Finance jobs pay relatively well compared to other professions so it comes as no surprise that industry executives are able to save money fast to expedite their retirement. According to recent information, the average retirement age for finance executives is 50 which is comparably younger compared to other professions. While this is thrilling news for executives, it's actually bad news for companies. Finance firms can't do anything but watch as their veterans exit the business, leaving a gaping hole in their operations. Of course, they can always promote someone from the inside, but the concern now becomes filling up these senior and mid-level managerial positions.
This is why it is important to have a steady stream of young finance consultants fresh from the universities or coming off from a few years of experience from other firms. However, these professionals which belong to a generation called Millennials are extremely challenging to recruit and even more difficult to retain. This is because this new breed of talents have different demands compared to more mature managers and executives. The expertise of a financial services recruiting firm does not only come handy in terms of recruiting these young advisors, but also in terms of putting programs in place to retain these talents.
A Clamor for Work-Life Balance
Working long hours is one of the archetypal descriptions associated with someone who has career in finance. However, younger generation of consultants are radically changing this. They don't want to toil away in wirehouses, banks or brokerage firms 20 hours per day. Instead, they want to have the time to pursue their interests, hobbies and passions outside of their careers. They want to run marathons and go on vacations. Aside from competitive compensation, work-life balance is a critical factor when Millennials decide which firm to work for. Financial services recruiters can help you develop attractive offers to lure these rising finance superstars.
Rethinking the Value of Hierarchy
Another adjustment recruitment companies can help financial firms with in terms of acquiring young consultants is explaining to senior executives how to handle career-driven yuppies. Observations from numerous employment experts reveal that Millennials are not afraid to challenge hierarchy and go against senior managers and executives.
Traditionally, seniority is something that older professionals value but for young ones, meritocracy is more important. A recruitment firm can help firms explain to their senior executives how to work harmoniously with this aggressive bunch of young finance advisors.
Investing in the Future Today
It's very common for financial businesses to feel at a lost when its senior executives leave because they exit together with their expertise. By hiring younger, talented, competitive and highly trainable advisors, your senior executives can pass on the knowledge and the skills that they have to ensure the continuity of competence best practices within your firm while acquiring new ideas from this pool of new consultants. Ensuring that there is a steady stream of competitive young advisors is a crucial way in guaranteeing the longevity and sustainability of a financial consulting firm.
If you're facing challenges hiring competitive consultants, go ahead and ask for the help of a financial services recruiting firm.