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How banks can use social media to find and keep top talent.

 

Although the opinions on where the economy is, and is heading, are varied, I think we can all agree that one word can pretty much sum up what everyone is feeling: uncertainty. Of course, uncertainty isn't good. People – employees, in particular – need certainty. They also need recognition. And believe it or not, recognition can be only a social post away!

This from Insider Intelligence, back in September of last year: “Despite higher-than-normal pay increases, banks are still struggling to hire new talent and slow turnover, according to a report from consulting and accounting firm Crowe LLP. The survey of 429 financial services organizations revealed that in 2022, bank turnover at the nonofficer level reached 23.4% — its highest level since 2019.”1 Needless to say, no matter the industry, attracting and retaining talented employees is vital for an organization’s success.

According to the survey, and 95% of its respondents, the challenge lies in finding and keeping candidates that are considered a “right fit.” Worker expectations of what a job can and should be are sky high, and meeting those expectations is critical.  After all, the stakes are very high in terms of productivity, performance, and importantly, cost.

Insider Intelligence says that companies with workforces consisting of individuals who are a good fit with the culture experience a 20-25% boost in productivity. In addition, when employees are unhappy in their work, that unhappiness can quickly spread throughout the organization. The result is a culture that many describe as toxic. Conversely, happiness with one’s job can spread from one employee to the next just as quickly. The result here is a culture of loyalty, which leads to low turnover and with that, the cost of recruiting and training new employees. Studies put this cost at up to two times the employee’s annual salary.

What can employers like small community banks do to attract and retain top talent? Experts say that successful cultures — ones that are conducive to attracting and retaining top talent — have certain “personality traits” and that to develop these traits, leaders need to:

  • Strengthen the relationships between coworkers
  • Give team members maximum exposure to leadership
  • Enhance their skills and abilities so they feel like they are true experts in their field
  • Communicate objectives and paths to their achievement clearly and often so that they see success as attainable
  • Engage with team members on their future goals and help them chart a path forward

All of the above is great when you’re looking to keep great employees. But what do you do when you’re looking to attract top talent, and it’s important to communicate the “features and benefits” of your brand? Use your social media platforms.  

Open communication, opportunities for development, and an environment of mutual respect and collaboration are all essential to attracting and retaining the “best of the best.” Don’t forget, too, that praise is a powerful motivator; a few kind words can go a very long way.  And, social marketing platforms are the ideal media for those kind words.  

Many of our banks are extremely active in this regard and I suspect that, as a result, their associates feel pretty good about where they’re working. Here are just a few examples of the more popular topics that our client banks are using social for:

  • Recruiting
  • Birthdays
  • Anniversaries (and nothing says “this is a great place to work" better than a multi-decade anniversary post)
  • Recognitions for advanced certifications received
  • Awards and achievements (both professional and personal)
  • Congratulating employees for their commitment to community organizations and volunteer groups

As you can imagine, social media posts that praise your employees also go a long way with potential hires, as well as customers. They reinforce that brand perception that is so important to small banks; that unlike the big national, you’re a neighborhood institution that is trusted and knowledgeable, and that you take a personal interest in the people who bank with you. And to think you can accomplish all of this with just a few social posts!

About Bank Marketing Center

Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. In short, build your brand. Like these employee recognition campaigns, for example, that banks can use to attract and retain top talent. 


To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts on the subject.

1Insider Intelligence. https://www.insiderintelligence.com/content/banks-struggling-with-employee-turnover-still-deploy-strategy-attract-talent. September 2022.

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How important are marketing promises? Ask the customer you lost.

 

 

Whether you’re a fast-food restaurant, an online retailer, a local financial institution, or any kind of business in between, this is something you should give serious thought: always under promise and over deliver. By that, I mean that if you’re out in the marketplace promising to deliver on a product or service, it’s really, really important that you make good on that promise. Do I sound, perhaps, a bit frustrated by an experience I may have had recently? If you guessed “yes,” you’d be correct. And it was with my local bank.

As you know, I’m a marketing guy, so for me, everything harkens back to marketing. So, when I had a rather disappointing experience with my community bank, the first thing that came to mind was marketing. Here’s what happened…

It began with the excitement I felt when I saw — through the bank’s marketing, mind you — that this particular institution was offering CDs at pretty good rates. (P.S.: Another “kicker” here is that the CD rates at other banks were even more attractive, but two things compelled me to choose my community bank. 1) I already have an account at this bank and 2) I am a firm believer in supporting local businesses, including my local bank.

So, for the above-stated reason number one, I figured that opening a CD account would be quick and easy… as advertised, by the way.  As you probably imagine, it wasn’t.

Now, in addition to being a marketing guy and business owner, I consider myself a patient man… for the most part. Well, if there were ever a test of patience, this was it. Since I’d like to keep this blog to less than 2,000 words, I won’t go into much detail on what these forms required, although I’m happy to provide here a short list of those I was required to fill out. Mind you, some of these forms are multiple forms:

  • Privacy Notice
  • E-statement
  • All About Your Deposit Account
  • New Account Application
  • Corporate Resolution
  • Beneficial Ownership
  • Certificate of Deposit

To complicate things even more and frustrate me even further, some of these forms required a “wet signature, which I had no knowledge of until I googled it: “A wet signature requires some type of pen, usually filled with black ink, or a stamp with your initials, signature, or other approved seal. To create a wet ink signature simply sign a printed or photocopied document in cursive, initial, or stamp the document in the designated spaces.”

Okay, so now… not only was I not getting this accomplished via the ease of an online application (with, granted, way too many forms), but now I was expected to, I gather, go into a retail branch and sign these forms with “some type of pen, usually filled with black ink.” And I certainly don’t have any “stamp with my initials” laying around the house; after all, I’m not a member of the Royal Family.

Now, am I casting aside my local bank forever over this? No, I’m not just a patient man, but I’m a loyal one, too. Am I going to go elsewhere and open a CD?  No. The process might be much quicker and easier at another bank. I don’t know for sure and I’m not really interested in finding out. I do know this: if banks want to market and sell products, they really need to find a way to make it easy for individuals to purchase and use them. At the very least, in a digital age where we can order a car from the comfort of our couch, and have it delivered to our home in just a matter of days, we should be able to open a CD account without driving to a bank branch and “wet signing” a pile of documents. At the very least, make it easy for people like me who — and I can hardly believe I’m saying this, but — want to give you my money!

Back to the marketing piece of this. Until that day comes, when opening a CD account is quick and painless, for instance, I think that banks need to make sure that they can deliver on their marketing. I.e., under promise and over deliver. In my long career in marketing, I’ve seen this happen too many times. There are few things more damaging to a brand, from a marketing perspective, than promising a service that you can’t deliver. 

I would like to end this on a happy note. If you want a good laugh reading about companies that over promised and under delivered, check this out cheapism.comI’m sure you’ll see some familiar names… not because of their success, obviously!

About Bank Marketing Center

Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. In short, build your brand. 

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts on the subject. 

 

 

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It’s almost Earth Day. Market your “greenness!”

 

Earth Day is almost here, a good time to be thinking about what we can all do to help protect our planet. And if you’re a community bank, a good time to be thinking about how you can talk about Earth Day in your marketing messaging. After all, Earth Day and all that comes with it — in the way of environmental and social responsibility — has become a pretty big deal of late. Of course, you don’t have to take just my word for it…

According to fintechtimes.com, over two thirds (67 per cent) of consumers want their bank or financial institution to become more sustainable in the future. Nearly half (48 per cent) stated that access to green financial services has become more important to them in the last five years. Just two in five (42 per cent) think that their current bank or financial institution clearly communicates its sustainability commitments. And more than two thirds (67 per cent) believe that their current financial institution is guilty of greenwashing.

These are pretty disconcerting numbers. Granted, people have always been concerned about whether or not the companies they spend money with do business in a way that aligns with their values. We also know that the American consumer’s focus on environmental concerns has increased exponentially over just the last few years. The question now becomes, what are community banks willing (and able) to do about it?

I read this out on NerdWallet:

What impact does my bank have on the environment? You may be thinking, “I don’t invest in deforestation or fossil fuels, so my money aligns with my environmental values already.” But did you know that if you keep money in a bank account, your bank can lend it out to or invest in industries whose practices negatively impact the environment? Quite a few major banks put a lot of money toward these industries — some banks spent close to $100 billion each from 2016 to 2020 — and you might not know that your cash is part of the process.

-   NerdWallet, “How to go greener with sustainable banking,” April 22, 2022 

Visit bankrate.com, and you’ll find tips on how to bank in a way that protects our environment. Or, go to Bank.Green, where you’ll find this headline on their site’s homepage: “Is your money being used to fund climate chaos?” The site also gives banks a “funding the climate crisis” rating. I typed in the name of a West Coast bank just for fun and this is what the site told me: “Your money is being used to fund the climate crisis at an alarming rate. Your bank is one of the 60 biggest funders of fossil fuels in the world.”  Wow.

Needless to say, it has become increasingly important for companies to trumpet their environmental and social responsibility practices and accomplishments. But they must do so carefully. Those that do must be able to, well, “walk the walk and talk the talk.” With the increasing number of regulatory crackdowns on greenwashing, banks are finding themselves vulnerable to probes and penalties over exaggerated or misrepresented sustainability statements; and those penalties can be quite burdensome, financially. As recently as this past May, for instance, the SEC charged BNY Mellon Investment Adviser, Inc. for misstatements and omissions about Environmental, Social, and Governance (ESG) considerations. To settle the charges, the company agreed to pay a $1.5 million penalty.

So, are you ready for Earth Day? What are you currently doing in the way of sustainable practices? Are you supporting organizations and businesses that are environmentally friendly? Moving away from paper to digital? When you do use paper, or plastic, is it recycled? Do you employ green practices at your branch locations, i.e., using energy saving equipment and lighting? Using cleaning products and methods that are eco-friendly? There are hundreds of ways that local banks can adopt sustainable business practices, and now is the time to do it, if you haven’t already. Sustainability is not just a fad that will simply go away at some point. No, it’s here to stay. 

About Bank Marketing Center

Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. In short, build your brand. Like these campaigns, for example, that banks can use to promote the steps they’re taking to help protect Mother Earth.

 

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts on the subject.