After what has been a whirlwind past three years, we are now looking to 2023 and what it has in store for the financial services and wealth management industry.
Amidst the current volatile economic environment and turbulent market, there is still considerable uncertainty being felt by business and skills shortages plaguing the industry.
With that in mind, what can you do to prepare for the year ahead and put your business in the best position possible?
Refining internal processes
As we see a continued slowdown in the market, Investopedia’s Editor in Chief, Caleb Silver, reminds businesses of the importance of working with the market cycle, not against it. In 2023, it may be time to reassess your hiring model and refine internal processes to improve efficiency and grow effectively. This may mean focusing more on internal development and adjusting expectations to align with the market better.
Hiring and retaining top talent
Your business is only as good as the people in it, which is why in 2023, it’s essential to focus on hiring the right people and keeping them. With unemployment rates the lowest they’ve ever been, it’s a job seekers market right now, which means employers need to do more than offer a competitive salary package to find and retain the right people.
A big part of this is creating a positive, equitable and inclusive environment. This can be done by avoiding unconscious bias throughout the hiring process, implementing DEI policies in the workplace, and providing adequate support and incentives for employees to prevent burnout or ‘quiet quitting’.
Encouraging engagement
As firms plan and execute their strategies for 2023, businesses that engrain a sense of purpose and encourage engagement throughout their organisation are more likely to succeed in attracting and retaining staff while improving outcomes across the company.
In their 2023 outlook, Deloitte notes that wealth management and financial services are talent-driven; therefore, “updating workplace policies to influence employee satisfaction and establish purpose is correlated to improved efficiency, revenue opportunity, and reduced employee turnover.”
Offering flexibility
Covid-19 was the instigator of much of the flexible working arrangements we see today. Moving forward, flexible work and better work-life balance will remain crucial to attracting new talent and retaining your staff. Whether it be hybrid work modes, 9-day fortnights or just better flexibility for school pick up and drop-offs, employers will need to continue offering flexible work arrangements in 2023 and beyond to remain competitive and ensure the well-being of staff.
Staying ahead of the digital curve
Digital acceleration continues to transform and reshape the finance and wealth management sectors, and it shows no sign of slowing down.
Senior Analyst at Forrester, Vijay Raghavan, suggests that “firms with both digitally savvy advisors and strong digital financial advice will be best suited to win over clients and convert them into profitable, long-term customers.”
Deloitte adds that “investing in digital transformation and technologies will improve client experience, business agility and operational efficiencies.”
Training, training and more training
We have mentioned this before, but it’s worth mentioning again; on-the-job training is critical for retention and upskilling your workforce. With skills shortages at an all-time high, training candidates that demonstrate the right soft skills but may be lacking experience or practical knowledge can also be a great way to fill positions within your workplace.
“In 2023, firms that invest in training for their workforce, as well as technologies that improve operational efficiencies, will be more likely to generate a positive impact on client experience and enable employees to execute on the firm’s vision”, notes Deloitte.
With such a tight job market going into 2023, having an expert financial services recruiter will be more valuable than ever. If you are looking to grow your team in the new year, call Godfrey Group today on 02 8004 9350 and see how we can help you take on 2023.
