Employee retention

Hannah Olson, CEO of disability compliance solution Disclo, explains how she moved through days of uncertainty when her startup's bank failed.

Almost 70% of bank chief executives surveyed by KPMG said they envision fully in-office working environments within the next three years. That is close to double the average of other white-collar industries.

Even the most passionate workers may need a more flexible schedule, a hybrid office or unique training. Credit unions that want to hire and retain those people need to not only meet those needs, but also know when to help them move on to a new employer, experts say.

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.

Wells Fargo, Citigroup and JPMorgan Chase were among the large banks that last year experienced net losses of high-level bankers in their corporate and commercial units, according to a new report. Bankers are leaving largely for jobs at private equity and debt funds, according to the authors.

M&T Bank, Citizens Financial Group and KeyCorp are teaching staffers new skills and pitching themselves as innovative and fun places to work.

An ultracompetitive job market is forcing lenders to boost salaries, requiring many to caution investors that expenses could jump before profits from higher rates are realized.

Earned wage access companies are finding that their product, which allows employees to receive a portion of their salary ahead of the traditional two-week cycle, can aid nurses and other professionals in addressing the work-life imbalance that contributes to the Great Resignation.

The Florida company spent nearly $7 million in the fourth quarter on the payouts, which were made in recognition of work done during the pandemic.

Some community banks and credit unions worry that by hiring out-of-state workers to fill their many job openings, as other employers have done, they could erode community ties.