How Better Processes Can Help Solve Your Talent Crisis
March 31, 2016
As the nation’s unemployment rate continues its downward trend, many credit unions are celebrating higher loan demand and lower loan losses. But as most employers know, low unemployment levels have a darker side.
Great talent is precious and sometimes elusive. To survive and thrive in the highly competitive and rapidly evolving financial services industry, high-quality employees are needed for everything from strategic guidance to client-facing interactions and back office functions.
Even when unemployment rates were high, credit unions reported receiving lots of job applications but few of the right applicants. With today’s better job market comes the added pressure of turnover due to good workers seeking better positions.
There is plenty of advice written on recruiting and retention. Much of it focuses on benefits, perks, recognition, and employee development. But one aspect that is often overlooked is the daily work experience. What is it really like to work at your credit union? Do your employees feel that they’re part of a high performing team, receiving positive feedback from delighted members and internal customers? Or are their days filled with performing tasks without a valid purpose and asking members to jump through manufactured hoops?
Talent management and process improvement are inextricably linked. That may sound strange at first, but high-quality employees want to work in a high-performing organization, and one of the keys to a high-performing organization is good processes. Good processes deliver better member and employee experiences and can increase member growth and lending, in addition to creating happier members. All of which leads to an upward spiral toward an engaged workforce that is excited to be a part of the organization.
The most desirable employees want to be associated with the best “bank” in town. Better processes are one of the keys to making that goal a reality.