From Adviser Guide: Succession Planning
Q: How do you create a culture that retains talent?
Reward and recognition are the key drivers here - identifying talent and rewarding it accordingly.
Reward and recognition are the key drivers here - identifying talent and rewarding it accordingly - but this does not have to be a monetary reward, according to Keith Richards, distribution and development director of Tenet.
Mr Richards said he could be offering further development opportunities such as the chance to increase qualifications, a new job title or other benefits.
Mr Richards said: “We aim to have a culture that is high performing and is not restricted by skills or knowledge.”
In Succession’s experience, particularly in the run-up to the Retail Distribution Review (RDR), Tim Parsons, business transition director of Succession Advisory Services, said there was a considerable element of “build it and they will come”.
There are many firms which lack direction, he added.
Often Mr Parsons said he found there were a number of disaffected advisers and support staff within such organisations, frustrated at the lack of vision and strategy.
A well run, properly managed business can attract new, high quality staff, simply by being well run and managed, he added.
Mr Parsons said: “Darwin would have had a field day – there is real evidence of adaption to take advantage of change and we are seeing the fittest survive.”