Employee turnover is more than an inconvenience in today’s competitive business environment; it’s a critical challenge that can significantly impact your company’s bottom line and overall success. 

There’s an old adage that rings true: “People don’t quit their jobs, they quit their managers.” Or, as our corporate coach puts it, “The fish stinks from the head down.” Whichever wording you prefer, the sentiment remains the same — leadership and company culture play pivotal roles in employee retention. 

While many assume that pay is the primary driver of turnover, it’s rarely the only factor. Industry research from the Society for Human Resource Management shows that employees often leave their positions due to:

  • Lack of career development 
  • Lack of resources and support
  • Unsustainable expectations
  • Uncaring and uninspiring leaders

The impact of excessive employee churn extends beyond inconvenience. Studies suggest that losing an employee can cost a company anywhere from one-half to two times that person’s annual salary. This includes expenses and time for recruiting and training a replacement, as well as lost productivity, potential client dissatisfaction, and the drain on other staff members who are left to pick up the slack.

Recognizing the severity of these issues, we at Premier Financial Group knew we needed to take a hard look at our company culture and hiring process. After a long road of difficult conversations among partners, management, and staff, our employee satisfaction and turnover rates have never been better — here’s how we did it.

1. Commit to the Betterment of Employees 

We’ve invested in our team’s growth in a number of ways, starting with a multifaceted approach to professional development that includes:

  • Mentorship Programs: Premier’s young professionals meet quarterly with Wayne Caldwell, one of our founders and Chairman of the Board, for mentorship, guidance, and idea collaboration. Wayne encourages the team to focus on high-value tasks that further progress their careers and welcomes all questions — even those they might be hesitant to ask. Our senior advisory team also works closely with our younger advisors for collaboration on client needs and supports them with personal and professional development, ensuring top-tier service.
  • Regular Career Planning: We hold monthly meetings with team members to set and review quarterly goals and map out career development progress.
  • Credential Support: Premier covers all costs — including travel and meals — for obtaining necessary credentials and licenses, such as the Series 65, CFPⓇ, and FPQPⓇ. 
  • Corporate Coaching: Every team member meets at least monthly with Sandor Kovacs, our corporate coach of over 20 years. He helps us develop leadership skills within a powerful integrity model. We’ve adopted the philosophy that, “You can lead from any seat,” empowering every team member to contribute to our leadership culture.

“This commitment to development has personally helped me in my career at Premier. I started seven years ago as a client service associate, moved to executive administrator, and eventually landed in my current position as the business and HR manager. The firm recognized my potential, developed my skill set, and wasn’t afraid to place me in a role that was new to the firm because they saw it was both needed and a great fit for my strengths.”

— Yarrow Mitchell, Business & Human Resources Manager at Premier Financial Group

2. Hire the Right People

Working with the right people is a critical investment in your business’s future. While it may require more time and effort up front, the long-term benefits far outweigh the initial costs. When you hire the wrong person, you’re wasting resources and slowing down business growth.

At Premier Financial Group, we’ve learned that relying on local classifieds or popular online job boards like Indeed or Craigslist often attracts candidates who are simply looking for any job, rather than those passionate about our specific field or culture. This approach rarely leads to long-term, committed employees. Instead, we’ve had great success collaborating with local educational institutions, specifically career centers at the College of the Redwoods and Cal Poly Humboldt.

These partnerships have opened doors to various recruitment opportunities, including: 

  • Internship programs and career fairs
  • Community advisory groups and employer-specific hiring events
  • Career speaker panels and job postings on Handshake

Besides providing access to talent, these collaborations offer insights into what today’s job candidates are looking for in an employer and help us stay current with industry trends. We’ve also found that candidates often come through these channels pre-screened, reliable, capable, and genuinely interested in our field. 

When hiring, we focus on finding individuals who are:

  • Aligned with company culture and values
  • Long-term career seekers who want to grow with us
  • Fun, collaborative, and communicative
  • Self-motivated with drive and resilience
  • Team players that practice integrity, both personally and professionally

To ensure we’re making the right choice, we’ve implemented an extensive hiring process. This involves multiple interviews for both the candidate and our team to assess the potential fit. Our final interview brings in the entire team, giving the candidate a comprehensive view of our company culture and allowing our team to provide input on the potential new hire. While this process is an investment of time and effort, it has paid off — evident in our extremely low rate of turnover.

3. Share Appreciation

Over the years, we’ve interviewed countless job candidates, most of whom were already employed elsewhere. When asked what would make them leave their current employer, the overwhelming response was a lack of appreciation. Examples ranged from never being thanked or acknowledged for good work to being told they should feel lucky to have a job at all. This insight led us to make employee appreciation a cornerstone of our company culture.

The impact of prioritizing both group and individual acknowledgement has been transformative — not only boosting morale, but also fostering a culture of mutual appreciation where the team regularly recognizes each other’s efforts.

We believe in showing appreciation in both big and small ways. Here’s how we put it into practice:

  • Comprehensive Benefits Package: We offer an extensive benefits package that includes 29 paid days off annually, medical/life/disability insurance, a robust 401(k) plan, discounted management fees for direct family members, retirement/investment/financial advice, Costco membership, Cal-Ore Life Flight membership, and a discounted gym membership with an on-site gym available for use anytime.
  • Educational Support: We initially fund 529 Education accounts for all team members’ children, demonstrating our commitment to employees’ families and their futures.
  • Personal Milestones: We celebrate personal milestones in team members’ lives. Our Senior Office Administrator Jill Van Sickle ensures that every employee receives a signed card and a special treat on their birthday and work anniversaries. We also commemorate significant life events, such as buying a house or graduating from college, with gifts and cards.
  • “Love Fund” Program: Our client services and operations teams have implemented a unique appreciation system called “love funds.” Team members can fill out a pink “love fund” slip at any time to acknowledge a colleague’s efforts. These are shared during weekly Friday morning meetings, with a chart tracking the appreciation given. The first to reach the top of the chart gets to choose a special treat for the entire team.
  • Celebrations: Our year-end holiday party is a highlight, featuring games, speeches, delicious food, and a secret Santa exchange. We’ve even treated our team and their partners to overnight stays some years, ensuring a safe event during the holidays.  

Additionally, we conduct annual compensation reviews, offer cost of living adjustments each January, and provide bonuses annually. We also host monthly employee appreciation lunches, providing an opportunity for the team to come together and celebrate both individual and collective achievements. 

Embracing Change for a Thriving Workplace

These strategies have been transformative for our firm. We won’t sugarcoat it: Implementing these changes wasn’t easy. It required honest self-reflection and a willingness to challenge long-held assumptions about what truly motivates employees in today’s job market. But the results have been nothing short of remarkable. We’ve seen better engagement, higher productivity, and a level of camaraderie that makes coming to work a joy, not a chore.

If you’re facing similar challenges in your business, we encourage you to take that first step. When you invest in your employees’ success and happiness, you’re ultimately investing in the long-term success of your business. The job market will continue to evolve, and so must we.