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Optimizing Human Capital Program

 

“Employee Hiring and Retention for Asset Managers”
 A consulting program
 
Creators and facilitators: Cynthia Harrington, CFA, CFE, and Jane Martin, PHD.
 
Retaining and attracting top talent is no longer a luxury – it’s the key to an organization’s growth and survival.
 
During times of transition in an industry selecting the right talent is more critical. Skill sets in demand today might disappear tomorrow; adaptability rises in importance even relative to technical skills. The cost of consistently failing to attract and retain good talent significantly impacts a financial organization’s productivity, morale, culture and reputation – particularly, when that organization has not developed a reputation as an “employer-of-choice” and who have not developed a capability and infrastructure to effectively compete in a highly competitive and insular industry.
 
During talent acquisition, diligence is required to ensure you hire the right people at the right time for the right position. It requires a long-term view of not only filling today’s position but also identifying talent for future positions, as well. The mission of any financial organization should be to reduce costs and generate more revenue by providing timely access to the right talent.

IMPORTANT FACTS:

 

The Average Cost to Replace an Employee

 

Minimum Wage: $3500/ employee

 

Lower level: 30 - 50% of their annual salary

 

Middle level: 150% of their annual salary

 

High level: 400% of their annual salary

 

(Source:  Society for Human Resource Department, 2009)

© 2012 Cynthia Harrington & Associates LLC