How to Reduce Turnover in Financial Services

Learn how to build a magnetic culture and prevent unwanted turnover among financial services employees.



Financial Services



6.3 million +



United States


Retention Risk

20% of employees

The Great Resignation's Impact on the Financial Services Industry

Financial services employees have witnessed significant change since the start of the pandemic—which has no doubt impacted their engagement and performance. From balancing work and home life amid the pandemic, to the influx of remote positions available with more attractive salaries and benefits, turnover is straining financial services firms and their ability to provide the services their customers expect.

Our latest research explores drivers of engagement, areas of growth, and advice for building a magnetic culture that attracts, engages, and retains your best financial services employees.

Explore the resources >

Voluntary Turnover in Financial Services by Year

Voluntary turnover in financial services is on the rise compared to previous years. We predict that voluntary turnover rates will reach a decade's high of nearly 20% by the end of 2021.


Source: Bureau of Labor Statistics


Drivers of Engagement in Financial Services

79% of financial services employees are considered highly engaged, which can be attributed to:

  • Senior leadership's value of employees
  • Individual employee opinions matter to the organization
  • Trust in senior leadership to drive business success

Yet, 20% of financial services employees are considered a retention risk due to perceptions of:

  • Unfair compensation or pay
  • Little opportunity for career growth and development
  • Unclear communication around organizational changes

Areas for Growth

These items were the least favorable among financial services employees.


"I am paid fairly."


"I see professional growth and career development opportunities for myself in this organization."


"When the organization makes changes I understand why."

4 Ways to Retain Financial Services Employees

The best way to prevent unwanted turnover is to focus on making incremental improvements in pursuit of a better workplace. Attract, engage, and retain your financial services employees in a new world of work with these tips:


1. Build employee career paths.

Professional growth and development are key to employee retention. Offer a variety of training and networking opportunities to ensure your employees are staying connected and on top of their game. Discuss career paths regularly to help your staff understand what skills or stretch projects might be necessary to progress professionally.

Learn how to boost your employee development strategy >


2. Prioritize critical leader communication.

How and when financial services leaders communicate to their teams about organizational changes are critical to employee engagement and retention. Keep lines of communication open and ensure directors are continually sharing important updates and changes.

Learn how to improve leadership communication >


3. Focus on engagement.

When financial services professionals are mentally and emotionally connected to their work, team, and organization, they are less likely to leave. Celebrating successes (large and small) can make a big difference in employee engagement. Public, real-time recognition shows associates that they are valued and crucial to your firm's success.

Learn how to increase employee engagement >


4. Use the right tools.

Getting a clear picture of turnover in your firm can be difficult. Prevent unwanted turnover and retain your bankers, advisors, and officers with Engagement, Performance, and Intelligence tools from Quantum Workplace.

Learn how the right tools can help you reduce employee turnover >

Reduce employee turnover

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