Pub. 2 2013 Issue 4

l e a d i n g a d v o c a t e f o r t h e b a n k i n g i n d u s t r y i n k a n s a s 16 Recruiting and Retaining Quality Employees is Imperative to a Bank’s Long-Term Success By Charles Shanley, SPHR, CFS Executive Vice President JMFA Executive Search Group I n today’s challenging environment, the success of a bank is due, in large part, to the expertise and skill of its employees. However, recruiting and retaining top-notch staff can be an intense process. Whether you are looking for a CEO or need to add specialized talent to an existing department, combining an efficient process with quality resources will give you the best long-term results. Finding the right match for your leadership needs In today’s ever-changing business environment, having strong leadership is essential. Ideally, a succession plan should be put into place long before you are facing the departure of your existing CEO or president. If you don’t already have a strategy in place to ensure a seamless transition to new leadership, the following actions will help you to establish a plan: Start with an internal search Beginning your search internally has benefits. Internal candidates are familiar with the bank’s culture and staff. Plus, current employees who are interested in having a long career in your organization should already be aware of the opportunities and challenges facing the bank. By establishing a path to leadership, you have a better chance of retaining up- and-coming stars. Plus, this demonstrates to other staff that you reward hard work and loyalty. One drawback of promoting from within is that you don’t always get fresh ideas from someone who has seen things from a different perspective – or from outside of the banking industry. Accessing external talent Once you expand your search outside of the bank, don’t rely solely on newspaper or online advertising. Many times, potential candidates who have the best qualifications to fill an open position are not actively seeking a job. But they might be interested in an opportunity to increase their skills or gain more responsibility. If you don’t have the resources internally to conduct a thorough outside search, a recruiting firm can give you access to highly qualified candidates through a professional network and database of national industry contacts. Plus an executive search firm can save you a tremendous amount of time. Just make sure the firm you select knows the financial industry inside and out. Attracting quality non-C level employees In addition to obtaining excellent leadership, it is important to build a strong base with high- quality managers, directors, customer service, tellers and support staff. To get a head start on filling positions as they come available, establish a Human Resources Information System (HRIS). This will allow you to gather and track resumes and applicant information, even if you don’t currently have openings in their areas of interest. Then, begin to build a database of possible candidates by taking the following steps: • Set up an internal referral program to incent staff members to refer candidates. This will encourage employees to suggest candidates who they think would be a good fit for your bank. • Establish a social media presence. Set up a LinkedIn, Facebook or Twitter account and designate a staff member to post timely information that establishes your bank as a great place to work. Join industry networking groups that allow even broader distribution of your information. • Take advantage of trade association membership resources. State and national conventions can provide a wider network of referrals and references for potential candidates. Web sites, message boards and trade journals are resources for posting open positions. • Get to know college recruiters. This is a great source for entry level talent. However, if you decide to hire from this age group, make sure you have a mentorship or training program in place to provide growth opportunities and job variety to hold the employees beyond a year or two. Keeping employees happy, productive and in place once they’re on board Once you have the right people in place, it is important to invest in the development of their skills and give them what they need to contribute to the organization. • Welcome them onboard. On-boarding is the number one thing that banks can do to keep new employees. Assign a mentor to help new hires get acquainted with staff and your facilities. This will make them feel like an important part of the team right away. • Challenge them professionally. Talented individuals expect to spend their time on worthwhile assignments. Otherwise, they may start to look for more fulfilling opportunities. • Maintain competitive compensation. The salary offer should be competitive with – if not better than – other financial institutions in your market. Then, as employees qualify, consider ways for them to increase compensation through annual percentage increases and/or bonus opportunities. • Recognize good performance. One of the easiest – but most often overlooked – ways to motivate employees is to recognize them with an occasional pat on the back and/or words of appreciation. Whether it is the CEO or teller trainee, all employees need to know they are appreciated. To learn more about JMFA, please contact Andre Branning, JMFA regional director, at Andre.Branning@JMFA.com or (314) 440-9095.