KBA CHAIRMAN’S CORNER by James A. Hillebrand Chairman & CEO, Stock Yards Bank & Trust Co. 2021-2022 KBA Chairman
EMBRACING THE
“Great Retention”
Every challenge is an opportunity. For many of us, one of the biggest hurdles facing our banks in 2022 is our people. By now, you’ve heard of the “Great Resignation” – an economic trend where employees are resigning from their positions en masse, at a pace never seen before. I challenge you to think of it instead as the “Great Retention.” This growing trend is a reminder of the importance of intentional and proactive actions to retain the employees you have. Here are some questions to ask yourself and your management staff to explore where you can improve your retention and attraction efforts.
Are we listening to our employees? One fantastic tool we’ve found is the annual “Best Banks to Work For” employee satisfaction survey through American Banker. I was happy to see several Kentucky banks on this year’s list alongside Stock Yards Bank & Trust including United Community Bank, Independence Bank, and Kentucky Farmers Bank. I personally read every single comment that comes back through those surveys. Our team combs through responses to identify themes, grade our own performance and create actionable plans for improvement. Every bank should have dedicated staff and feedback channels to collect and review constructive criticism from employees and work to foster an environment that encourages employees to speak up and provide their perspective. In many cases, employees don’t quit jobs, they quit managers or environments. Actively listening can ensure that any potential issues are identified and resolved before they push good team members out the door.
While you may think all employees know what your company stands for and how it got where it is today, you could be surprised to find they aren’t as rooted in your team as you’d like. Look to identify ways to live your philosophies and show pride for what your bank has overcome.
Are we celebrating each other? Don’t leave it up to the company to plan events and congratulate your teams. At Stock Yards, we ask our managers to go above and beyond to celebrate members of their staff on birthdays, holidays and any day when recognition and encouragement could be warranted. Taking an interest in the priorities and affinities of staff gives us opportunities to personalize our approach to management and celebrate each other better. We also encourage community involvement so that staff can choose the charities and causes that mean the most to them. This gives individuals a sense of accomplishment that’s tied to the work they do for you. We also create awards programs based on our core values to ensure our employees actions match our overall vision. Here we can honor staff in a way that’s meaningful and authentic.
Are we building a path forward together? We talk a lot about building relationships with customers, but internal relationships are just as vital.
Stock Yards Bank is proud of its history and values – and we work to ensure our staff is too.
Talk openly and honestly with staff about where the bank is going and how we can get there together. Managers should be empowered to meaningfully review each employee annually. This means giving managers the time and tools they need to focus on individual staff members and work with them to chart their course with the company together.
We review our core beliefs each year to adapt and evolve along with our business and industry. We talk a lot about the ‘why’ behind those core beliefs, both internally and externally, to build trust and loyalty.
Banks need to also help their teams learn and grow. KBA has a number of valuable training tools and events to further a staff member’s career within your organization. Be sure those opportunities are readily available and encouraged among your team members.
Are we living our core values?
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