3 STAGES TO UNLOCK A PEOPLE-FIRST WORK CULTURE We all know how hard it is to attract and retain top talent in the competitive community bank market. The challenge is even more acute today, considering how macroeconomic conditions have changed during the past several months. As a Chief People Officer, I have seen the value of creating and maintaining an agile, people-first work culture. Its daily contribution to operational effectiveness is enormous, serving as a stabilizing and steady force even in the face of external obstacles. You might wonder, “How will investing in my bank’s culture help it achieve growth and attract top talent?” As a response, this article will present industry insights and specific steps toward building an agile, people-first culture that could give your organization a competitive edge. THE HIGH COST OF EMPLOYEE DISSATISFACTION The cost of overlooking employee engagement and turnover can be significant. According to Gallup, the cost of replacing a disengaged individual employee can range from one-half to two times the employee’s annual salary.1 Meanwhile, companies with the most engaged employees were 22% more profitable than those with the least.2 Signs of “disengagement” are as you might expect. They can include a slow working tempo, lack of interest in work, being easily distracted and minimal output. Additionally, disengaged employees often possess negative attitudes about their work and organization, which can hurt the productivity and morale of your other employees — not to mention your bottom line. THREE STAGES OF CULTURE DEVELOPMENT To avoid the cost and hassle of recruiting new talent while maintaining an excellent relationship with your current employees, consider these three key points to create an agile, people-first company culture: Know Your Purpose, Know Your People and Build Your Culture. 1. Know Your Purpose Define your bank’s culture so that it becomes your “North Star.” Start by establishing new core values or refreshing existing ones. Conduct a thorough analysis to identify what values you want your employees to demonstrate within the context of what is most important to your bank and to your community. This approach can provide your team with a specific direction in which to anchor expectations and an actionable roadmap for employee behaviors. It is also important to recognize and acknowledge appropriate behaviors. It will help reinforce and speed up the adoption of the culture you hope to build. Establishing a system of core values also helps serve as a guideline for the type of individual you want to hire and who you want to promote. 2. Know Your People The needs of employees constantly evolve, especially during major macroeconomic events such as a recession or the recent pandemic. There are easy ways to regularly gauge your employees’ moods and attitudes. For example, a comprehensive semiannual employee survey can provide feedback about what is working, what is not and what can be done better. This information can help ensure your culture is embraced and allows you to quickly address any unfavorable trends that may emerge. Taking the time to build relationships with your employees and getting to know them on a personal level can also yield beneficial cultural impacts. Authentic connections between individual contributors and their senior leaders can forge a powerful “in it together” perspective that fuels employee satisfaction and spirit. Employees who feel respected, heard and seen can become By Katie Barnes Chief People Officer, BHG Financial, ICBC Preferred Provider and ICBC Associate Member 16 | INDEPENDENT REPORT
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