Banking is not a “show up and pick up your paycheck on Friday” kind of job.
Your team deals with your customer’s money! And what’s more important than that … except maybe who takes care of your kids?
We ask our staff to be reliable, show up on time, look appropriate and act professionally. But it’s so much more than that. We ask them to, at minimum, have a basic understanding of lending, savings and investments … maybe even insurance. We expect them to know what questions to ask to help make an informed product or service recommendation. They should know how to use our online banking, bill pay and our apps.
Let’s face it, your team rocks!
But how do you let them know?
Studies show that a defined employee recognition program is key.
From “The ROI of Recognition in building a More Human Workplace”
Good Vibes Beget Good Vibes
Well recognized employees are happy employees. And happy employees are more productive, take pride in their work, have more trust in the company and are happier at home.
A study in the Globoforce whitepaper: The ROI of Recognition in building a More Human Workplace found that 75% of employees are less likely to leave when they receive recognition and rewards at work.
You Scratch My Back…
When you appreciate your team, they appreciate you right back. A sound recognition process will let everyone know that they are valued and trusted.
In banking, I always say that we don’t sell checking or loans, we sell TRUST. And that TRUST starts in the board room and CEO office and trickles down. A well recognized employee will feel the autonomy to make smart decisions and do what is right both for your customer and for your institution.
A recent SHRM blog states, “The act of appreciating others naturally connects people more closely, at work and at home. In the survey, 70% of employees say recognition makes them feel emotionally connected to peers while another 70% say recognition makes them happier at home.”
Hiring Sucks!
Retention was the #1 challenge identified by HR professionals. Let’s face it, turn-over costs. To replace a team member, you need to take out ads, take time reviewing resumes and interviewing, you need to train the new hire and get them up to speed … all costs associated with just getting the new person to where you were when the original employee quit.
It’s obvious, happy employees stick around.
When asked what leaders could do more of to improve engagement, 58% of respondents replied “give recognition”
~ Psychometrics
A Cool Fun Option
One cool option that I found is Motivosity, a social media-style online platform that not only allows management to recognize staff, but encourages employees to recognize and reward each other through the use of online currency. It’s a cool way to gamify your recognition and reward program.
When Setting Up your Employee Recognition Program:
- Tie rewards to your institution’s core values and principles
- Assure there is value in the employees’ minds
- Create a system that encourages the team to work together and break down silos
- Make it fun
- Make it sustainable
- Don’t let it get stale
If you don’t already have a well-defined employee recognition program, consider making it a top priority. If you have one, make sure that it aligns with your institution’s core values.
See also:
- Dear Banks & Credit Unions, Don’t Insult Me
- I’ve Seen It All Before. Which Experience Are You?
- Credit Unions & Community Banks Struggle to Stay Relevant.
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