Independent Banker - January 2024 - 41

Boost your employees' experience in 2024
You're probably familiar with this oft-quoted saying by Ray Kroc: " You're only as good as
the people you hire. " While that's true for any organization, hiring and retaining top talent is
especially challenging for the financial services industry, and it will continue to be so in 2024.
Although employee benefits for financial institutions' staff have increased, there remains a
significant decline in talent retention for financial institutions.
According to the 2022 Crowe Bank Compensation and Benefits Survey Highlights, retaining
younger talent at financial institutions is particularly challenging: " Fifty-four percent of banks
responded that retaining younger talent is 'somewhat challenging,' 12% responded that it is 'very
challenging' and 34% of banks responded that retaining younger talent is 'no more challenging'
than other age groups. The percentage of banks that responded 'somewhat challenging'
increased by 19% from 2021. " Here are three ways your bank can attract and retain top talent:
1.
GIVE EMPLOYEES
OPPORTUNITIES
TO GROW AND ACHIEVE
THEIR CAREER GOALS.
According to LinkedIn's
report, How Learning
and Development
Attract and Retain Top
Talent, " Employees who
don't believe they can
achieve their career
goals with a current
employer are 12x more
likely to consider
leaving. With new
employees, the number
skyrockets to about
30x more likely. "
2.
PROVIDE A
POSITIVE
WORK ENVIRONMENT.
According to a
study conducted
by Zipdo:
* 95% of employees
believe culture is
more important than
compensation.
* A positive culture
results in 30%
better customer
satisfaction levels.
* Organizations with
strong cultures saw
a 4-times increase in
revenue growth.
3.
PROVIDE A FLEXIBLE
WORKPLACE. According to
research from Topia, employees
overwhelmingly prefer flexible work
accommodations. According to the
study, 41% said the flexibility to work
from home would cause them to
change jobs, 35% said the option to
work remotely would cause them
to seek employment elsewhere
and 56% defined an " exceptional
employee experience " as one that
allowed them to work in whatever
location they want. While this may
only be feasible for some community
bank positions, remaining flexible
can go a long way to attracting and
retaining top talent.

Independent Banker - January 2024

Table of Contents for the Digital Edition of Independent Banker - January 2024

Contents
Independent Banker - January 2024 - Cover1
Independent Banker - January 2024 - Cover2
Independent Banker - January 2024 - Contents
Independent Banker - January 2024 - 2
Independent Banker - January 2024 - 3
Independent Banker - January 2024 - 4
Independent Banker - January 2024 - 5
Independent Banker - January 2024 - 6
Independent Banker - January 2024 - 7
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Independent Banker - January 2024 - Cover3
Independent Banker - January 2024 - Cover4
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