February21 , 2024

    Top Tips for Recruiting and Retaining Top Talent for Your Advisory Group

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    Hiring great people is essential to your advisory firm, but high turnover can damage team morale and create gaps in your workforce. Developing a robust recruitment and retention strategy for your firm is important.

    Effective retention strategies start with a strong onboarding and training experience. Read on to learn tips for attracting and retaining top talent.

    Build a Strong Brand

    The first step to recruiting top talent for your canopy advisory group is to build a strong brand. It includes having a clear vision for your business, creating consistent content, and acting professionally.

    Recruiters aren’t just looking for someone to fill an open position; they’re also tracking the progress of new hires. They know a good hire only works out if the advisor sticks around long-term.

    Offer a Great Work-Life Balance

    Top talent wants to feel that their work is challenging and fulfilling. If they don’t, they will seek out new opportunities.

    Ensure that your advisory board is on a regular cadence (maybe monthly calls and quarterly in-person meetings) so that they can stay informed and engaged. Long stretches between engagements will cause advisors to forget the context and spend more time catching up than creating value.

    People who have a good work-life balance are undoubtedly happier and healthier. They also tend to be more productive and efficient at their jobs.

    A great way to encourage work-life balance is to provide perks like flexible working hours, paid vacations, and access to child care.

    Providing these benefits shows employees that the company supports their need for a balanced life.

    Having a work-life balance is essential for many individuals. It includes making time for their personal lives, hobbies, and relationships. It also means prioritizing health and well-being.

    Encourage your advisors to prioritize their personal lives by implementing flexible work schedules. It shows that you understand the importance of a work-life balance and want to help your team achieve it. It also sets a positive example for others.

    Offer a Competitive Compensation

    While compensation is not the only reason people work, it is a major factor. Offering competitive salary levels will help you attract top talent and retain them.

    Turnover costs money, both in unrealized profits and the cost to hire and train new employees. Retaining top talent can save your company significant sums in the long run. Consider offering incentives such as flexible work schedules, on-the-job training, and promotions to keep your team members happy.

    Advisors want to work with you for the right reasons. They want to contribute their expertise and experience, but they also want their work to mean something.

    Including compensation details in your advisory board job description helps weed out candidates that aren’t interested and attract those who are. It also clarifies what you expect from the candidate before entering into a binding agreement.

    Offer a Great Benefits Package

    A great benefits package is an important factor in attracting and keeping top talent. 57% of employees say benefits are one of their top considerations when applying for a job.

    When screening candidates, look beyond their skillset and ensure they align with the company’s culture and long-term goals. It’s also important to keep in contact with candidates who were a good fit but didn’t make the cut.

    Offering a competitive compensation package can go a long way in attracting and retaining top talent. Many employees consider the benefits package when choosing a job, so offering a great one is important.

    Incentives, like extra time off or other perks, can be financial or non-financial. For example, one advisory firm offers all employees who have been with the company for five years a paid four-week sabbatical to disconnect from work and pursue their adventures.

    Offer a Great Work Environment

    great work environment is one of the best ways to attract and retain top talent. Employees who feel supported, valued, and challenged at work will be more motivated to do great work.

    Setting clear expectations for members before they join your advisory board is important. It includes ensuring everyone understands your advisory board’s purpose and how it will help your company.

    Offer a Great Team Environment

    Creating an effective advisory board takes more than reviewing resumes and conducting interviews. It requires understanding your organization’s needs and how best to recruit and retain the right people.

    Focus on defining intellectually scalable models of how to work together and achieve results. Then, ensure these are followed consistently. It will keep the team performing high while decreasing turnover and training costs.