The number one asset and conundrum in our business models today; TALENT.<\/p>\n
How to source, retain, and incentivize all levels of talent will remain top-of-mind for small businesses
\nand boardrooms as financial services evolves.<\/p>\n
There is no need to mention the past simplicity of managing talent. People were hired, grew at a certain
\npace based on the person and company, and at some point, retired for a calmer lifestyle. Today,
\ncomplexity reigns with our talent and will metastasize with everything from fewer employee entrants to
\nartificial intelligence.<\/p>\n
Now is the time to execute strong incentivization to enhance and sustain top talent in our businesses.<\/strong> Incentivize by definition is simple; provide someone (something in the not-so-distant future) with an There are three core incentive types we believe should be cornerstones for today\u2019s financial services Education The cost of secondary education has gone down drastically in the past 10 years and has improved in \u201cIf my employee is educating, they are not spending time in the business\u201d. A scheduled systematic Time\u00a0<\/strong> Time as an incentive does not necessarily mean time off. Many will appreciate paid time off, or slightly However, consistency in time also matters considerably. The complexities of personal, business, and The third incentive is Consistency<\/strong> itself.<\/p>\n Consistency creates business models that allow the employee to contribute to the highest degree and The famous Forrest Gump opined \u201clife is like a box of chocolates\u201d. To some readers that induces A timely example of sporadic inconsistency is regularly exhibited within our federal government. Policy One common denominator to all this commentary is care. The one incentive that seeps through the Care is not difficult but can be sniffed out in seconds by most employees. You may struggle with the Money may make the world go round\u2019, but it is rarely the true incentive driving tomorrow\u2019s top
\n
\nTalent means people (for now) and as the Depeche Mode song clearly states; people are people. That
\nmeans incentivizing is not as easy as a few more dollars and better coffee in the breakroom.
\nDeveloping true incentivization models is a business development strategy that will pay dividends for
\ndecades.<\/p>\n
\nincentive for doing something. Easy. Not so fast. All a business must do is add in the word behavioral
\nto know this means many things to different people.<\/p>\n
\nbusinesses.<\/p>\n
\n<\/strong>Education is empowerment. Empowering our employees to feel competitive and ahead of
\nthe marketplace. With ongoing peer competition and forthcoming artificial intelligence, learning
\nadvancement through education is crucial. Education is enhancing to the person and the business at
\nthe same time. Education is not an expense, rather an investment in the employee and the future
\ngrowth of the business. Often, we hear two rebuttals many business owners adhere to in NOT
\nimplementing core educational platforms: cost and time.<\/p>\n
\nquality at the same time. From basic office personnel training on subjects like CRMs and grammar
\nskills to advanced designations or coding learning, competition for education dollars continues to
\nbenefit the candidate and the business footing the bill.<\/p>\n
\napproach to education will debit the business some in the near-term, but the enhancements exhilarated
\nfrom the education will far outweigh the time investment long-term. Some businesses may decide to
\nfurther incentivize if education is completed during non-office hours.<\/p>\n
\nEveryone knows the adage \u201cTime is Money\u201d. If time were marked-to-market its trendline would
\nbe due north. Time is more valuable today as families are more diverse and schedules are
\ninconsistent. Searching for an extra few minutes of time for an employee\u2019s favorite things to do could
\nbe the simplest and least expensive incentive available to the firm.<\/p>\n
\nadjusted work schedules. For example, a random hour off early for completion of certain project
\ndeadlines will go a long way.<\/p>\n
\nfamily life dictate randomness which may impact performance. In financial services, consistency in work
\nhours is usual but may change as markets adjust to consumer\u2019s needs. Providing regular scheduling or
\na certain day of the week as \u201ccompletely off\u201d may provide added-value. Chick-fil-A is an example of a
\nclosed-day model that has proven increased productivity and profitability over its peer competitors
\nbased on the idea of firmness. University of California researchers worked with Gap stores in two cities
\nto test productivity efficiencies based on employee scheduling. Results showed test-store sales rose 7%
\nwith regular associate work schedules, which means millions of dollars per month across a company
\nthe size of Gap.<\/p>\n
\nexperience the value of their input via firm success. Nothing is worse to an employee than firm
\ninconsistency. Inconsistency in processes, goals, and even management or ownership behavior can
\ndrastically impact employee morale and motive.<\/p>\n
\nexcitement. Randomness can make for a lively life. Employees, however, are not necessarily
\nprogrammed the same way as entrepreneurs. They understand the Forrest Gump quote but want the
\nlittle candy map that comes with the box of chocolates.<\/p>\n
\nand personnel changes happen intra-day in some cases. This can cause immediate strife and anxiety
\nwhich almost always leads to non-optimized results.<\/p>\n
\nmost successful financial services enterprises is care.<\/p>\n
\nright balance of incentive and try multiple ideas before getting it right. However, employees will remain,
\ngrow, and want to do their best for a hierarchy that cares. Care is inexpensive. Care can be as simple
\nas a weekly meeting whereby you are listening to the needs and ideas of your people. Care can be a gift
\ncard to buy random dinner for your employee. Care may be remembering an anniversary or birthday
\nand sending a simple card.<\/p>\n
\nperformers. Take time to examine your incentive structure and seek the right counsel in designing your
\nfirm\u2019s best practices.<\/p>\n