Banks and credit unions are struggling to gain and retain banking staff. Let’s face it though, this is happening to businesses across all industries that are struggling to find good employees. Let me share with you 3 ways to find and keep your staff that has been working for Equips to grow during difficult times.
This summer has been a great one for Equips. Aside from enjoying the warm weather and our favorite outdoor activities, we have had the pleasure of welcoming a few new faces to our Equips family. It has been such a blessing to be able to grow our team with such bright, hard-working talent. I believe our company is stronger now because of them.
But it hasn’t been as easy for everyone—many businesses are struggling to find employees, given by the abundance of “now hiring signs” we all see in our respected cities and neighborhoods. In fact, in June, there were 10.1 million job openings in the US. Even the service providers we work with to serve our customers are having trouble hiring and retaining technicians. But for banks and credit unions it has been a real struggle to gain and retain your banking staff .
So why have so many people been quitting their jobs? The answer is simple—COVID-19. During the pandemic, the government provided an abundance of financial aid to those impacted by the pandemic. For many, this meant making the same or more amount of income to stay at home. It is no wonder that so many customer-facing bank employees opted to stay home. Now with the relief coming to an end, it is crucial that your bank or credit union begins to hire again. But how do you encourage prospects to want to work at your branch? How do you keep the employees you already have and rely on?
#1 Remote Work Options
Whether you like it or not, the remote work environment is here to stay. Research suggests that employees are 47% more productive working from home than from the office. While the remote workplace might be most attractive to your administrative employees, your customer-facing employees might enjoy it as well. You might be thinking, how are my tellers supposed to serve my customers if they are at home? The answer, technology. Some banks have begun placing ITMs in their branches in replacement of their customer support team, with just one teller on-site providing additional support as needed. The customers can interface with a teller remotely using the ITM, while the teller enjoys the comfort of working from their home. It should also be noted that you can also decrease transaction costs this way. For small community banks, it costs a teller an average of $4.05 to complete a transaction. ITM transactions cost an average of $2.40.
#2 Increase Wages
According to Glassdoor, the average bank teller makes an average of $30,569. In other words, the average hourly wage is between $14 and $17. Some banks are looking to become more competitive in the labor market. Given that 72% of folks making less than $30,000 per year are expected to look for a new job in the next year, it only makes sense that banks and credit unions should make their place of work more appealing by increasing wages. Bank of America has gone as far as to raise their company-wide minimum wage to $25 per hour. It should also be noted that positions offering higher wages tend to be the most attractive to more skilled and industrious candidates. However, if higher wages alone don’t cut it, you should consider adding other enticing perks for working at your company. This leads us to item #3.
#3 Create Value
It is so hard to stay motivated at a job where you don’t feel appreciated. It is crucial that your existing employees feel valued, and that your job opening implies both security and fulfillment. A great way to start is by offering all employees the same benefits, regardless of their function in the organization. Next, reward productivity. Research suggests that recognition encourages employees to work harder and will continue to work hard after being rewarded. Here at Equips, we recognize and reward hard work with a generous PTO policy. We understand that every person in our organization plays a crucial role to our success. We all work very hard, which is why it is important to be able to relax, unwind, and take care of yourself as needed. The same is true for your employees and yourself. Remember, when you create value for your employees, your employees will reciprocate.
I want to conclude this article by thanking you for taking the time to read this quarterly newsletter. We are honored to be able to share valuable industry information. It is our goal to put you in a position where you are free to do your best work. If there is a topic you would like us to cover in our next newsletter, or simply need support from our solutions team, be sure to send us a message. We look forward to serving you.
Adam York, CEO
The Quarterly Newsletter | Fall 2021 Articles
- Message from the CEO – Banks Struggle to Find Employees: 3 Ways to Gain and Retain Your
- Product Update – The Latest and Greatest Technology Features
- Pet Update – Extreme Makeover: Chunky Cat Edition
- Fall Recipes – Spicy, Spicy Chili, Beth’s Famous Pumpkin Bread, Pumpkin Bars from the Heavens
- Games & Prizes – Email your completed Word Search to firstname.lastname@example.org
- Webinar Registration – New Features & Benefits on Equips App