Asset management firms have been hit hard by the “Great Resignation.” Unsure of how to get through this difficult and confusing time, many firms have been slow to respond to the changing times and continue to face unnecessary workforce attrition.
Meanwhile, the market for new talent in executive leadership is becoming extremely competitive. As a result, candidates are taking a hard pass on the “old school” employers who are waiting for the employment market to return to normal. Instead, they’re looking for work with businesses that have adjusted to the changing times.
To address this issue, many businesses are coming up with creative ways to retain their best workers. They’re discovering the changes made to drive retention are the same changes that will attract new talent as well. Read on to learn about the creative strategies asset management firms are using to drive retention among their top talent and attract new executive leadership.
What Is the “Great Resignation,” and Why Are Asset Management Executives Quitting?
The Great Resignation refers to the mass resignation of workers during the pandemic and the consequential economic slowdown that followed. Many reports of the Great Resignation focused on the lower-level talent who were quitting jobs in droves. But in the same way, the resignations affected virtually every industry, and all levels of workers have joined the movement—all the way up to the executive board.
The reasons for the resignations were as varied as those who were leaving their jobs. But a shortlist of the top reasons many workers gave included:
- Unsafe work conditions
- Lack of flexible work options
- Poor treatment from employers
- A continuation of low wages
- Childcare needs
How the Great Resignation Led Many Employers to Make a “Great Mistake”
After the pandemic, many employers began to make a critical error: they failed to understand how the initial reasons workers gave for leaving their job were just the start of the conversation.
The issues that kickstarted the Great Resignation—while they are still real issues that need to be dealt with—opened the floodgates to a host of other problems that had been simmering long before the pandemic hit.
It’s how the issues have evolved that further exacerbates the effects and, perhaps most importantly, the timeline of the Great Resignation. The needs and values of workers have changed and continue to change in ways that are perplexing businesses and harming their recruiting efforts.
One Example: The Evolving Issue of Child Care
Many working parents resigned due to schools going remote and daycares closing. But schools and daycares have reopened, so why are candidates still citing childcare as a barrier to work?
It’s because the cat’s out of the bag. The options, costs, and scheduling difficulties of childcare were around before the pandemic.
While some employers seem to be at a loss for how to address this issue, others have come up with creative solutions. Most notably, many gyms now offer daycare for team members and paying members. And Ikea now offers temporary daycare for shoppers.
By making this singular change, offering childcare options, businesses are accomplishing three things:
- They’re helping working parents by offering a creative solution to what has been a persistent barrier to a career.
- They’re helping to drive workplace DE&I initiatives, another top value for candidates, in creating a pathway for more professional women to get to work.
- Perhaps most importantly, they’re signaling to potential candidates they are listening and taking meaningful action to address the evolving needs and values of today’s workers.
While this example may not be the right solution for asset management firms, it does illustrate perhaps the key barrier to recruiting in the post-pandemic era: a business’ ability to change.
It begins with listening to and understanding the needs of the executive candidates you’re looking to recruit. Your ability to take that information and enact real change can be your greatest asset, or your greatest liability.
Attract New Talent in Asset Management With Preston & Company
The top strategy for sourcing and recruiting executive talent is to work with a proven leader in recruiting for the Asset Management sector. That’s Preston & Company.
As your advocate in the recruiting space, we can connect you with the executive leadership you’re looking for. We can effectively communicate what your firm values and how you’re meeting the needs of today’s executives. For a revolutionary solution to recruiting Asset Management Executives, contact us today.
