In Tom’s firm and in his associated firms, they discuss the top 6 things employees want. Even though most firms are generationally diverse, we find they all share these common wants. It is important to know this, since knowing what your staff wants helps you retain your valued employees. In speaking with our associated firms, here is a list of top employee wants:
First, employees want feedback. They want feedback on their performance as they want to know what they are doing well and how they can improve. Remember, good communication is paramount for developing a positive, successful firm.
Second, employees seek flexibility. A significant number of employees prefer a fully remote or hybrid workplace. Evaluating your firm to determine whether employees can be set up to work remotely is important for maintaining your employees since they could be recruited from a different geographic location.
Third, employees prefer a clear path. People like certainty and want to know what they need to do to get what they want. Employees want a defined path to advancement, whether advancing means becoming a manager, a senior, or a partner.
Fourth, employees want to be valued. They want to be part of a team. Tom has found in his firm, every generation enjoys working together as a team, but millennials require it.
Fifth, employees require good technology. They need it to be functional and efficient. We don’t want them to be frustrated and we need to make it as easy as possible for them to do their jobs.
Sixth, employees require transparency. Employees want transparency in all aspects of their job. To begin with, they want transparency regarding their salary. In our firm, we post the salary range and reward our top performers at the top of the range. We are also transparent about how we give out bonuses. We want our employees to operate as a team. Therefore, we emphasize the importance of working as a team and we give team bonuses. We no longer give individual bonuses as we found that doing so discouraged employees and created a negative workplace atmosphere.
Want to learn more about how you can make way more money and pay way less in tax? Book a call with the team at TFW Advisors® today!