Attract & Retain a High-Performing Team
5 Key Considerations
A high-performing team is the cornerstone of your firm’s success. Consider these five key areas that may have the greatest impact on your ability to attract and retain top talent.
1. Foster Professional Development
Providing professional development opportunities can foster so many positive outcomes – for employees of all levels – from enhanced performance, to an increased sense of confidence, to improved job satisfaction. What appeals to your employees may vary person to person, so do what you can to support individual goals and interests, which may include:
- Continuing their education (graduate programs, etc.)
- Obtaining certifications
- Attending industry conferences and events (whether virtual or in person)
- Organizing internal lunch-and-learn programs (potentially with guest speakers)
- Purchasing educational books with insights relevant to their career paths
- Job shadowing
- Engaging in a mentorship program
Whatever the case may be, encourage your employees to grow and advance their skills – and share their learnings and experiences with the team.
2. Enhance Employment Benefits
In today’s competitive job market, the benefits you provide to employees can be extremely influential when it comes to job hunting and tenure. Consider how you stack up against others in the industry, what you can reasonably offer to stand out, and what your team will truly value. You could differentiate your benefits package by adding:
- Unlimited vacation
- Remote-work flexibility
- Sabbatical options
- Student loan repayment assistance programs
- Tuition reimbursement programs for continuing education
- Childcare assistance programs
- Fitness stipends
- Home office reimbursements
- Paid volunteer time
- Charitable donation matching programs
At the same time, don’t neglect to reevaluate your standard offerings, including: Compensation structure; health, dental, and vision insurance; 401k, FSA, and HSA offerings; parental leave; sick leave; disability and life insurance; vacation; wellness programs; and bonus and rewards programs.
3. Provide Modern Tools & Resources
Your team needs to be equipped with the best tools and resources to help them do their jobs efficiently and effectively. This encompasses everything from computers, phone systems, software, study guides, mentors, and so much more.
Routinely ask your team if they’re satisfied with their current options or if they’re aware of anything new that should fall under consideration. Lower-cost technologies and game-changing options are being developed and released every day. Don’t be afraid to abandon legacy setups to adopt something that could improve the firm experience for your employees or your clients.
4. Promote Work-Life Balance
It’s important to recognize and reward hard work – but it’s equally as important to give your employees time and space to rest, relax, and recharge. Part of this, of course, relates to your vacation and sick leave policies. But, you also need to examine if your employees are truly using their leave. Oftentimes vacation time may go unused, not because employees don’t need or want a break, but because of their workload and the impact a vacation may have on their stress levels.
Beyond that, work-life balance is also about the day-to-day nature of work and your firm’s culture. Consider if your team has the flexibility they need to meet personal obligations and get their work done. Do your part to demonstrate the importance of maintaining a life outside of work by working reasonable hours, attending family events, going to medical appointments, and using your own vacation.
If you notice someone on your team seems overwhelmed, take the time to meet with them and figure out how to support their needs.
5. Embrace Feedback
Show your team you care and get to the root of their needs by asking for their feedback, often! Give them multiple opportunities to share their thoughts, both anonymously and face-to-face. This is a great way to inquire about all of the areas mentioned above.
- If you conduct formal performance reviews, include questions about the firm and their experience.
- Offer team lunches with the sole purpose of discussing the firm in a collaborative space.
- Utilize a tool like Microsoft Forms or SurveyMonkey to circulate a short survey once or twice a year to solicit feedback – where everyone can share their feelings anonymously and honestly.
Most importantly, take the feedback you receive seriously and make changes where you can.
Investing in your team not only benefits them, but also contributes to the overall growth and success of your firm. Implementing some or all of these concepts can help create an environment where talented individuals are better equipped to thrive, propelling your firm towards continued excellence. Keep in mind that some of your clients, particularly small business owners, may benefit from this advice as well. Use this as an opportunity to share what you’ve learned and help them grow and thrive!
Harbor Capital Advisors
Harbor Capital Advisors is an asset manager known for curating an intentionally select suite of active ETFs from boutique managers. Advisors looking for distinct and differentiated investment options for their clients’ portfolios often connect with our passionate obsession to find what we believe to be the best – bold solutions that have the potential to produce compelling, risk-adjusted returns. For more information, visit www.harborcapital.com.
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This information has been created by Harbor Capital Advisors for Financial Professionals. It’s important to consult directly with your firm’s compliance department to obtain precise advice based on their policies, procedures, and any industry-specific regulations.
The views expressed herein may not be reflective of current opinions and are subject to change without prior notice.
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