Author Flannery O’Connor once said, “a good man is hard to find.” Well, you can certainly add “a good woman” to that. I’m, of course, talking about male and female employees. These days they’re terribly difficult to find and, believe it or not, even more difficult to keep. Check this out from Shrm.org’s “Job openings, quits hold near record high”: While employers are offering higher wages to attract talent, many on the sidelines are unmoved: the gap between job openings and available workers remained at 5.5 million in April, or about two jobs for every unemployed worker. The last 13 consecutive months—since June 2021—have seen more than 4 million workers quit. April marks the 11th consecutive month that more than 4 million workers left their jobs. Shrm.org goes on to tell us that “the wave of quitting signals that workers feel comfortable enough, amid record-high openings, to switch jobs in pursuit of better pay or working conditions.”
Of course, just like the old adage about customers — that it's 6-7 times more expensive to acquire a new customer than it is to keep one —replacing employees is expensive. Indeed.com tells us in “Estimating the high cost of Employee Turnover,” that “employee turnover costs employers about 33% of an employee’s annual salary.” This cost comes from factors such as advertising, screening, interviewing, onboarding, lost productivity, and more.
Besides upping the salary stakes in order to attract and retain top talent, what can employers like small community banks do? 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
Here’s something even easier. Use your social media platforms.
I know well from personal experience (don't we all??) that effective communication, opportunities for development, and an environment of mutual respect and collaboration are all essential to retaining the “best of the best.” But never forget the power of praise; 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. As Sir Richard Branson has said: “Clients do not come first. Employees come first.” And, well, as far as I can tell he seems to have had some pretty good success with that.
Here are just a few examples of the more popular topics that our client banks are using social for:
- 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
I’ve also seen posts that don’t take themselves quite so seriously, such as acknowledging the employee with the biggest smile, or “Today’s Best Dressed Employee.” As you can imagine, social media posts that focus on your associates also go a long way with potential employees… and 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!
As always, I would love to hear your thoughts on this subject.
About Bank Marketing Center
Here at BankMarketingCenter.com, our goal is to help you with that vital, topical, and compelling communication with customers; messaging developed by banking industry marketing professionals, well trained in the development of effective marketing communication, that will help you build trust, relationships, and revenue. And with them, your brand. Like the below “Internal Award” ads, for instance, recently added to our library of content.
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 email@example.com.