‘The Great Resignation’ is a term that has caused angst in boardrooms across the globe. Many have feared they will lose their organisation’s most valuable talent, concerned that top performers will flee in their droves.
At The Somers Partnership we help organisations within the wealth management sectors to find exceptional talent. Since founding the firm in 2005, we have monitored employment trends and working patterns and we believe that strong, forward-thinking organisations do not need to worry about The Great Resignation.
Instead, it is a tremendous opportunity.
The data behind The Great Resignation
The Great Resignation is a term used to describe the large volume of workers who left and are leaving their current job as the Covid-19 pandemic eases. It was coined in the USA, where record numbers of positions lay open, but the trend has been seen across the globe, including in the UK.
Reams of studies, articles and interviews have attempted to discover the root cause for this mass-abandonment of positions. It is often attributed to people’s desire to work from home, increase their salary, or change career direction after battling through two years of a global pandemic. Burnout is frequently cited.
The press have warned employers that their top performers will soon head to pastures new, that impressive candidates will be snapped up before their eyes, and that they should have grave concerns for their talent bench.
We beg to disagree.
Why The Great Resignation has been wildly overblown
To understand why The Great Resignation isn’t a problem, it’s important to understand career patterns.
The majority of individuals in the family office, wealth management, private banking and private client investment management sectors remain in a role for approximately five years on average. This gives them ample time to settle in, prove themselves, grow their book and make the type of impact that will help them move up a rung on the ladder. They may find their next position within their existing organisation, or by moving on.
This is a natural cycle that has happened during all the years that The Somers Partnership has been in business, and for many years before.
However, the Covid-19 pandemic caused the majority of individuals to sit tight. In the midst of the global turmoil, far fewer people were confident enough to jump ship. As furlough periods continued and the number of open positions dropped, many worried they could fall victim to the adage of ‘last in, first out’ if they were to move firms. Even the most ambitious Rainmakers can become risk averse.
Nearly two years later, the Covid-19 fog is lifting. The mood is turning from survival to recovery and those who put the brakes on career moves in 2020 and 2021 are keen to explore their options. So alongside the natural churn of those who are just coming to the end of their five-year tenancy in a position, there is also a backlog of pent-up resignations.
It may not sound as headline-grabbing, but The Great Resignation could easily be renamed to the (admittedly slightly less snappy,) title of ‘The Delayed Natural Churn Effect.’
Impressive talent is out there
As an employer, this situation poses a real opportunity. If you are recruiting for a new position, talented candidates are looking for roles where they and you can grow and prosper together.
It is also an opportunity to invest in the brightest minds. We encourage employers to harness the power of ‘Compound Talent’, which will accelerate your business into the future and provide a competitive advantage. Compound Talent involves attracting and investing in talent early on, as a way of securing those dynamic individuals who will propel your business forward and ensure you stay ahead of the competition.
These exceptional individuals will make an enormous impact in your team and on your organisation. They are looking for progressive firms where they can flourish. These are Rainmaker candidates, who are extremely ambitious and highly motivated, and will constantly strive to hit and exceed their goals.
Investing in a Rainmaker is incredibly beneficial, they will adapt to your company culture and will be keen to be incentivised, providing immense ROI.
This is the benefit of Compound Talent.
Maximising Compound Talent
By nurturing Compound Talent, these high-performing candidates are more likely to stay within your organisation, delivering impressive results.
There will be those who continue to follow the natural average five-year cycle, and who will move on. It is important to understand that they will have their own goals and ambitions, and a career to map out.
However, carefully selecting the right Rainmaker for your organisation should result in them staying longer, breaking the five year average cycle, giving you even greater compound talent and creating a lasting legacy as the next generation can learn from these exceptional performers.
At the Somers Partnership, we specialise in finding an ideal match between an organisation’s growth plans and a candidate’s ambitions to help establish a long term partnership. Our extensive candidate selection process helps us to understand the needs and desires of both our shortlisted candidates and your organisation, so that we can ensure a symbiotic relationship that will benefit both parties and extend the average five-year cycle significantly.
At worst, retaining these Rainmakers for five years will still deliver an incredible return for your organisation. The innovation and drive of Rainmakers is second to none, and this will be reflected in your profits.
Finding top talent
As The Great Resignation opens up the talent pool, finding exceptional jobseekers can be a challenging prospect. Rainmakers account for just 10% of candidates in the industry.
Working with a specialist recruitment consultancy will give you the edge when finding and retaining these talented Rainmakers.
We combine our extensive and bespoke databases with our in-depth understanding of the industry to provide you with access to dynamic individuals who are the best in their field.
We have built a glowing reputation in the industry, so you can rest assured that we will handle all matters with the highest level of professionalism and dedication.
If you would like to discuss how The Somers Partnership’s experienced team can provide a bespoke executive search consultancy service tailored to the unique needs of your firm, please get in touch.