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  • Luuk Jacobs
    Luuk Jacobs

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    HR and the City: Understanding why employees look for a new role

    There is no denying having a job is now intrinsic to modern existence. The Organisation for Economic Co-operation and Development (OECD) has stated work has obvious economic benefits, but having a job also helps individuals stay connected with society, build self-esteem, and develop skills and competencies.

     

    In the UK, a larger than average proportion of the adult population is employed (73%), whereas the global average is 68%. Companies benefit greatly from a stable and happy workforce so when we created the AlgoMe Career Satisfaction Benchmark Report, we wanted to find out why people in our sector would leave their jobs and look for another one.

     

    What are the Triggers?

    The AlgoMe Career Satisfaction Benchmark Survey has identified a number of triggers which move people into job seeking mode; these span three areas which are personal reasons, industry drivers and company climate. These triggers should be on the radar of management who want to retain the best talent.

    The statistics breakdown as follows:

    • 40% are motivated personally to look for a new role by a change in career direction
    • 25% are driven by industry reputation or kudos
    • 33% by the climate of culture change within their organisation

     

    How to manage staff turnover

    It is important for HR and management to develop contingency measures to keep teams stable and reduce churn. One route is to open up an ongoing dialogue which helps judge the mood of the company and attitudes towards change and reputation. Managers and HR professionals can use exit surveys or staff attitude to help them understand why people leave businesses. However, this is generally a case of too little too late – anticipating movement is far better than post-rationalisation.

     

    There are many reasons why people leave a company which creates a complex landscape to navigate but it’s possible to manage well. By being aware of these trigger moments earlier, management can concentrate on strategies which help stabilise people and keep them within the company.

     

    For example, in an individual case, if someone has managed to develop their skillset within your company, that makes them much more valuable to the organisation and elsewhere.  A proactive strategy to keep this person loyal would be to recognise their ambition and find them a new role to help them advance. This is a much more attractive option than having to replace them when they leave which means losing both their accrued knowledge of the organisation and the company investment into the individual.

     

    The AlgoMe Career Satisfaction Benchmark Survey is now out – download it now for great insights and advice 



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  • Our picks

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      Rob
       
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    • I have always struggled to see a fair reason why employers should be allowed to ask about a potential hire’s current remuneration, other than to give them an advantage in pay negotiations.
      It’s something which can only exacerbate existing pay inequalities and  it’s abolishment can surely only be a positive thing.
      Here the Guardian argues specifically about its impact with regards to the gender pay gap:
      https://www.theguardian.com/commentisfree/2018/aug/23/gender-pay-gap-current-salary-question
      I believe this has already been outlawed in some US states?
      @Jonathan Max - would be interesting to hear the view from HR. 
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    • The Investment Association recently gave the industry a boost when it announced the launch of Velocity, its FinTech accelerator.  Designed to identify, develop and accelerate best in class firms with innovative solutions, Velocity will champion and facilitate the wider adoption of technology across the industry.
       
      And AlgoMe will be involved in this too, which is why I’m excited to announce we are now a member organisation of the Investment Association as an official FinTech member and have been named a "company to watch" by Velocity.
       
      Challenging Times
      The Investment Management industry faces major challenges and opportunities from forces such as digital technology, pressure on fees and increased regulation, while at the same time there are widespread changes in the workforce and their expectations.
       
      To date, Investment Management has both been fairly insulated from the challenges posed by agile FinTech competitors, but also distant from the opportunities offered by the new technologies and ways of thinking that such companies bring.
       
      Bringing FinTech closer
      Velocity is a fantastic step towards accelerating the adoption of FinTech. It has received support and endorsements from both inside and outside the industry, including from the Chancellor of the Exchequer, Phillip Hammond, who was enthusiastic about the initiative at a recent City event.
       
      To drive change and innovation, the industry needs to connect across different disciplines and areas of expertise, driving new ways of thinking and fostering cultural change.
       
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      Our Mission
      AlgoMe's mission is to connect the Investment Management industry and empower professionals to manage their careers. Our new product, AlgoMe Community, is placed to become the hub for the discussion between FinTechs and the companies and professionals in the wider Investment Management ecosystem.
       
      Join AlgoMe Community today
       
      AlgoMe Community - community.algome.com
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    • AlgoMe
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      AlgoMe connects the Investment Management industry and empowers professionals to develop their careers.
       
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