How to Improve Employee Retention in Banking and Financial Services in 2021

The banking and finance industry is seeing an influx of new clients. Yet there hasn’t been a surge in qualified staff. This is forcing businesses to compete for key talent.

One study found that banks are incurring up to £800 million a year in costs replacing people who leave as turnover approaches 14 percent. Here are a few ways to improve employee retention in banking and financial services.

Invest in Your People

Regulators in the United Kingdom are curbing compensation. This is cutting into the bonus pools that were used to reward employees. One alternative is to invest in learning and development paid for by the company.

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