Maternity Leave And Financial Advisers..
What is the best course of action – covering maternity Leave?
If you need to arrange maternity leave cover because your paraplanner lets you know that they are pregnant and will be leaving the company, for a temporary period of time, then you can go into a blind panic. As an integral part of the team, you don’t want to face the immediate future without them. But you know that you need to find a workable solution on a short-term basis. So, what do you do?
Recruitment agencies will ask a pretty penny in return for finding you a suitable paraplanner for your maternity cover. And the costs don’t end there. Onboarding, holiday pay, employer’s National Insurance contributions, etc. Recruiting a new team member on a maternity contract has many of the costs of recruiting a new full-time member of the team that you would hope to stay for years.
And if you go it alone, without the assistance of a recruitment agency, as many people choose to do, then you have to advertise, sift through applications, shortlist candidates and interview potentials. The complications of looking for a new recruit can sometimes make us wonder why we employ people at all!
So, What Are The Options? There are 5 real options here. Let’s take a look at what you can do.
#1 Work With What You Have
Looking for someone to cover on maternity is one option. But it isn’t by any means the only way to work through this. One of the first things any progressive financial services practice should do is to assess the situation. See if you can manage with the existing team, sharing resources or reallocating time. This may not cover the full shortfall in working hours but might result in needing fewer hours covered by someone from outside the business. With government reforms in the form of The Good Work Plan coming into play this year, you need to be on the ball when it comes to your team.
#2 Outsourced Paraplanning
It can save on the time and costs associated with hiring a new team member. And the other worries that go with that. The culture of an organisation is vitally important to success. Taking on a new member of the team can run the risk of potentially upsetting that culture. Looking for someone who is a good fit is just as important as looking for someone with the right skills and qualifications. If your maternity cover works away in the background, then you don’t have quote the same worries.
- And these aren’t the only worries – What happens if your new recruit doesn’t show on the 1 st day? Or after the 1 st week?
- What if they get a better offer mid-contract and walk away?
- Why is employment legislation so complicated?
Outsourcing solves all of these problems in an effective way. Rather than adding to the headcount and the cost, look for someone who can add value from outside the organisation. It is something that more and more forms of financial planners are turning to.
#3 See What Happens
You could just wait and see. Maybe it’s a quieter time of the year and you could just do without the paraplanning resource that your team member supplies for a few months or a year. You might just get away with it, bumbling through until they come back.
This is often the way with business. We don’t want to make a decision, so we don’t make one at all. It might be a good move; it might not. But we don’t have to bumble through. We can get someone in.
#4 Employ Someone
Employing a new paraplanner might be a solution. But looking for a new recruit to come into the office every day and provide continuity of service while your team member is on maternity leave might not be the best solution at all. Looking for an outsourced paraplanner who knows the industry inside out can often be a better solution than adding to the headcount.
# 5 A Global Resource
In other industries, they would look for a temp to cover the shortfall. Don’t think that exists in the financial services industry? Think again. The world has gone global! If the resource doesn’t exist in the United Kingdom, then why not take advantage of the high-quality paraplanning services available across the planet? The quality-cost ratios are far beyond what you would expect in the UK. A full-time paraplanner that meets your needs doesn’t have to cause all of the stress, time and money outlined above.
Simply speak to us about your requirements – the kind of business you do, the support your existing paraplanner provides, the number of hours per week – and we find a suitable paraplanner for you. Then, once agreed, the support is ready to plug and play. This means that you can continue business as usual in the event of your paraplanner going on maternity leave.
We all know that quality paraplanners are like hen’s teeth in the United Kingdom. And that means recruitment problems if you don’t work smart. Looking for full-time paraplanning support from a global partner makes the whole process much less stressful. And we like that in life!