When did the first want ads appear? Not long after the first major newspapers came into existence. Take “The Guardian” for example: the UK publication was founded in 1821, and by the 1840s began posting job openings. Other newspapers soon followed suit. The types of jobs in the classified ads were initially for positions such as clerks, ladies-in-waiting, office workers, or apprentices. Over the next 200 years, want ads grew to include occupations across a wide swath of industries, and newspaper classified ads reigned supreme until online job sites emerged in the 2010s.People primarily look for jobs online now, and standing out from your competitors locally, regionally, and even globally requires more strategic effort. Once you’ve successfully recruited new hires, the strategy then transitions into retaining them. There are a number of different practices you can enact to help your community financial institution’s (CFI’s) recruitment and retention efforts to ensure that you attract and keep the quality talent you’re looking for.Recruitment StrategiesRecruitment is more than just the jobs you post online — it’s about doing what it takes to find the right fit for the role you want to fill. The following are some key areas that will make recruitment a smoother process:
- Clearly define the job duties. Posted job descriptions should be accurate and transparent. Moreover, your CFI’s culture should be clearly stated to attract like-minded candidates who will better mesh with the internal work environment.
- Offer competitive compensation. While many people may be looking for jobs these days, don’t be tempted to offer salaries below market value, or else new hires will just find a better job as soon as they can get one. If you want quality talent to stay, offer them compensation packages that fit their skill level and experience. Smarter yet: offer them a bit more money and slightly better benefits than your competitors, and chances are you will be the one to nab the top-tier candidates.
- Seek out specific talented individuals. Seek out specific candidates who possess the desired skills and experience, both by networking within the community and taking advantage of LinkedIn and other job sites. If possible, customize your queries to each candidate after researching their interests. This may take time, but the payoff can be worth it.
- Use referrals. Existing employees remain the best source for referrals, as they can serve as ambassadors to spread the word about your culture. Financially incentivizing them can make employees be even greater champions: the $490MM-asset TriStar Bank in Dickson, Tennessee offers employees $50 for each referral and another $500 if the individual is hired and stays for at least 90 days.
Retention StrategiesNow that you’ve acquired your new talent, the goal shifts to keeping them. The following are strategies to implement that can keep your new and existing employees motivated, engaged, and eager to stay:
- Offer flex time. Being able to work flexible schedules has now become common practice, and more CFIs are also letting greater numbers of their employees work remotely. According to Charles Potts, chief innovation officer for the Independent Community Bankers of America (ICBA), flexible schedules take precedence over even salary. "When you look across recruiters and market analysis, you find salary and compensation is usually the third, fourth or fifth [item] on the list of what people are looking for," Potts says.
- Include highly-valued perks. Work perks boost employee morale, especially if they address personal pain points they may have. Wellness programs assist your employees with their health-related needs, employee discounts can ease financial burdens they might be experiencing, and generous paid time off packages promote a healthy work-life balance. For example, the $1.3B Martha's Vineyard Bank in Edgartown, Massachusetts bought apartment units on the resort island and rents them to employees at subsidized rates so they can afford to live where they work.
- Provide growth opportunities. Give promising talent important projects and initiatives to enhance their leadership and job skills. Employees who can see a path forward to advance their careers are motivated and much more willing to stay with the company.
Beef up your recruitment and retention strategies by offering competitive compensation packages, flexible schedules and work environments, highly-valued perks, and avenues for professional development. You will likely be rewarded with key talent choosing you as an employer of choice.
