When it comes to talent management, it’s important that banks and credit unions focus not only on attracting and hiring top employees, but also on retaining them. High staff retention helps ensure consistent business operations, low overhead costs, and a positive company culture.
It’s no secret that happy employees are more likely to stay, so what does it look like to make employee satisfaction a top priority at a bank or credit union? Below are three tips for improving employee satisfaction across your organization to realize higher retention rates overall.
1. Promote Goal Transparency
By creating an environment of open communication, you will send the message that your employees are valued and respected. If you’re transparent about the company’s goals as well as individual performance expectations, your employees will more clearly understand how they can contribute to the organization’s success, and they will be able to trust you for the long haul.
2. Establish an Incentive Program
A comprehensive incentive program keeps employees motivated to achieve their goals and generate new business. The 2016 Crowe Horwath Banking Performance Insights Survey found that incentive payouts have increased in recent years to levels surpassing pre-recession highs. These programs ensure that an employee is appropriately recognized for delivering results and exceeding expectations.
3. Provide Regular Performance Evaluations and Progress Reports
Keep your employees updated with how they’re tracking toward their goals on a consistent basis. When they’re aware of their progress, they’ll be more likely to stay focused on the end goal. Additionally, regular performance evaluations allow you to acknowledge employees’ areas of success and provide guidance around ways they can improve. If employees know where they stand with a company, they’ll feel more confident in their roles.
Satisfied Employees are the Key to Success
Financial institutions can’t function without a strong workforce, so high employee satisfaction and retention is essential for business success. It’s important not to lose sight of your people - when they’re happy, the company performs better as a whole.
360 View, The Growth Platform can help you motivate your employees to reach their sales goals by automating the process for tracking employee goals and incentives. Schedule a demo today to learn how we can support your business.