A total reward strategy can help to attract and retain staff in the financial services sector.
Speaking about Confronting the challenges for employee benefits in the financial services sector at the Employee Benefits Exhibition and Conference 2007, John Campbell, director rewards & recognition, Citigroup global consumer group EMEA at Citigroup, said: “In our industry, it’s fair to say that most people have their basic choices met.”
He added that employers and managers are often quick to forget that employees have a choice about whether or not they stay with an organisation and it is vital to remember that while pay and benefits will attract employees, the working environment can help to retain them. Getting either wrong can create low morale and lead to high staff turnover, so Campbell advised that a total reward perspective is key in such a competitive sector.
Total reward statements can also be a useful tool to demonstrate the total value of employees’ pay and benefits package.