TRADE-OFFS: "At the higher-level positions when people come in, they are looking for a better quality of life and are willing to sacrifice the big bonus you might get if everything goes well" at a commercial bank, says Stephen Lewis, president and CEO of Thomaston Savings Bank.

Mutuals Must Get Creative to Retain, Recruit Employees

Mutuals also face a disadvantage with succession planning because they are unable to offer equity-based compensation. Instead, mutuals need to highlight cultural advantages that include a better quality of life and greater stability.

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