# Personalizing the Workforce Experience in Financial Services Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-11-14 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: Revolutionising Financial Services Retention Strategies Meta Description: Discover how financial institutions can combat turnover issues by understanding the needs of their workforce and fostering a culture of innovation and URL: https://financedigest.com/personalizing-the-workforce-experience-in-financial-serviceshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-874991854-1736814866160-compressed.jpg) _![Bill Staikos, SVP, Evangelist & Head of Community Engagement at Medallia](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/531-1736814866119-compressed.jpg)_ _By_ **_Bill Staikos,_** _SVP, Evangelist & Head of Community Engagement at_ [_Medallia_](https://www.medallia.com/) There is plenty of debate around the reasons behind the Great Resignation. Reports on this show workers are quitting for any number of reasons, such as more money, more flexibility, reshaped professional values, burnout and more. No matter the reason, research shows that companies can expect an additional 20 – 30% of workers in the U.S. to leave their jobs in the next 12 months; and these statistics present the [financial services](https://www.financedigest.com/how-crowdsourcing-can-help-drive-the-benefits-of-advanced-analytics-in-financial-services.html "HOW CROWDSOURCING CAN HELP DRIVE THE BENEFITS OF ADVANCED ANALYTICS IN FINANCIAL SERVICES") industry with a need for revamped retention strategies. [Financial institutions are responding with as many solutions as there are reasons for the turnover issues they’re facing](https://www.financedigest.com/disconnected-customers-are-one-of-the-biggest-problems-facing-financial-companies.html "Disconnected customers are one of the biggest problems facing financial companies"). Some have implemented wellness days, while others are increasing flexible [work hours](https://www.financedigest.com/madrid-street-sweepers-death-prompts-curbs-on-heatwave-working-hours.html "Madrid street-sweeper’s death prompts curbs on heatwave working hours"). There are even some companies that see pre-pandemic office perks as no longer valuable, removing free coffee and lunches while requiring [employees to be physically](https://www.financedigest.com/73-of-employees-in-the-banking-and-financial-services-industries-are-looking-for-better-physical-and-mental-wellbeing-support-in-the-workplace.html "73% of employees in the banking and financial services industries are looking for better physical and mental wellbeing support in the workplace") present five days per week. Despite these initiatives, a lack of understanding what is truly important to today’s workforce can have a negative [impact on morale and further exacerbate the underlying causes](https://www.financedigest.com/hurricane-matthew-causes-up-to-15bn-impact-to-us-and-caribbean-economies-in-october-according-to-aon-catastrophe-report.html "Hurricane Matthew causes up to bn impact to US and Caribbean economies in October, according to Aon catastrophe report") of resignation. For leaders in [financial services](https://www.financedigest.com/as-hackers-declare-cyberwarfare-financial-services-cannot-afford-to-be-complacent.html "As hackers declare cyberwarfare, financial services cannot afford to be complacent"), this workforce phenomenon begs the question, “What can I do to keep my team intact and performing at the highest level of efficacy?” Put simply, the onus is not just at the corporate or HR level to serve up a magic bullet. [Every manager or leader needs](https://www.financedigest.com/10-secrets-every-entrepreneur-needs-to-thrive-in-2023.html "10 Secrets Every Entrepreneur Needs to Thrive in 2023") to consider what they are doing, or not doing, for each individual on their team to navigate turnover contagion. **Begin with Discovery** It’s important for leaders to start with a discovery phase and create a full view of their [workforce’s needs](https://www.financedigest.com/tech-awakening-needed-across-uk-workforce.html "Tech awakening needed across UK workforce"). This can be done through “always on” feedback channels or by deploying a survey that asks what is important to them in a workplace, what triggers would prompt them to consider leaving, what can the company and leaders do to meet their needs, as well as if they feel a sense of belonging and connection with the purpose and values of the company. This quantitative work should also be augmented with qualitative [insights via one-to-one discussions with some individuals to gain a deeper understanding of the results uncovered](https://www.financedigest.com/hodge-webinar-gives-insight-into-uncovering-family-finances.html "Hodge webinar gives insight into uncovering family finances") in the survey. The results of this research should then prompt open ideation with the larger workforce. [Financial services](https://www.financedigest.com/what-can-we-learn-from-financial-services-security.html "What can we Learn from Financial Services Security?") leaders should co-create solutions with the people directly impacted, as it will give employees a sense of ownership of the outcomes. More advanced capabilities like crowdsourcing can [foster innovative](https://www.financedigest.com/innovative-apps-to-foster-the-growth-of-ecg-device-market.html "Innovative apps to foster the growth of ECG Device Market") ideas from employees, offering them the ability to look at ideas for improvement and vote them up or down. This can also help to drive ownership and accountability while [creating a culture of innovation](https://www.financedigest.com/digitalisation-why-using-the-opportunity-of-fintechs-can-create-an-innovative-digital-client-experience.html "Digitalisation: why using the opportunity of Fintechs can create an innovative digital client experience") and inclusion, allowing people to feel they’re part of the process for improvement. **The Power of Purpose** Though many financial institutions are struggling to manage the [shifting demands of multiple stakeholders who want more profitable](https://www.financedigest.com/bp-makes-record-profit-in-2022-slows-shift-from-oil.html "BP makes record profit in 2022, slows shift from oil") growth, leaders must identify a clear purpose in order to improve workforce retention. With a definitive purpose, [managers and leaders](https://www.financedigest.com/how-to-manage-burnout-and-how-leaders-should-support-employee-wellbeing-tom-keya.html "How to manage burnout and how leaders should support employee wellbeing | Tom Keya") gain strategic clarity that acts as a beacon for all of their decisions. Moreover, the workforce can tap into their basic human need of being part of something bigger than themselves, and leadership can use this as a motivator for [growth and innovation](https://www.financedigest.com/the-lysosomal-storage-diseases-market-to-have-growth-devised-on-innovation.html "The Lysosomal Storage Diseases Market to have growth devised on innovation"). By connecting their actions with their stated purpose, leaders can [build more trust](https://www.financedigest.com/how-sonic-branding-can-build-trust-and-confidence.html "How sonic branding can build trust and confidence") with the workforce to better deliver on a company’s strategy, which can improve overall relationships with stakeholders across the organization. This is another example of how connecting with employees at the individual level can benefit the [big picture](https://www.financedigest.com/uk-retail-sales-jump-unexpectedly-but-big-picture-bleak.html "UK retail sales jump unexpectedly, but big picture bleak"), sparking positive ripple effects throughout a company. **The Importance of Middle Management** Middle [management is the glue that holds the company](https://www.financedigest.com/poor-user-experience-plaguing-wealth-management-firms-warns-radical-company.html "Poor user experience plaguing wealth management firms, warns Radical Company") together and motivates people to do the work required to meet company objectives. As a result, ensuring middle management teams are [successful can be a key](https://www.financedigest.com/hiring-smart-is-the-key-to-success-for-entrepreneurs-heres-how-you-do-it.html "“Hiring Smart” is the key to success for entrepreneurs. Here’s how you do it.") differentiator in the war between retention and turnover, as they connect purpose to their people. Whether through turbulent times, like the COVID-19 pandemic or a recessionary period, companies need to [invest in better coaching for middle managers and create](https://www.financedigest.com/creating-sustainable-value-through-responsible-investment.html "Creating sustainable value through responsible investment") spaces for safe conversations and sharing. This can be done by [creating peer-to-peer coaching and support groups for managers](https://www.financedigest.com/aon-announces-agreement-to-acquire-risk-management-firm-creating-a-comprehensive-cyber-risk-management-advisory-group.html "Aon announces agreement to acquire risk management firm, creating a comprehensive cyber risk management advisory group") that meet quarterly, or by hiring external professional coaches that help managers focus on accomplishing specific goals. Additionally, [development programs targeted at helping managers should not only grant these individuals an opportunity to refine their skills and influence with their direct team](https://www.financedigest.com/what-skills-and-areas-of-knowledge-should-finance-teams-develop-during-2023.html "What Skills and Areas of Knowledge Should Finance Teams Develop During 2023? "), but also to influence and communicate with peers and executives across levels in the organization. Finally, companies should [revisit their culture of smart risk](https://www.financedigest.com/dollar-higher-on-risk-aversion-euro-revisits-parity.html "Dollar higher on risk aversion; euro revisits parity") taking. For example, is risk taking celebrated within the organization or is it frowned upon? How companies define these parameters translates into overall [company culture](https://www.financedigest.com/alone-together-how-to-maintain-a-positive-company-culture-while-working-remotely.html "Alone together: How to maintain a positive company culture while working remotely"). By letting middle level [managers know that taking smart risks to improve workforce](https://www.financedigest.com/6-keys-to-managing-a-remote-first-workforce.html "6 Keys to Managing a Remote-First Workforce") experiences can be an engine for growth, and providing them with a platform and rewards for doing so, these individuals can transition to impactful leaders. **Final Thoughts** While many [financial services](https://www.financedigest.com/boom-or-bust-how-the-financial-services-sector-is-coping.html " Boom or Bust: how the financial services sector is coping") companies are undergoing changes to the workforce experience, including returns to offices for some or all days of the week, it’s imperative they take a step back and create a space for listening and learning. Without it, they [miss an opportunity](https://www.financedigest.com/challenger-banks-missing-golden-opportunity-to-steal-business-from-competitors-by-repeating-same-old-mistakes.html "Challenger Banks Missing Golden Opportunity To Steal Business From Competitors By Repeating Same Old Mistakes") to engage with their people at a deeper level, one with purpose as a foundation. Additionally, while research, insights and solutions are critical, companies cannot forget the middle layer of managers. These individuals are challenged to effectively [manage the pressure of performance](https://www.financedigest.com/goodbye-excel-spreadsheets-hello-performance-management-tools.html "Goodbye excel spreadsheets, hello performance management tools") from executives against the needs of individuals in their organization. Without proper training, development and rewards, these individuals will [continue to suffer and people will continue to leave if they do not feel supported](https://www.financedigest.com/adnami-appoints-burnett-and-bukholt-to-support-continued-expansion.html "Adnami appoints Burnett and Bukholt to support continued expansion"). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---