Like many industries, financial institutions are fighting to recruit and retain talent in this tight labor market. Pinion’s community banking advisors have compiled the following strategies for attracting and retaining talent.
1. Implement Flexible Work Options
Strategy: Be realistic and accommodating. Working remotely and/or finding opportunities where there is scheduling flexibility is a request is here to stay. Be proactive about incorporating a work-life balance and offering remote work, when possible.
Tactics: Community banks can invest in document cameras, webcams, microphones, and other technology that enables them to build up a remote workforce without sacrificing quality customer service.
2. Engage in Social Responsibility
Strategy: Demonstrate how you go above and beyond serving your community as a bank and showcase how your bank is making a difference in your community! This is more important than ever for the modern workforce to see and experience. It’s easy to say you’re involved with local charities, but are you living your mission and helping change the world for the better?
Tactics: Explore opportunities to connect with local talent at community colleges, service organizations, even local fairs and festivals while building your brand reputation. Communicate how and when you do this both internally and externally on a regular basis.
3. Encourage Learning and Development
Strategy: Invest time and money for training your employees. These constant learning opportunities for your workforce build loyalty and their expertise in the community banking field. Employees are more likely to stay with a job where they see opportunities for growth and development.
Tactics: Offer incentives or help employees acquire the additional education or mentorship required for future leadership positions. Encourage employees by paying for them to participate in professional learning, networking experiences, and conferences.
4. Re-evaluate the Application and Interview Process
Strategy: Make applications easier. Potential employees today have many options and will move on to the next company if it’s not a quick process to apply. Similarly, if your interview process is extensive and takes multiple months, consider that an applicant might get other offers and remove themselves from consideration.
Tactics: Evaluate ways to maintain the quality of interviews while shortening the time from application to offer.
5. Update Your Employee Benefits
Strategy: One way to be competitive in a tight labor market is to offer your employees the highest possible quality of benefits and perks. Focus on rewards and resources you can offer your employees and at least one extra thing you offer to create happy employees.
Tactics: Consider a total compensation package which includes traditional benefits like health insurance, paid time off, 401(k) plans, as well as added benefits such as bonuses, stipends for mobile phones or transportation, or reimbursement for health and wellness memberships.
By enacting at least a few of the efforts above, community banks can inspire and retain the next generation of talent.
Contact the Pinion community banking team for more ways to optimize your business.