Securing Branch Employee Retention with Coaching and Career Pathing
In the banking industry, employee retention can prove to be a significant challenge. High turnover can negatively impact customer satisfaction levels and ultimately, the balance sheet.
Unfortunately, bank turnover has reached high levels. One study by Crowe LLP found that bank turnover at the nonofficer level had reached 23.4% in 2022.
Here, we’ll delve into how you can leverage onboarding, coaching, and career pathing to foster an environment of growth and stability in your bank branches. By investing in your employees' professional development, you'll be taking a pivotal step toward enhancing both job satisfaction and retention.
Identify What Draws Employees To Your Institution
Understanding what attracts employees to a financial institution is pivotal for both recruitment and retention strategies. When banks, credit unions, and other financial institutions identify these key aspects, they are better equipped to advertise these attributes to potential employees, thereby attracting talent that values these specific elements.
Realign your company values to stay attractive to employees both now and in the future. This can be challenging to do and may require iterative changes, but it is crucial in an ever-evolving workplace environment.
"Employees increasingly want to bring their authentic selves to work," according to Gartner. "Employees expect deeper relationships, a strong sense of community, and purpose-driven work."
This approach ensures that the institution remains relevant and appealing to its workforce, fostering a sense of identification and belonging among employees. When employees feel aligned with their company's values, they are more likely to be satisfied, productive, and loyal, thus reducing turnover rates and increasing overall institutional performance.
Build a Strong Employee Onboarding Program
Employee onboarding is a crucial component in improving retention rates among bank branch employees. A well-executed onboarding process ensures that new hires feel welcomed, appreciated, and well-versed in their roles and responsibilities.
This not only enhances their job satisfaction but also helps them integrate seamlessly into the team, reducing the likelihood of early departures.
A comprehensive onboarding program typically starts with a warm welcome and an introduction to the company's culture, values, and mission. Next, new employees are given an overview of their job description and expectations, followed by an extensive tour of the premises to familiarize them with the work environment.
The program should further include training sessions focused on the branch's policies, procedures, products, and services. Regular check-ins and feedback sessions during the first few months also play a pivotal role in addressing any concerns and ensuring the new employee is settling in well.
By investing time and resources into building a strong onboarding program, banks can significantly enhance the job satisfaction and commitment of their employees, thereby improving retention rates.
Empower Employees with Coaches and Mentors
Additionally, the bank should assign a seasoned employee to assist, coach, and mentor the new hire in navigating through the initial weeks and answering any queries they might have.
Establishing a coaching or mentoring program at the branch level can significantly enhance employee retention. Such programs provide employees with personalized guidance, promoting their professional growth and development.
Mentors offer support and share their experiences, helping employees navigate workplace challenges and fostering a sense of belonging. This leads to increased job satisfaction and commitment, thereby reducing the likelihood of employees seeking opportunities elsewhere.
Furthermore, a culture of mentorship emphasizes the bank's investment in its employees, enhancing morale and loyalty. According to Forbes, one study found that employees who participated in mentoring programs were 49% less likely to leave and saved the company $3,000 per participant per year.
Provide Employees with Career Paths and Incentives
Providing employees with clear career paths and incentives can significantly improve employee retention. This strategy gives employees a sense of direction and purpose in their roles, and the potential for upward mobility can be a powerful motivation to stay with a company long-term.
Moreover, career incentives, such as comprehensive training programs and opportunities for professional development, demonstrate an organization's investment in its employees' growth.
For example, offering tuition reimbursement for further education related to an employee's field demonstrates a company's commitment to helping its employees broaden their skill set and advance in their careers. Another incentive may be regular performance-based promotions, which reward employees for their hard work and dedication.
Initiatives like these not only encourage employees to stay with the company but also to strive for excellence in their roles.
Learn More About Employee Retention
Today's employees expect a lot from their employers, especially in the financial services industry. Still, there is plenty that banks, credit unions, and other financial institutions can do to incentivize employee loyalty and improve employee retention.
If you'd like to learn more about how you can optimize the employee experience at your branches, don’t miss the next Future Branches event. It’s happening at the JW Marriott in Austin, Texas on November 28 - 30.
Download the agenda and register for the event today.