Employee retention

Refining internal processes and reassessing daily workflows is more important than ever at a time when bankers are frequently asked to do more with less.

The nation's three largest lenders — Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group — said they are allowing more flexibility, eschewing a minimum number of office days per week, as experienced elsewhere.

The institution took the lead spot in American Banker's annual ranking of Best Credit Unions to Work For in part by giving employees freedom and flexibility in how they do their jobs.

Merely telling employees what to do may get the job done, but telling them why they're doing it fuels engagement.

As the industry manages high turnover, more companies are expressing dissatisfaction. Among firms that switch to a new bank, the previous bank's lack of knowledge about their business is an increasingly common reason, according to a recent survey.

An aging workforce will likely force banks to reconsider the employees they recruit, especially for executive roles.

JPMorgan Chase CEO Jamie Dimon and Bank of America Vice Chairman Paul Donofrio were among the high-level executives who last year received multimillion-dollar retention payments. The awards — sometimes known as “golden handcuffs” — were driven by the most competitive job market in recent history.

The chief executives of KeyCorp, Comerica, Cullen/Frost, First Republic and Bank of America all received pay bumps of between 31% and 64% in 2021. Here's a look at the industry's top-10 finishers.