Why do capable employees leave companies? What makes a good employer in the fiduciary sector? How can you offer an attractive working environment to fiduciary talents who are in demand in the labour market? In this blog post, you will get practical tips on how to prevent dismissals and retain competent employees.
The end of the high workload, overtime and sometimes even night shifts is in sight: The hustle and bustle of the busy season should soon subside. After work-intensive phases in which employees are under greater pressure than usual in their daily work, there is often a feeling of restlessness. You start to critically question your current life and work situation. Am I still happy in my position? Am I appreciated at work? What do I want to achieve in the next few years and does my workplace offer me the right conditions to do so? Resignations after surviving hectic times are not uncommon, as employees have more time again to deal with their goals and desires.
Occupational psychologists distinguish between extrinsic and intrinsic motivators. Extrinsic motivation comes from external incentives such as the salary or status that comes with a job. This is contrasted with intrinsic motivation, which arises from the activity itself. While many fiduciary companies are willing to pay qualified fiduciaries adequate or even above-market wages, they too often neglect intrinsic motivational factors. This is particularly dangerous given the continuing shortage of skilled workers in the fiduciary sector. Fiduciary professionals are in great demand in the labour market and quite a few of your competitors currently have vacancies.
Below you will find an overview of the most common reasons for dismissal and learn what your fiduciary company can do to retain capable employees.
Reason for termination 1: The work does not seem meaningful.
According to the international consulting firm Mercer, for employees of generations Y and Z – who currently make up the majority of the skilled workers on the labour market – the meaningfulness of work is a decisive factor in the search for a job and “thus they are also central aspects for companies when it comes to employee retention”. The meaningfulness of work is a typical intrinsic motivating factor and if it is lacking, companies cannot retain talented and committed employees in the long term.
- Here’s what you can do about it: Outsource routine tasks to intuitive fiduciary software and focus your human resources on services that can make your fiduciary company indispensable to existing and potential clients and set it apart from the competition. If you can offer fiduciary professionals meaningful work instead of repetitive tasks, this gives you a significant advantage in the labour market.
Termination reason 2: Corporate hierarchies are too rigid.
Important decisions are almost exclusively in the hands of the partners. Managers give their staff little freedom and impulses for change usually come from the top. Many fiduciary companies still have a strong hierarchical structure. As a result, fiduciary talents often lack the framework to profitably contribute their strengths. This can be particularly frustrating for Generation Y and Z fiduciaries.
- Here’s what you can do about it: Create suitable structures in your fiduciary company so that your team members can contribute and develop. Be open to suggestions from staff. As a manager, don’t make important decisions alone (anymore), get feedback from staff at all levels and decide together.
Reading Tip: In this blog post, you can read why a rigid partner structure leads fiduciary companies to a dead end.
Termination reason 3: There is a lack of appreciation.
“In the end, no one thanks you” is what we hear again and again from resigned employees who are no longer willing to give a top performance that does not seem to be appreciated by their superiors.
- Here’s what you can do about it: Show with words and deeds that you trust and value your employees. Praise exceptional achievements. Remember that recognition does not only have to lead to a pay rise. For example, let employees who are willing to perform have more say in decision-making. Also, communicate openly and be transparent when it comes to the company’s goals and development. This expresses trust in your team.
Termination reason 4: Work and responsibilities seem unfairly distributed.
If individual team members have the feeling that they are more involved than others, this causes dissatisfaction in the team. If these tensions persist, dismissals may occur.
- Here’s what you can do about it: Make sure that the distribution of tasks is fair. Get a regular overview of how busy individual team members are. Allow a buffer for last-minute requests. Who needs support and who might have the capacity for additional tasks? Reward good performance and helpfulness. However, also show understanding if individual employees cannot or do not want to take on additional tasks. Inquire about the well-being of your employees and make sure that no one is overworking themselves for a long period. If you recognise the first signs of excessive stress in your employees or yourself, you should find a solution in the medium term to reduce the workload.
Extra Tip: The outsourcing of routine activities to fiduciary software and a stronger focus on the core business significantly relieves fiduciary companies. Experience in a free live demo of how the Swiss fiduciary software Accounto not only distributes the work in your fiduciary company better, but reduces it.
Termination reason 5: Innovation is just an empty slogan.
If digital natives have to deal with software breaks, manual document extraction and only partially digitised solutions, this causes frustration. A company’s ability to innovate not only ensures that it can thrive in a changing market environment, but also makes it more attractive to employees. If, on the other hand, companies refuse to innovate, employee satisfaction will decline in the medium term. Indeed, the use of innovative software solutions and tools has become an important factor in workplace design for fiduciary companies.
- Here’s what you can do about it: As an employer, demonstrate that your fiduciary company is exploiting the opportunities of digitalisation and provide your employees with a modern and functional working environment. Only in this way can fiduciary talents live up to their potential, which is an important motivating factor for employees of generations Y and Z.
Below are questions that fiduciary managers should ask themselves in order to prevent dismissals and retain competent employees.
Employee retention: the 10 most important cornerstones for fiduciary companies
- Can you offer fiduciaries meaningful work?
- What measures have you taken to keep the share of repetitive activities as low as possible so that you and your team can focus on the core business?
- How strongly hierarchical is your fiduciary company structured?
- Is your fiduciary open to ideas and suggestions from employees at all levels?
- Do you involve your team in important decisions?
- Do you show appreciation towards your employees? If yes, in what form do you do this?
- Does your fiduciary company offer development and advancement opportunities for committed employees?
- Do all team members feel that the distribution of the workload is fair?
- Does your corporate culture leave room for change and innovation?
- Can you provide a constructive working environment for fiduciaries of all ages? What role do new technologies play in this?