More Than Money: Smart Compensation Packages
In today’s hyper-connected world transparency rules. With online platforms such as Glassdoor, current and potential hires can read anonymous employee reviews about a community bank’s office culture, management style, and salary and compensation packages. Employees expect transparency and want to know what their employers’ plans for growth are and how they fit into that plan. One way to address this shift in corporate ethos is to make sure that professional development is a part of your community bank’s compensation package.
Career development is a priority for today’s workforce. Younger generations want to know that there is an opportunity for advancement and as machine learning and artificial intelligence transcend science fiction and become reality, older generations want to make sure that their skills stay sharp.
Investing in employee professional development and growth can be a game-changer for your institution as it looks to the future and its customers’ needs. Consider the following:
- Viewing professional development as bait to attract new talent and a reason for your existing employees to stick around. Poaching talent isn’t always a viable strategy and turnover is expensive. By training up your staff you are signaling to them that you are invested in their career growth at the bank.
- Developing your training program with employee input. Banks that reach out to employees and managers for their insights about upcoming training needs establish a proactive and participatory training effort. Employees feel like their needs are being met and banks benefit by creating more efficient and knowledgeable staff.
- Getting the C-suite involved. It’s imperative that professional development programs align with your bank’s strategic goals to ensure that your staff has skills that are needed now and in the future. When these priorities are established make sure that they are communicated to all employees so that they can more readily identify opportunities to pursue career growth.
Knowledge is a differentiator that is never wasted and serves as the foundation for growth and innovation. By treating employee training as a valuable component of your compensation packages, you can create a stronger workforce that is more engaged and more productive.
What Bankers are Saying...
Steve Adamo, senior vice president and director of training and quality services at First Fidelity Bank in Oklahoma City, Okla. is a true believer in life-long learning. Since launching a comprehensive employee professional development program at the bank turnover rates plummeted from 34 percent in 2017 to 13 percent in 2018. Adamo states, “Employees feel valued because we’ve invested in them as people, not as an employee number. All of our staff has a clear direction on how they can advance within our company and within their positions. That’s what creates morale.”
Updates Affecting All Subscription Plans
Elder Financial Abuse will be re-launching the first week in December. The course format will be updated and will also feature new content.
Did You Know?
If you’re looking for bank director-specific online training, ICBA’s Bank Director Program includes a 20-course package of online training that includes modules on: CAMELS, Compliance Program Management for Directors, Fair Lending for Bank Directors, Regulation E for Bank Directors, Role and Responsibilities for Bank Directors, Directors Responsibilities Concerning Lending, and more.
If you have any questions, concerns or comments regarding the great improvements we are making, please contact a Community Banker University team member at 800-422-7285 or email@example.com.