More about this white paper
Everyone knows that when an employee is happy with their job, they work harder and are much less likely to look for employment elsewhere. In fact, happy employees are 13% more productive. During a time of labor shortages, it is crucial that you not only keep your current employees happy but also fill the position vacancies at your branches. Some credit unions are responding to these labor shortages by increasing their wages for customer-facing roles. Bank of America has even gone as far as to increase their companywide minimum wage to $21 per hour. However, smaller financial institutions don’t always have the same deep pockets that would allow them to compete for labor in this way. Their best chance in the labor market involves creating a work environment that is both rewarding and inspiring to each employee. In other words, employees must be free to do their best work.