Retention of employees in a professional services firm through wealth creation initiatives

Abstract

In the professional services industry, it is no secret that people are the greatest assets. The investment in human capital is the core of the business, the dividends of which can never be under-estimated. The continued success of the professional services firm therefore lies in being able to retain that investment within the organisation. The current high rate of turnover within the firm, and in the professional services industry, is indeed a big challenge for management. One that necessitates a review into a variety of ways of keeping the talent within the firm.

This research study was commissioned to look into one of the proposed initiatives for retaining employees; that of wealth creation. The aim was to source the views of employees on wealth creation as a way of increasing the rate of retention or otherwise as well as identify the preferred structure of such a scheme.

The results of the research showed that employees deem financial remuneration to be highly important and would stay with the firm longer if provided with a wealth initiative. There was preference for a short to medium term scheme rather than a long term one, with some particular suggested schemes coming out as preferred favourites than others. Respondents also went further to highlight other factors that were contributing to loss of talent within the firm.

The responses from the survey have been comprehensively analysed and recommendations made on the implementation of the wealth creation scheme.