A positive culture is an important aspect of job satisfaction for both current and prospective employees
Cultivating and maintaining a good corporate culture is essential to attracting and retaining talent. Asset management firms should therefore define what a positive culture means for them and demonstrate that their business has it.
A positive culture is an important aspect of job satisfaction for both current and prospective employees. A survey by recruitment firm Robert Walters of over 1,000 professionals and hiring managers across the UK found that 90% of employers believe it is very important to find a candidate who is the right cultural fit. However, 73% of employees have at some point in their career left a job due to disliking the company culture.
A panel discussion at a recent asset management marketing event discussed the opportunities and challenges of talent management in the finance industry. One panellist explained that, while the company culture should evolve, companies should be preserving their values. “Every business has values, but it’s about defining those and showing what living these values actually means.”
Research by Quantum Workplace found that employees experience culture through many aspects of an organisation. But the top three aspects are:
1.The company’s mission or values statement
2. Employee recognition
3. The organisation’s approach to employee performance
The panellists at the marketing event spoke about several ways to improve company culture, including giving employees a very strong career path. This doesn’t necessarily need to be a promotion; it could be special projects, a secondment, more flexibility or something else, but it’s important to foster that growth mindset.
Offering flexibility is also a key differentiator, as the recruiter on the panel said the number one question they always get from candidates is about a company’s hybrid and flex policy. With flexible working being very important for many employees, especially younger people, any job opening that’s five days a week in the office will be harder to fill.
The research by Quantum Workplace highlighted that employees who are given more flexibility are also more positive about their workplace’s corporate culture. While 71% of remote workers and 70% of hybrid workers believes the culture at their company is very positive, this was only 58% for office-based employees.
The importance of role models was also discussed at the marketing event. Showing younger employees why their more experienced colleagues have made certain moves and how they got where they are, could be very beneficial, as is fostering early and mid-level talent to get them to leadership, the panel said.
In answer to a question about how to manage teams who may have anxiety about managing trillions of pounds of other people’s money, the panel emphasised the need to be behind people and to support them, build their resilience and check up on them.
“[A positive culture] is about supporting people in different stages of their life,” one panellist concluded. “It’s about having a culture of really caring and being there for people. Businesses need to show that they care for their employees as a person.”
But creating and fostering a strong company culture is only the first step. In order to attract the best talent in a tight labour market, asset management firms need to get the message out about who they are and what it’s like to work at their company. As one panellist summed it up: “We’re great at marketing our products, but maybe not so good at marketing ourselves. Employer branding is very important.”
In a competitive market where talent is scarce, it is essential for companies to stand out to ensure they attract the best talent. This means focusing on creating strong brand awareness among potential employees so that they associate your brand with a positive company culture and see your company as one they would like to work for.
This can be achieved through a combination of different means, including advertising. By focusing the messaging on your key values and applying tight audience targeting, Fundamental L&D can help ensure the right individuals become familiar with your brand and culture.
To find out more about how we can help make you stand out to those people who would be a good fit for your company, get in touch with Sarah Fearnley-Whittingstall, Managing Director at Fundamental L&D.