How Building a Strong Employee Support System Can Increase Employee Retention
Community banks are finding new challenges in recruiting and retaining employees — and with good reason. Smaller banks face the same competition for workforce talent as the largest banks.
Still, the fragmented workforce of smaller banks in rural America lacks the economic and financial muscle to compete on a level playing field. As a result, community banks find themselves competing for workers by focusing on factors like employer brand, employee experience, and company culture.
When community banks and financial service firms offer attractive employee support systems, they can improve recruitment and retention rates and increase their chances for success.
Let’s take a look at how you can make your organization a good prospective (and current) employer by building strong support for your team members. This support system will positively impact your retention rates and overall employee happiness.
Encourage Employees to Be Realistic About Their Task Load
Financial services, banking, and mortgage processing are notoriously fast-paced and high-pressure positions when client demand is particularly acute. As a result, employees in these positions often report high stress, frustration, and even physical illness.
When community banks support employee wellness, they can reap big benefits by counteracting some of the stressful aspects of working in the field.
For example, create a space in the office where employees can decompress and relax for a few minutes during breaks.
Talk with your HR department about using shift patterns that give employees more time for self-care, rest, and relaxation outside of work so they don’t feel like they’re working all the time. Consider flexible work arrangements that allow employees to tailor their schedules to meet their needs.
These small changes can greatly impact an employee’s ability to cope with demands, reducing stress and improving retention rates.
Offer Opportunities for Employee Development
For financial services firms to win the talent war, community banks must offer career growth and development opportunities. Learning new skills keeps employees engaged at work and positions them for future advancement within the company.
In addition, offering tuition reimbursement or paid time off (PTO) for professional development courses shows your employees that you’re willing to invest in their future with the company.
It’s also a good idea to create an internship program geared explicitly toward recent college graduates interested in working in the financial services industry. This way they can gain on-the-job experience while completing coursework related to their desired career path.
These types of initiatives show job applicants that your company is committed to employee development as part of its culture. This will make it more likely that talented prospects will accept a job offer from your firm over another employer who doesn’t offer such opportunities.
Foster Conversation with Employees and Give Feedback
Make a regular habit of checking in with employees to see how they’re doing, what challenges they’re facing, and what changes would make their job tasks easier or improve their work surroundings.
This communication can be done informally — during lunch breaks or company-sponsored social events — or more formally through employee reviews and surveys.
It’s also important to give feedback regularly, whether positive (commending an employee for excellent customer service) or constructive (providing suggestions on handling agitated customers more professionally).
Giving employees regular feedback helps them understand what the company expects from them and where they need to continue to grow and improve. In addition, when community banks foster communication with employees, it shows that management cares about its team members and is invested in their success.
This increased sense of connection can lead to improved job satisfaction and higher retention rates among your staff.
Reduce Employee Turnover with Good Practices
Banking, financial services, and mortgage processing are just a few of the areas where community banks struggle with high employee turnover rates. To reduce turnover, build strong relationships with your employees by implementing the following practices:
- Encourage employees to take care of themselves by offering opportunities for relaxation and self-care during work hours
- Offer development opportunities so employees can grow within the company
- Invest in your team members by giving them regular feedback on their performance
- Help new hires transition into the company culture by offering mentorship programs and social events
By establishing these kinds of supportive practices, you’ll create a workplace environment where employees feel valued — making it more likely they’ll stay with your firm for the long haul. At AssetHR, we can help you establish creative ways to build employee retention and bolster your recruiting efforts. Connect with Chris Kelly today to learn more.