“We’ve got a number of people who are second or thirdgeneration who have worked here,” he said during a recent episode of Banking with Interest. “To me, that’s very telling. There’s no higher compliment than someone who recommended to their child that they should work for us because they’ve had such a good career here.” Keep an eye on inefficiencies Today, most banks are operating in hybrid environments. According to Bank Director’s 2022 risk survey, 82% of banks have employees that work remotely at least part of the week. But for all the flexibility and convenience of hybrid work, there are downsides, too. Despite an abundance of technologies that facilitate remote collaboration, coordinating in-person and online cohorts simultaneously can be time-consuming. To adapt, banks should consider looking for ways to increase efficiency. One way could be by streamlining meetings. Employees hated long meetings before the pandemic, and whether they are back in the office or still meeting over Zoom, they have even less patience now. Some quick tips: only invite people to meetings who absolutely need to be there; craft and distribute an agenda in advance; and encourage everyone to participate while not letting anyone speak too long. Or, consider avoiding hybrid meetings altogether. “Try to be either fully on or fully off,” said Dimitrios Lagias, managing director at Boston Consulting Group, at a recent Consumer Bankers Association conference. “Start planning as teams rather than individuals.” Of course, the challenges posed by hybrid environments are bigger than meetings. For instance, managers of hybrid teams will require new skill sets, and banks may have to revamp their training programs accordingly. Use technology to empower workers Much of the discussion on the benefits of workplace technologies revolves around automating tasks or controlling how employees work, for instance, by monitoring keyboard strokes or messaging channels. Such technologies were designed to boost productivity, but for obvious reasons, they were never popular among workers. With so much burnout in the workforce today, the mere mention of a surveillance application or monitoring software could trigger a dash for the exits. But what if banks used technology to give employees more autonomy, not less? In industries such as healthcare, consumer electronics, and fast food, organizations are already using technology to give workers more input into strategy and automate middle-management functions. Banks are more hierarchical than other types of organizations by necessity, given their importance to the economy and the regulatory requirements they face. But that doesn’t mean opportunities to reduce bureaucracy don’t exist. A new era demands a different approach Addressing challenges posed by the Great Resignation won’t be easy. Beyond obvious measures such as listening to employees, offering more accommodating work arrangements, and resisting the impulse to make top-down decisions without bottom-up input, community banks will likely need to change their employee value propositions to keep folks around. Some of the measures listed above are costlier and more difficult to implement than others, and not all of them will work for every institution. But one or more might, and considering different options could inspire more ideas. Either way, one thing’s certain: The work landscape has changed dramatically due to the pandemic and attempting to return to the status quo won’t work. IntraFi is the #1 provider of deposit products to U.S. financial institutions, a leading provider of overnight and term funding solutions, and one of the nation’s best places to work. The company’s network of nearly 3,000 banks – the largest of its kind – brings scale, stability, and the confidence of working with a category leader. Its members include most of the nation’s community banks, minority depository institutions, and community development financial institutions. September • October 2022 23
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