What creates a business is not people merely sitting in the same building. It’s people joined by shared goals and vision. Employees who are invested in the business are a critical component of success, which is why many financial advisors believe in investing in their employees. We asked several MDRT members about how they incentivize and retain valuable team members.
“I personally believe by walking alone you can walk fast but you can’t walk far,” said three-year MDRT member Lam Pui Ka, of Petaling Jaya, Malaysia. “If I’m in this business with a team, I can leave a legacy, and that’s important to me.”
Building team loyalty
“When you find a good employee, who has both great attitude and ability, you need to work with them so they won’t want to leave,” said 15-year MDRT member Nikhil Shah, LUTCF, AFP, of Kolkata, India.”In 15 years, only one employee left me, and it was because he moved away from the area,” Shah said.
One way Shah retains employees is by asking clients to rate how his seven employees are doing. He then gives an Amazon voucher every 15 days to employees who are rated the highest. “My employees compete for this. I’m so proud of my employees when we get compliments.”
To build relationships, Shah believes in getting to know his staff and their families. One way he does this is by having at least four picnics a year with them. He rents a bus for his employees and their families so they can travel together to the picnic. Then they enjoy a day together without talking about business. “We set up games with prizes and a lunch,” Shah said.
When the pandemic hit
As the world sheltered in place, the world changed and so did some of the needs of employees. For example, in many parts of India during the pandemic, public transportation was suspended. This was the main method of transportation to work for many.
To help his team, 18-year MDRT member Rajesh Chheda, ACA, CFP, of Panaji Goa, India, provided financial assistance for the three employees required to come into the office. For one employee, he provided a motorized bike. For another who already had a bike, he provided a fuel allowance. And another employee received a cash allowance to pay for a taxi. Chheda’s team repaid him by deciding on their own to work on Saturdays to help him qualify for Top of the Table.
Sometimes, though, getting to the office was impossible. Right before the COVID-19 lockdown in India, one of Shah’s employees went to see his ailing father in a rural village. When a travel restriction was put in place, he was stuck there without a laptop. Shah’s employee was gone for six months. When he returned, the employee was so thankful that Shah not only kept his job for him but continued to pay him that the employee worked 15 hours a day to catch up on his work.
To make sure his employees and families were taken care of, Shah also gave all his employees special COVID-19 medical policies.
It’s important you put your employees first, said 16-year MDRT member Neeraj Chauhan, B Comm, CFP, from New Delhi, India. “You take care of your employees and your employees will take care of your clients.”
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