Pub. 1 2021 Issue 2

22 | The Show-Me Banker Magazine TOP 4 POST-COVID PRIORITIES FOR COMMUNITY BANKS After a dark year, there appears to be some light at the end of the COVID-19 tunnel. As such, many banking leaders are thinking about their post-COVID priorities. A recent survey by The Servion Group sought to gauge what banking leaders believe is most import- ant as their banks emerge from the crisis. The survey asked, “What priorities do you believe your institution should or will address in the wake of this crisis?” The four particularly popular answers discussed be- low reveal that the pandemic era’s challeng- es may lead to permanent changes in the way banks operate. # 1. Remote Work Policies The No. 1 survey response shows community banks are now giving some deep thought to their post-COVID remote work policies and with good reason. According to The Financial Brand, work from home ability will be key to attracting and retaining talent in the future: “Flex- ible working arrangements are no longer a perk — they are becoming table stakes. Post-COVID, employees will see a loss of this newfound freedom as though they are not trusted by management despite the evidence that they’re performing more than well enough to be trusted. Moreover, research from the International Workplace Group found that 80% of em- ployees wouldn’t take a job that didn’t offer work-from-home flexibility. And, according to Buffer’s 2020 State of Remote Work Report, a remarkable 98% of employees said they want to work remotely at least part-time for the rest of their careers. Community bank leaders are right to be thinking about the role of remote work in their workplaces. Leaders must engage with their employees, find out what they really want, and find a balance between home and office work that fits both the bank and its employees’ needs. This graph shows the survey question and all the available responses. #2. Cross-Training and Knowl- edge Transfer Community banks were faced with new challenges when employees had to quarantine due to being diagnosed with COVID, exposed to it, or to care for a loved one who had the virus. The unexpected absences of employees often left knowledge gaps within the organi- zation and made it difficult to get things done. Survey respondents indicated that cross-training would be a major prior- ity going forward, so there are multiple employees who know how to perform certain tasks, and nothing is dependent on one person. #3. Technology Infrastructure Technology infrastructure received the third-most votes in our survey. Applying and building on the lessons learned from the COVID-imposed work-from-home en- vironment is something FI leaders should set as a goal. For community banks, it will be important to think about: • Data security • Customer data security • Hardware and software designed for the modern digital environment • Communications tools, including phone systems, meeting software and more • Integrity and strength of IT security of vendor partners #4. Training or Retraining Employees on NewWays of Working (Reskilling) Community banks want to adapt em- ployees’ skills and roles to a post-COVID environment. Putting the right people in the right places, and ensuring people have the right training, will help banks build resilience. Don’t be afraid to make bold moves and try new operating meth- ods that make better use of your employ- ees’ skillsets.