How to Acquire and Retain Top Banking Professionals
Effective leadership in any bank must constantly handle numerous initiatives, one of which includes acquisition and retention of top talent. Making sure that the right employee with the right skill set is in the right position at the right time can be a tricky managerial task but a necessary one for future security and organizational structure stability.
For Small to Medium Banks
In circumstances where larger banks have an allure and attractiveness for many reasons, the SMBs have advantages of flexibility and personality. Ingenuity in HR and recruiting certainly becomes a factor in finding and gaining the attention of these potential employees, while an all-encompassing effort in on-boarding and retaining these individuals falls to everyone.
Retention of talented individuals starts by establishing clear and valuable career planning within your organization, and this conversation should work in both directions with input from both employee and executive. Provision of relevant talent development opportunities is another investment in these key junior bankers whom will eventually fill these critical roles in the bank’s organizational structure. Not only will these professional growth opportunities enable employees to experience and gain from targeted and peripheral banking education and learn about the competitive landscape, but it also reinforces a bank’s support and vested need of maintaining these individual’s loyalty and contentedness in their workplaces.
How to Retain Bankers Through Development
Banking recruiting is only the first step in the materialization of a high-performing and functionally excellent team of junior bankers. The retention of these individuals is often debated as the more difficult task. According to the Corporate Leadership Council in 2010, “27% of ‘high potential’ employees plan to leave their current employer in the next 12 months”. With many of these key individuals knowing their value in the marketplace, how does an organization keep from having them enticed away?
Simply put, if you treat your employees right, they won’t leave. They develop a sense of loyalty, and despite money still being the biggest determinant of place of employment, the high-value talent within a bank find it harder to entertain and ultimately leave for alternative banks if their allegiance is strong. Some of the ways that banks have fostered the growth of loyalty in their most valuable up-and-comers are:
- Mentorship – utilizing the experience of tenured and established employees for guidance and insight on future career management.
- Individual Coaching- temporary interventional methods to adjust existing behaviors/attitudes.
- Professional Assessments- provide insights on compatibility with potential roles and similarities to existing executives within the bank.
- Talent Engagements- events whereby bank talent and executives have the opportunity to meet and mingle.
- Talent Developments- enable the sharing of career and personal plans of key junior bankers with bank executives or senior management.
- Advanced Concentration Education- banking education opportunities.
How GSBLSU Can Help Your Retention
Investing in the specialized banking education at the Graduate School of Banking at LSU is one of the ways that you can reinforce your commitment to retaining and developing these junior bankers. The three year curriculum is geared towards addressing many of the pressing issues the banking industry is currently and potentially facing.
As one of our 2014 students stated in an end-of-session interview, the time spent at GSBLSU provides a “pause” in your career so as to further educate yourself on aspects of banking outside of one’s daily tasks. Enabling your employees that “pause” in their work shows them that you not only trust in their ability to utilize such an opportunity to better themselves, but that as an employer, you are willing to allow them to forego their daily work duties to concentrate on development for the greater good of the bank. This entrustment is significant, and many junior bankers value this knowing they are a key piece of the bank’s future with this endowment of education.
The Graduate School of Banking at LSU has been educating bankers for over 65 years and has the track record of enlightening future banking leaders with the knowledge necessary to grow into pivotal roles in their banks. For those individuals that should be retained and shown value, don’t hesitate on starting their development and growing their loyalty by enrolling them at GSBLSU.