Attracting talent without big bonuses
‘Bonuses are back’ makes a good headline, but it disguises the reality of life in the city. Research by ORC Guideline shows that job losses in financial services represent about eight percent of the total UK unemployment figure of 2.4 million.
The old model is broken – for the time being, at least. Many people will look in vain for their big bonus. Without it, people accustomed to this powerful financial incentive for high performance may drift, or become actively disengaged. This is a serious business risk when a demotivated fund manager could mean the loss of millions in minutes.
Here are some more creative ways financial services business are finding to retain and attract the best talent when you cannot commit to a bonus-linked pay structure:
- Focusing on prospects for career advancement
- Creating opportunities to develop marketable skills
- Fine tuning motivation through frequent, light-touch employee satisfaction surveys
- Designing more imaginative compensation programs…
This article is filed under: talent management