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. 3 Stages To Unlock A PEOPLE-FIRST WORK CULTURE By Katie Barnes, Chief People Officer, BHG Financial “Employees who feel respected, heard and seen can become personal ambassadors of your bank’s culture within your institution and community.” 30 | The Show-Me Banker Magazine
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