For Community Banks and Credit Unions 2022 is All About the People!

One of the biggest risk contributors in 2022 for Community Banks and Credit Unions will be talent. Attracting and retaining qualified staff are quickly elevating themselves as key 2022 concerns for management. According to a recent article by FISERV, 55% of employees plan on looking for a new job this year. Couple that with the desire of many to not return to the workplace, preferring to work from home, small banks and credit unions should not be caught unawares.

A serious talent drain can cripple an organization. Even with increased availability of mobile and electronic banking, many customers still look for the reassurance a human being can provide. The social aspects of banking cannot yet be discounted especially in states like Arizona, California, Texas and Florida, where retirees enjoy the value of social interaction.

So what can management do to attract and retain valued employees? Here are a few suggestions:

Listen: ensure open communication with employees on their current environment, and for those that leave, enhance exit interviews and then act upon that information.

Provide alternative working environments: work from home; job sharing; reduced hours; technology support for increased productivity and enhance social interactions.

Recognize excellence and effort: non-monetary rewards, intranet recognition, days off, dinner with the family and so many other creative solutions.

AND,

Perhaps the most important thing we can do today is what we call Future Educate. By this we mean that we should provide training and development focused on long-term contribution to the organization. Every employee needs to know that they have a place, a position, and a career in our organization. There is no better way to retain those exceptional employees and contribute to their organizational growth.