Figure 1 Strategies for Attracting and Retaining Top Talent By Ken Derks, Consultant, and Trey Deupree, Consultant, NFP Retaining talent is one of the greatest challenges banks face in today’s dynamic workforce. In fact, staff retention is among the highest concerns, as noted in the 2024 Annual Survey of Community Banks, conducted by the Conference of State Bank Supervisors (see Figure 1). With employees spanning multiple generations — from baby boomers to Gen Z — a one-size-fits-all approach to compensation no longer suffices. Each generation brings unique perspectives and expectations to the workplace, making it crucial for banks to develop tailored compensation strategies that incentivize retention across all age groups. For example, as baby boomers (born 1946-1964) approach retirement or work post-retirement, many Boomers seek stability with generous retirement benefits and health insurance. Gen X (born 1965-1980) values competitive salaries, work-life balance and retirement contributions. Millennials (born 1981-1996) and Gen Z (born 1997-2012) place a strong emphasis on meaningful work, transparent compensation, growth opportunities and short- to mid-term bonuses to help pay for other pre-retirement financial goals such as purchasing a home or funding a child’s education. INCENTIVIZING RETENTION GENERATIONS: COMPENSATION BEST PRACTICES ACROSS 10
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