Add empowerment to build confidence with employees to see growth in loyalty
Finding and retaining talent is a challenge across every industry, and banking is no exception. Workers are resigning their positions at unprecedented rates, leaving banks and credit unions under pressure to staff those roles. As a result, competition is steep for new workers, and companies are getting creative with recruitment incentives such as offering hiring bonuses and raffles.
According to economists, this trend of quitting and hiring isn’t going away anytime soon. Plus, the cost of replacing an individual can range from one-half to two times the employee’s wages. So, engaging and retaining talent must be a top priority for all financial institutions.
New Hiring Strategies Demand New Training Tactics
The urgency in hiring is also creating new hiring strategies. Bloomberg reported that some banks are turning to ex-offenders to fill roles. For example, JPMorgan gave jobs to 2,100 people with a criminal record in the U.S. last year, 10% of all new hires. Many are hiring workers with no industry experience or expertise.
Starting a new job is not always easy. So, you want to make the transition for new employees as smooth as possible. Having the tools to be successful can make all the difference for inexperienced staff. And consistent communication, feedback, and support will go a long way, as will creating a sense of belonging to your organization.
When hiring inexperienced workers, you must have a plan to quickly bring them up to speed. Eliminating roadblocks that cause frustration in those early days is vital. New employees need to gain early success to feel confident in their new positions. The last thing management needs is a new hire to feel overwhelmed and quit. And every bank and credit union is running lean, so maximizing employee productivity is critical.
Provide Staff with the Best Tools
Your staff needs to have the right tools to provide the excellent customer service your organization demands. Unfortunately, with the breadth of available products to sell in banking, it can be challenging for staff to know which product fits which clients’ needs. As a result, sometimes associates repeatedly recommend the product they consider the simplest – for example, a free checking account. Adding intelligent, interactive and informative applications that do all the heavy lifting for the new employee will delight both the new employee and endear the customer all while boosting the bottom line.
Digital Conversations Guides Turn Inexperienced Staff into Experts
Using digital conversation tools, you can help bridge any knowledge gaps your inexperienced staff may have. From day one, staff has the tools to guide them through engaging conversations that uncover customers’ current circumstances and get to the heart of their unique needs. With guided conversations, staff quickly has the expertise to ask the right questions in a manner that puts customers at ease, making inexperienced staff look like pros. Make new employees experts from day one.
These tailored conversations allow inexperienced staff to have all the necessary information to deliver personal, accurate, and consistent product recommendations. Right from the start, your team can engage in meaningful customer conversations and advise customers on the best solution for their exact needs. In addition, new employees gain immediate confidence with the realization that they are providing value to customers by relieving financial stress.
Furthermore, with easy access to relevant customer data from previous interactions and profile data, unfamiliar staff has the knowledge and certainty to engage with clients and guide them on their financial journey.
Providing inexperienced staff with the right tools to make them successful shows you care about them and their success in your organization.
Click here to learn how our intelligent conversation guides can turn your new staff into experts.
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