The risk of losing staff is growing as the job market
begins to recover from the recession. Ludwig Fischer, a former HR director at
Hewlett Packard Financial Services, discusses how to make the good
ones stay.

 

By now, every asset finance
organization should know how it intends to look post-recession, and
human resources are an important part of that picture.

Last year, for many, was an opportunity to
fundamentally revamp procedures and priorities, with several
questions coming up time and time again:

• Which customer relationships do we want to
keep?

• Which assets do we want to finance?

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• Do we pull out of certain markets and/or
assets categories?

• How do we deal with risks and how can we
mitigate them?

• How can we better control our assets and
proactively manage our asset base?

Knowing assets well, speaking the language of
asset-specific industries, and understanding the depreciation of
financed assets were crucial to sustaining margins in 2009.
However, one of the most precious asset types is one that does not
even show on the books, and one that is getting too little
attention – employees.

Competent, motivated and engaged staff are a
significant differentiator between companies at present, and will
become even more so as pricing becomes more competitive. As well as
enthusiasm and willingness to go the extra mile, it is crucial for
employees to adapt quickly to change – especially as recovery
begins.

Excellent people management is a necessity in
good times and in bad, and has everything to do with
communication.

The increasingly global environment requires
decentralised organisations, and the more that companies are
managing remotely, the more important it is for them to manage by
objectives rather than directives.

In such a situation, lasting success can only
be achieved with motivated employees that are working in an
environment of trust and in a creative atmosphere.

For smaller businesses, proximity between
management and employees is a key success factor. Trust, and the
strong belief that staff want to do a good job, creates an
encouraging environment and leads to everyone in the organisation
maximizing their efforts.

Customer satisfaction is a key requirement for
sustainable success in all service-related industries – and this
industry is no exception. Asset finance business is a people’s
business, especially now that credit is less available and
therefore sheer price-cutting is no longer a differentiator.

In addition, the asset finance industry is a
small world – customers and employees keep records of historic
developments and strategic decisions, and have long memories.

Large enterprises in this industry need to
make sure they keep the most capable people available for each
assignment within their organisation – presumably an easy task at a
time of crisis, with so few job alternatives available for
people.

But in the long run, retention will become an
issue again. The current labour market has low fluctuation rates,
and attrition will definitely go up when the economy turns around
and opportunities arise.

Excellent people will be hunted first and will
be the first ones to leave if they have not been treated
appropriately during bad times. The asset finance industry, as part
of the financial services industry at large, has a credibility
issue and is lacking social acceptance currently. Being recognized
as a people-centric organisation can do a lot to improve a
financial services company’s image in the public eye, thus helping
to overcome the industry’s depleted reputation.

As such, management’s role is to ensure that
their people feel a real sense of accomplishment in their work,
understanding that each person and every job in the organisation is
important.

Five tips for staff
retention

1. Communication is key – talk to your people
regularly, even more than in good times.

2. Don’t hide bad news – it’s better to get it
directly from the boss, rather than through the grapevine.

3. Listen to your people – quite often they
have better ideas for overcoming problems.

4. Personal integrity – you as a manager are a
role model, and need to lead by example.

5. Act decisively and shape your company’s
future – demonstrate trust, and involve your people

The author is a partner at
Invigors