Well, history certainly does repeat itself, doesn’t it? I immediately thought of this ages-old adage when I ran across this very recent American Banker piece on the challenges banks face with hiring. Here’s an excerpt:
“Recent research shows that 30% of new hires leave a role within the first 90 days. Statistics show that employee retention among non-officer levels is currently at 23.4%, a significant jump on the previous years and a worrying statistic that shows how talent acquisition remains one of the financial world's biggest concerns. This jump comes as those working in financial services enjoyed the largest salary increase of the last decade, with the sector as a whole seeing an increase of 5% on average.”
Sound familiar? it should. It was just over a year ago that we wrote in a blog: “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 non-officer level reached 23.4% — its highest level since 2019.
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.”1
Well, the more things change, the more they stay the same, right? So, what can employers like small community banks do to attract and retain top talent? Sure, you need to work hard at “culture,” with initiatives that, for instance:
- 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
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? I’m giving the same advice I gave over a year ago:
Use your social media platforms!
Good news. I’ve observed that many of the banks with which we partner in social media messaging are extremely active in this regard and I suspect that, as a result, they are doing well when it comes to attracting and retaining top talent. After all, when it comes to hiring, social media messaging is about a lot more than posting job openings. Here are just a few examples of the more popular topics that our client banks are using social to promote:
- Their brand
- Their associates' birthdays and anniversaries (and nothing says “this is a great place to work" better than a multi-decade anniversary post)
- Their associates' awards, recognitions, and achievements (both professional and personal)
- Their social responsibility initiatives
- Their community involvement
As you can imagine, social media posts that praise your employees also go a long way with potential customers, as well as hires. 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!
Making use of your social media messaging can help you avoid what American Banker points to as a major issue: the lack of a culture fit. “Research shows that 32% of those who leave a role within the first 90 days do so because they don't consider the company culture to be a good fit with their own.” Well, here’s an idea. Use social media to help prospects come to you with a solid grasp of your culture. Social media can do that. And it can be as simple as posting on the topics mentioned above.
In conclusion, I’ll leave you with the same thought I left you a year or so ago, when we were talking about the very same recruitment challenges. Take advantage of social! Why?
Social media messaging platforms like LinkedIn, Twitter, and Facebook allow you to target specific demographics and job roles with precision. You can use these platforms to identify individuals with the skills and qualifications you seek and send personalized messages, opening a direct line of communication.
Showcasing Company Culture
Social media messaging isn't just about job postings; it's an opportunity to showcase your culture, values, and vision. By sharing compelling content about company achievements, corporate social responsibility initiatives, and employee success stories, you can create and reinforce an attractive employer brand.
Social media messaging provides real-time engagement opportunities. You can promptly respond to inquiries, address concerns, and provide instant information about job openings and the application process. This responsiveness can significantly enhance the candidate experience, and speed along what can often become a very time-consuming and expensive process.
Talent acquisition is not just about immediate hires; it's about building relationships with potential candidates. Social media messaging allows you to nurture relationships over time, even if a candidate isn't currently looking for a job. When the time is right, these candidates may consider you their first choice.
By sharing insightful articles, research, and commentary on industry trends, you position yourself as a thought leader and attract professionals who are passionate about staying informed and being part of a forward-thinking organization.
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 — that will help you build trust, relationships, and revenue. Now, through our partnership with ChatGPT, customizing our layouts is even faster and easier. With the addition of AI-assisted content development, our clients can very quickly generate articles they need for newsletters and blogs and any other content they might need in their marketing efforts.
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. As always, I welcome your thoughts.
1Insider Intelligence. Banks struggling with employee turnover. September 2022.