Managers share retention and recruitment tips

Winning managers in Pensions & Investments 10th annual Best Places to Work in Money Management program are deeply focused on their employee management practices to retain existing employees and attract the best new talent in a highly competitive job market.

In the changing world of work in the investment industry, a flexible, tolerant policy on whether and when employees return to the corporate office is essential, panelists said during a conference session — Recruitment and Retention During the Great Resignation — at P&I’s inaugural Future of Work conference, held as part of the 10th annual Best Places program, on Dec. 14 in New York.

Neuberger Berman Group, New York, for example, is leaving it up to its employees to determine if or when they return to work in the firm’s offices, said George Walker, chairman and CEO.

“Neuberger Berman is operating in a no-questions-asked work environment,” Mr. Walker said, stressing that if an employee is scared or nervous about returning to their offices, they don’t have to.

Employees’ return to work at Neuberger Berman started with just 10% to 15% of employees present in mid-2021. Since Labor Day, about 75% of staffers now work in their offices at least some of the time, Mr. Walker said.

Neuberger Berman managed $437 billion as of Sept. 30. and was ranked No. 1 in the Best Places’ ranking of employers with more than 1,000 U.S. employees.

Managers on the conference panel said a hybrid work model with some days each week spent in the office and remote working on other days is a popular and important option for both existing employees and potential hires.

At New York-based Schroder Investment Management North America Inc., employees have changed their approach to work since the COVID-19 outbreak and are eager to embrace a hybrid work model, with 90% of employees surveyed saying they want to retain some flexibility in their work life going forward, said panel member Racheal Hanifan, head of human resources.

Schroder North America is hiring now in what Ms. Hanifan described is a very competitive talent market and workplace flexibility is something that “every single candidate is asking for.”

“People are rethinking what they want to do and their expectations for their career have changed,” with employees focused now on flexibility, a sustainable job and meaningful work, Ms. Hanifan said.

In response, Schroder North America has changed its employee management policies to better serve employees with fewer formal reviews and more coaching sessions, she said.

Schroder Investment Management North America, recognized in the large employer category with between 100 to 499 employees, managed $172 billion as of Sept. 30.

Other panelists said their firms have been providing extraordinary support for employees throughout the COVID-19 pandemic as they deal with the challenges and stress that have arisen while working remotely.

For example, Polen Capital Management LLC, Boca Raton, Fla., which managed about $80 billion as of Nov. 30, focused on providing its workforce with free mental health counseling, said Rachel Trock, head of human resources, during the panel discussion.

The program is “hugely popular with employees” as is an annual stipend, a portion of which also can be used for counseling services, Ms. Trock said.

Because Polen employees “want to know that they are being heard,” Ms. Trock said CEO Stan C. Moss talked with every one of the firm’s 144 employees for a checkup, an action she said was very positive for employees.

Polen Capital isn’t requiring or pressuring its employees to come into the firm’s offices but Ms. Trock said about 80% of staff are working in their offices regularly.

Polen took first place in the large employers category (100 to 499 U.S. employees) in P&I’s Best Places to Work.

Because Vulcan Value Partners LLC has a young workforce and some employees were experiencing difficulty with child care during the pandemic while working at home, the firm increased its existing benefits program for employees with children to add coverage for in-home babysitting and nannies, said G. Adam McClain, principal and president of the Birmingham, Ala.-based company.

The move was received very well by employees, Mr. McClain said.

Vulcan has tried several times during the pandemic to bring its workforce back into the office but hit snags like the outbreak of the delta variant in mid-2021, he said.

The firm will ask everyone to return to their office for 30 work days beginning Jan. 10 by way of rebuilding the firm’s culture.

Mr. McClain said the firm then will decide when, where and how Vulcan’s employees will work.

“It may be our last hurrah for in-person working,” Mr. McClain said, adding “we want to be supportive of employee preferences and let each individual decide” their work-life model.

Vulcan managed $21 billion as of Dec. 14 and ranked first in the medium employers category of firms with between 50 and 99 U.S. employees.

When it comes to recruitment in what is a red-hot, highly competitive talent market, money managers must step up their game, said executive recruiter Paige C. Scott, senior partner and leader-asset management practice, Kingsley Gate Partners LLC, Dallas, during the panel discussion.

Mr. Walker said Neuberger Berman “has been able to get it done” regarding new hires.

“We recently came to the realization that we need to do things differently (regarding recruitment). The world has changed and we are trying to change, too.”