Peter Kaplan is a senior vice president at Integrated Partners who works closely with business owners to help them find solutions and grow their businesses. As most independent advisors are business owners, his advice is critical to help them develop their business and make it soar.
Russ Alan Prince: As a business owner, why is retaining top talent so difficult?
Peter Kaplan: There are a multitude of answers to that question. The truth is, so much has shifted since Covid. The rising talent from Gen Z has very different expectations of their employer. Culture is critical. And in any remote working environment, it is difficult to cultivate culture when you aren’t sitting across from colleagues.
Prince: Without proximity, how do you get people on the same page culturally?
Kaplan: It really starts from the top, and it requires some pain. So many big firms have seen this on the horizon, and they are forcing employees to return to the office. They have recognized that if they aren’t rubbing shoulders with colleagues, then their culture suffers. For employees, if the only reason to go to work is to collect a paycheck, then they will leave for the next big offer they receive. Everyone wants to feel like they are making an impact on the company’s mission.
Prince: So how do you do that?
Kaplan: Small things make a big difference. My son had his first job, an internship, during the pandemic. He never met a colleague and got all his work done from 10:00 p.m. to 8 a.m. each day. When they came to him with an offer, he quickly turned it down. Working closely with people matters. Mentorship matters. We need to make employees feel like they are a part of a community. Foosball tables, free snacks and little perks are nice, but they don’t keep people around. Additional employee benefits like deferred compensation, a health club membership or bonus plans are key incentives that do work.
Prince: How do you continue to grow great talent beyond your best employees?
Kaplan: As you get bigger, this becomes increasingly difficult. It starts at the top, and culture is important. If you build a culture and caring and sharing humans, that tends to waterfall across your organization. If you create an environment that people want to be a part of, it tends to be contagious.
Prince: What is the big takeaway?
Kaplan: Success is all about people. You need the best people who are constantly going the extra mile. Finding those people is difficult, and keeping them is even harder. The best people want to make an impact. If you give them latitude, respect and opportunity, they will never leave.
Russ Alan Prince is the executive director of Private Wealth and a strategist for family offices and the ultra-wealthy. He has co-authored 70 books in the field, including Making Smart Decisions: How Ultra-Wealthy Families Get Superior Wealth Planning Results.