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.