Public Finance Blog

I was recently asked by a head of capital markets for my personal opinion of why retention of junior employees is so difficult, whether public finance bankers, analysts, or even legal associates.  After pondering the question for a couple of days, I determined the answer revolves around one word and that is commitment.  Commitment to the firm, commitment to the position and industry, commitment to the new employee, etc. I want to explore this question further.

Which Lens? 

When referencing “commitment” in the industry, it may immediately raise the thought of the commitment by the employee to the firm, but I looked at it slightly differently. I looked at the commitment from the firm to the new employee.  The younger employees that are entering the job market today need to feel the commitment from their firm to them or at the slightest provocation (i.e. they will leave for so-called greener passages with the promise of a higher salary potential).  However, if they feel that they are wanted, being taken care of, receiving continued training, etc., they will likely ignore the outreach.

The Level Of Understanding 

How do we as managers show this commitment to the new employee?  First of all, public finance is an extremely complicated practice.  A new banker, even with a couple of years of experience, cannot know or understand the complexity of the practice.  Taking the time to explain what the junior banker/analyst is adding to the financing by explaining the work will go a long way.  Having calls and meetings with the head of the department, not just the direct supervisor, is indeed another way to cement the relationship.  Yet just working a new employee 12-15 hours a day is not going to cut it as it once did when we were hired many years ago as bankers.

The Importance Of Demonstrating Commitment

Commitment to the new employee needs to be really felt.  They must feel that they are part of a team that deeply values their work.  They must understand that there is a specific path to success and they are on it.  Advancement is very important to this generation of employees, and if they cannot see a clear path they will leave again for greener pastures. Therefore, when you are hiring, whether it’s a newly graduated senior or an employee who’s been with a firm for at least a good couple of years, you must clearly demonstrate your commitment to that new employee.  Plus, if you are looking for a new position, commitment becomes your watchword for you to make a move.  Without commitment by both parties, a new hire is not going to stay in 2025. Let us help you find that committed employer/hiring manager for you.

Conclusion

You don’t need a resume to chat with us! If you would like to discuss your options, please reach out for a confidential conversation at 760-477-1284 or email at harlan@hfriedmansearch.com. He can also be reached on LinkedIn. Harlan publishes a blog every Thursday here. Subscribe to our monthly newsletter here, which is a compilation of our weekly blogs, so you never miss one. 

About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Healthcare Bankers, Municipal Advisors, Compliance Officers, Issuers, and Bond Counsels.