benefits package, working hours, career progression, training and nurturing, colleagues, product/brand name, work atmosphere and company stability. A competitive basic salary seems great but are you really earning more if achieving commission is impossible, the leads are of poor quality, you’re working 8am to 8pm six days a week, have no benefits package and the company future is uncertain?
Not settling
As skilled and qualified professionals why settle for second best and be reactive, simply resigned to your current fate. There is a plethora of companies out there willing to offer great choices but the consensus amongst modern day advisers is that they don’t know what’s out there and what these choices are.
The work/life balance is key to this and the above example is extreme but in many cases this will strike a chord in that many advisers work extremely long hours for very little reward and with little or no support. Too often we hear of advisers unhappy in their conditions, on a sub-standard salary, working where they have no benefits (healthcare, pension and share options), 20 days holiday, average leads and an OTE not worth looking at.
These are good advisers doing good levels of business but clearly not rewarded for their endeavours. Some advisers are targeted at £24 million worth of mortgage business per year and are easily achieving this but being paid an annual bonus of less than 20 per cent of a basic salary. If an individual is generating these levels of business the rewards should be far greater and if the same individual was in a different business model, they could easily triple their earnings potential. The problem is that advisers are not always aware what else is out there.
High demand
A pro-active, experienced CeMAP qualified adviser with a good track record is a high demand commodity and as such should be treated as one. If you have the attributes, qualifications and all-important drive why settle for a sub-standard salary, low commission and lack of benefits and stability.
There are financial services institutions that will provide a solid basic salary, an excellent commission structure, qualified leads from targeted staff, good products from market leaders, a flexible working environment and a full benefits package including share options, preferential mortgage, loan and investment rates, pension, healthcare, profit sharing, Monday-Friday working hours and holiday entitlement up to 28 days. They value their staff above all else and will nurture and guide them so they don’t need to look elsewhere as their careers and ambitions can be fulfilled right where they are. Career plans will be put in place (in writing) so the individual has a clear and defined career path. Everything is transparent and there are no grey areas so they know exactly what is expected and required to meet their objectives.
Shrinking talent pool
Due to lower unemployment levels, employers are fully aware of the ever-shrinking talent pool we are all fishing in and will do what’s necessary to ensure a happy workforce. Although still seeking the best, there is now more of an understanding in the search for new talent and recruitment has changed to some extent. Whereas 12 months ago full CeMAP plus FPC (in some cases) was essential, CeMAP is now just desirable, usurped by character.
So where do you go from here? With the average working week fast approaching the 50-hour mark and weekends off becoming a distant memory, the work/life balance is slowly shifting in favour of the employer and you need to ask yourself:
- Are you being rewarded for the time you are putting in?
- Is money your only motivating factor?
- Is the business still there for you to write?
- And most importantly, do you enjoy doing your job?
