Pub. 7 2017-2018 Issue 3

10 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S How to Hire Millennials Now National study offers insight on attracting millennials into the banking workforce BY KEDRAN WHITTEN, CHIEF MARKETING OFFICER, CSI M illennials continue to perplex a good portion of the American business population; we want toknowwhat attracts andmotivates them, andkeeps themcomingback formore. For thebanking industry inparticular, it really boilsdown toone simplequestion:Howdo we win this generation? With that inmind, CSI, inpartnership withTheCenter forGenerational Kinetics, conducted a national study of 1,008 U.S. adults ages 21-65—the purpose of which was to formanaccuratepictureof banking trends as they relate to different genera- tions, with a keen focus on what makes millennial customers tick. But, the survey went a step further to examine millennials in the workplace and uncover their thoughts on pursuing a career in the banking industry. After all, financial institutions need to attract not only millennial customers, but also the millennial hire. That’s with good reason: according to PewResearch, millennials—ages 20-36— have taken the torch from baby boomers not only as the country’s largest gener- ation at more than 76 million, but also as the largest segment of the American workforce. When it comes to hiring millennials, banks have a few hurdles to clear. Ac- cording to CSI’s study, 91% of millennials believe that working at a financial insti- tution is a respectable career choice (94% of both baby boomers and Gen X believe the same). But the majority of millennials aren’t preparing themselves for positions in banking. Only one in three millennials would consider a job in banking Whenwe pressedabitmore andasked how likely survey respondentswouldbe to accept a job at a bank, only one-third of themreplied they’re likely or very likely to do so. Not bad, but it leaves obvious room for improvement. So, how can your finan- cial institution ensure it will be staffed for the future? For insight, we turned to Becky Hall- man, assistant vice president and human resources director at River Bank & Trust, based in Prattville, Ala. The $809 mil- lion-asset bank with 10 offices across Alabama has an impressive record of at- tracting and hiring millennial staff: of its 146 employees, 60 of them—or 41%—are millennials. “My advice would be to get more involved with local schools and colleges, and to look into creating an internship program that would attract either high school seniors or college students who can be cross-trained in multiple areas of the bank,”Hallman says. “We stay in close contactwith college advisorswho canhelp place outstanding students nearing grad- uation in a particular position that we are looking to fill.” While River Bank, a CSI NuPoint® core customer, seeks ultimately to place the right applicant in the right position, Hallman adds, “we also understand how important it is to attract these millenni- als because they can have a lot to offer, especially as it relates to technology and thinking outside of the box. The technol- ogy within banking in general is always changing at a fast pace, and it’s important for our employees to keep up with these changes.” Attracting millennials to the hiring line When it comes to factors that would excite millennials about accepting a job at a financial institution, they’re surpris- ingly traditional. According toCSI’s study, 42% of millennials said that after salary, traditional benefits like health insurance and retirement savings plans were the