Why Is It So Hard to Find Good Talent?

Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Dear Bev,

Why is it so hard to find good talent in this industry – young people who are motivated, know what they need to do and do it?

We have just lost our fifth person in the last three years and we are only a firm of 16. The turnover is very painful. I believe we have a good hiring process. We have at least five people on our team interview candidates and then we make a consensus decision on who would be the best fit. Every time we think we have the right one who will stay, we find out they are unhappy and next thing we know they are leaving us.

There are eight people who have been with the firm for over 12 years so I know it isn’t a terrible place to work or we would not be keeping people for long periods. I perceive this generation (all of our turnover has been under 35-years old) does not want to work as hard. They don’t understand you have to pay your dues before you can interact with clients and do the sexier stuff associated with this work.

Are we wrong to hire from this age category? Should we be looking for grizzled veterans like we are but when we come across the more experienced people they want too much money and want to become partners right away? It’s not only frustrating but it is expensive. Is our industry just not attracting motivated and excited young people?