How Banks and Credit Unions Can Recruit & Retain Top Talent
Hiring in the financial services industry is highly competitive. There are many companies clamoring for the top talent out there, from accountants and financial analysts to data clerks and CFOs. If your bank or credit union is struggling to find and retain top talent, you’re not alone.
Of course, it doesn’t help that the hiring market in general is tough right now. Record Baby Boomer retirements, low labor force participation rates, wage stagnation, and the pandemic all contribute to what’s been dubbed The Great Resignation. The financial industry is not immune from this – data from the Bureau of Labor Statistics shows that more than 100,000 employees resigned from jobs in the financial services industry every month for the first three months of 2022. In other words, more than 300,000 people left the finance and banking industry in the first quarter of this year alone.
What are banks and credit unions supposed to do when it comes to recruiting and retaining top talent?
The answer is implementing a recruiting strategy tailor-made to banks and credit unions – and partnering with a bank and credit union staffing agency that understands the problems today’s companies are facing and how to fix them. Read on as the banking and credit union recruiters at Workway tell you how to attract and retain the financial talent you need.
3 Tips to Improve Banking and Credit Union Recruiting
The recruiting strategies of yesterday don’t work today – it’s that simple. Today’s financial candidates are more discerning, more explicit about what they want and need out of their jobs. They also pay closer attention than ever before to the companies they work for and what they stand for. It’s not enough to simply offer good pay and benefits (although that doesn’t hurt!).
Here are three tips to improve banking and credit union staffing:
#1: Strengthen Employee Value Proposition (EVP)
The first way to do better when it comes to financial recruiting is to create a strong employee value proposition, or EVP. What is an EVP? Think of it as the reason why an employee would want to work for your organization. Remember: You’re selling candidates on your company and why they should work for you – and that’s especially true in today’s candidate-driven market.
Create a strong EVP by making it crystal clear in your job descriptions and social media content why employees should choose you:
- Competitive pay and compelling benefits
- Development opportunities
- Paid time off/vacation/sick leave
- Work-life balance
- Commitment to diversity and inclusion
- Commitment to a positive office environment
- Wellness perks (gym memberships, meal vouchers, community service activities, etc.)
If you don’t make it clear what sets you apart from your competitors, financial candidates won’t have a compelling reason to choose you over them. So, make sure your EVP is strong.
#2: Offer Remote Work
Remote work was around long before the pandemic, but things changed when Covid-19 made remote work the norm. Today’s banking and credit union candidates see remote work as an expected option, not a rare perk. Not every banking or credit union job can be performed remotely, but for those that can, it’s a good idea to offer a remote option. And even if fully remote work isn’t plausible, consider adding flexibility to your company’s scheduling in the form of a hybrid schedule or flexible start/end times. You’ll be opening yourself up to a much wider pool of candidates with the skills you’re looking for.
#3: Work with a Banking and Credit Union Staffing Agency
Staffing agencies for banks and credit unions are well-versed in hiring for the financial services industry. The recruiters who work in this space make it their job to know the market and the candidates in it. They know what today’s banking and credit union candidates are looking for out of their jobs, and they know how to help companies attract and hire top talent. To put it simply, they’re specialists in recruiting for banking and credit unions.
Workway is a leading financial services staffing agency that can help you find the banking and credit union employees you need. Our expert recruiters take the time to get to know your business and what you’re looking for out of your next hire. Contact our financial recruitment team to learn more about how we can help.
3 Employee Retention Strategies for Banks and Credit Unions
Attracting and recruiting top financial talent is only half the battle – and it’s one that a staffing agency for banks and credit unions like Workway can help with. But it’s important to remember the other side of the equation: retaining the great people you source and hire. It’s not enough to find them. You must keep them around, too.
Let’s look at three effective retention strategies for banks and credit unions:
#1: Define Career Growth Opportunities
Above, we outlined a few examples of features that can make up your employee value proposition (EVP). One was development opportunities. This isn’t just important for prospective candidates, but current employees of your organization, too. When people are working for your company, they want to know they aren’t stuck in a dead-end job – they want to know that their future involves growth and development.
That’s why defining career growth opportunities for every role at your organization is so important. Offer training opportunities and opportunities for education – not only is this a powerful retention tool, but it also helps keep your employees current with the ever-changing regulations of the financial industry. It’s also important to recognize that advancement doesn’t mean the same thing for every employee. Some people aren’t interested in becoming team leads or people managers. It’s wise to offer various types of advancement opportunities; becoming a specialist in a particular area, for example, if an employee isn’t necessarily interested in leading other people.
#2: Develop Employee Recognition Program
The best financial talent doesn’t stick around if they’re never recognized for their hard work, because they won’t feel appreciated. But it’s about more than giving a shout-out at your next team meeting (although that’s a good idea, too). Developing a program that helps to recognize – and even reward – employees for great work is an important piece of the puzzle when it comes to retention.
There are plenty of employee recognition platforms out there to choose from, most of which allow employees to recognize each other as well as management recognizing employees. You can also create your own system if you’d like. However you do it, make sure that your employees are recognized on a regular basis, especially when they go above and beyond – it’s the best way to bond employees to your organization and keep them feeling appreciated and happy.
#3: Improve Company Culture
Few things contribute to a high turnover rate and low retention numbers like a poor company culture – or, even worse, a toxic one. If you have toxic leaders in management positions, or a particular member of the team is acting in a toxic way toward their coworkers, you’ll quickly start seeing people jump ship.
The first step in improving company culture is to weed out those toxic members. If they can be coached and corrected on their behavior, that’s great – if not, they might need to be dismissed. Other ways to improve your company culture include being open and transparent with employees, encouraging employee recognition as discussed above, providing open communication lines between management and employees, and aligning everything you do with the company’s core values and mission.
Partner with a Top Banking & Credit Union Staffing Agency Today
Finding and hiring top talent in the financial sector is not easy, especially right now as we continue to navigate a difficult labor market. Candidates have the leverage in today’s employment market, and they’re looking for different things out of their employers than they were a decade ago, or even a few years ago. Factor in record retirement numbers, declining workforce participation, and wage stagnation, and you have a recipe for a tough time when trying to find great finance professionals for banks and credit unions.
Financial organizations like yours might have trouble finding the right people for your open roles, and it’s no wonder why. And sourcing is only half the battle. Retaining great people is also a significant challenge. But Workway is here to help.
Workway’s banking and credit union recruiters supply top organizations nationwide with accounting and finance professionals who will be true assets to your operations and your company at large. We offer temporary, remote, and direct hire recruiting services for banks and credit unions across the country from our brick-and-mortar locations in California, Nevada, Arizona, Texas, and Florida.
Ready to find – and retain – the great financial professionals your organization needs to be successful? Contact Workway’s banking and credit union staffing agency today to learn more about our services and how we can help.