Two Strategies to Improve Employee Retention Now
During the global pandemic and associated lockdown, many Americans lost jobs or experienced a shift in how their jobs were performed. For many people, the lockdown gave them some time to reassess their careers. Many of them decided that it’s time for a change.
You’ve probably heard reports on how the restaurant industry has been struggling to find staff to fill a variety of positions. That struggle is not limited to the restaurant industry. According to Bankrate, their August 2021 Job Seeker Survey found that 55% of Americans in the workforce (those who are either employed or looking for a job) say that they are likely to look for new employment in the next 12 months. Some of those job seekers may be employees at your credit union.
Why Are Americans Job Hunting? One of the top things job seekers are looking for in a future career is flexibility. This makes sense given the work environment many found themselves in throughout 2020. After being forced to work from home, remote work has gone from something employees were forced to do to continue working to becoming the preferred way to work for many. For others, job security and higher pay are the top priorities.
Another thing those job seekers are looking for: purpose. The pandemic has given many working Americans the chance to reassess their values and how their job fits into those values.
If credit unions are to retain their workforce, they need to understand their employees’ needs and adapt to new expectations. This isn’t simply about appeasing credit union employees in the hopes that they will stay. It’s about finding a balance between what resonates with the staff and what works for your business. The American workforce now has the power to find and get more out of a career, so don’t be surprised if a member of your staff decides to use it.
Here are two strategies CUs can use right now to help with employee retention.
1. Reassess Remote Work
Now is a good time to reconsider your thinking around flexibility and productivity. Look at your workforce overall. What will allow your staff to be the most productive? Who needs to be in the office and who works best remotely? Would a hybrid model work well for you? The answer will vary between credit unions and individuals but allowing for some flexibility can put your staff on the path to greater success.
Also, do you even know what your employees think about this? Ask them. Surveys and interviews with employees will give you a much stronger sense for how your employees would prefer to work -whether it’s back in the office full-time, in a hybrid schedule, or working permanently from home.
2. Double-Down on Purpose and Mission
The pandemic has given a lot of Americans the chance to reassess their work, their career path and their values. Companies that offer their employees and prospective hires a clearly defined vision and an opportunity to live out desirable values through their work are going to be better at retention, argues Nicki Gibbs, EVP of Beehive Strategic Communication.
“By better articulating your institution’s values and clarifying your reason for operations — whether it is mission or purpose — your financial institution can set itself up for growth, even as your competition struggles to differentiate,” Gibbs argues. “Purpose- and mission-driven companies are better to work for and do business with because their commitment to their ‘why’ enables a better customer, employee, partner and shareholder experience. This is imperative in a banking world that is changing rapidly —both technologically and socially.”
This trend started well before the pandemic, but it has only become more important now. CUs may have an advantage over other financial institutions, since mission is core to many CUs’ brands, but don’t assume that your mission is as defined as it could be. Or, more importantly, that your CU is living out that mission. If your mission is an empty promise, your employees will see it for what it is.
