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November 25, 2019 at 09:00 AM
Unexpectedly losing someone in your organization is one way to squash any momentum your firm has accrued during the usually slower summer months. Team members who have considered leaving in the past and have put their career prospects on hold to take vacations with their families and/or not make any big decisions around the upcoming holiday season will have more tempting offers come their way as firms start mapping out their human capital needs for 2020.
If you’re worried about losing staff — or even if you aren’t — here are 10 signs and or reasons that a valued team member may be looking elsewhere:
• Passed over for a promotion. This hurts feelings and bruises egos. If someone believes they have delivered strong performance and weren’t recognized for what they feel they have earned, then they will look for a firm that will provide increased responsibilities, compensation and professional growth — and they will not have to look far as this is new hiring season. This also is a reason to clearly state the expectations and requirements for promotions ahead of time so staff knows what skills are needed in the position.
• Leaving work earlier more frequently. Potentially to interview with other firms and/or utilize their health and PTO benefits before losing them.
• Acting like they have something to hide. Most effective financial planners are skilled at reading people as that is what you do with your clients every day — thus they know how to tailor advice to take action. Also watch for reductions in communication with existing team members e.g. not going out to lunch any longer, etc.
• Low engagement. Could be in many forms, but usually less willingness to step up and take things on and not suggesting innovative ideas.
• Reduced productivity. Easy to spot if a team member was previously a high performer. Quantity and overall quality of work product drops substantially.
