Finance

A lot of convo on here stems around jumping around for salary. What is something that would inspire you to stay at your firm outside of comp?

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Good leadership and management. Leaders who have a long term strategy (for their team, not just themselves) and can articulate it well, and take the time to sell / communicate it to the team should be able to inspire their junior staff to buy in to that vision and stick around. You will get the occasional one who leaves for more money, but that will always be a factor. If you are doing the good leadership thing and are STILL having significant staff turnover, it's likely you are paying comp that is below market. Employees don't leave Companies, they leave Managers.

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This is totally correct. A team that works well and looks out for people is a place that people want to stay. If you have really high turnover you aren't treating people well.

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Honestly, leadership has become so terrible in banking that it’s hard to jump on that. All of them suck. Banks should invest a lot more in polishing managers. I always say this “just because you know doesn’t mean you can lead”.

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The worst is when they don't know and they can't lead though

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I’ll play devil’s advocate and give you a really bad reason for sticking with a firm in spite of below market comp: loyalty. Any investment to a firm make out of some misguided feelings of loyalty to the firm is completely wasted because banks are cold blooded creatures by nature and won’t hesitate to show a loyal employee the door after umpteen years of service whenever budget cuts are mandated from on high. That gives managers an opportunity for payback for any slights and slanders, wheyjer real or imaginary.

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Can confirm that happens - know many family friends who got cut because it would have been too expensive to pay their bonus that year since they did so well

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Being able to give my employees an annual increase. I agree that employees leave managers, but they also leave companies that won’t reward or recognize their labor.

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So true when looking at née hire starting comp and not being able to give inflation or similar comp increases to other team members.

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Lots of disillusioned people here... I was recently surprised. My manager pushed me to apply for an internal role / promotion within the same team against external candidates. I did not volunteer... and got the role. This creates loyalty

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They should. growth is through lateral moved now, not ladders. Those lateral moves give experience to support the promotions

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Transparency

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Lack of growth opportunities/learning, bad management team

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Are you reading the question right or am I missing something?

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If anyone wants to join a boutique HR & Talent Advisory consulting firm, Kincentric is hiring for an Associate Partner role! Location doesn’t really matter, but preferably in IL, NY, or ATL.

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