Employee retention

Americans are changing jobs in record numbers, posing a challenge for all employers. Here's how the Best Banks to Work For are redoubling their efforts to recruit and retain talent.

A focus on getting work done more efficiently has prompted these midsize banks to rearrange responsibilities, eliminate red tape and use technology to automate repetitive or tedious tasks. Some are also enhancing leadership development and increasing employee benefits amid an increase in turnover.

From paying for lawn care when an Army Reservist on staff was deployed to offering employees office space and laptops for their children to do school work, United Bank in Alabama aims to make life easier for the people who work there. It is also ramping up internal training programs.

This past year has proven that traditional leadership models will not take us forward. Attracting and retaining talent, especially diverse talent, depends on how well we listen to and understand the many changes in what employees value.

As part of the “New Normal” task force she created last year, Trolli set up an internal channel to provide information on topics such as managing remote work and parenting during a pandemic.

With tricked-out conference rooms, online career development tools and blocks of time for chitchat, Ally and Citizens are strengthening connections between colleagues during phased returns to the office.

More than 70% of U.S. bank workers expect their employers to allow some flexibility about where and when they do their jobs, according to a new survey from Arizent. The findings suggest that to attract and retain talent, banks will have to continue work-from-home arrangements that became standard during the pandemic.

The Texas fintech embraces a progressive culture and has taken steps during the pandemic to maintain a spirited vibe even as employees work remotely.

The Indiana-based credit union increased its starting pay for the second time in two years as part of a push to boost compensation that began in 2017.

The Eugene-based institution joined a small but growing number of credit unions that have raised their entry-level pay in recent years.

During 2020, our society has been faced with an economic crisis, health crisis, social justice crisis and environmental crisis. The pandemic has rapidly changed how banks engage with customers and employees; accelerating the shift from in-person interactions to digital engagements. Successfully leading a digital transformation requires much more than smart technology choices, culture is key.

Banks are good at updating tech for customers but need to do it for staff

Many employees, particularly women, are likely to become unexpected caregivers at some point. Companies should do more to ease their burden, says a top retirement and wealth specialist at Bank of America Merrill Lynch.

The algorithms banks use to assess the financial well-being of minorities would be more effective if Black analysts crunched the numbers, says Troynica Green, a data analyst at Regions Bank.

A contentious presidential contest and social justice protests have forced employers to consider whether these types of topics should be discussed in the workplace.

Managers have been trained on how to resolve conflicts with customers. They can use that training to minimize intraoffice political squabbling.

Many employees, particularly women, are likely to become unexpected caregivers at some point. Companies should do more to ease their burden, says a top retirement and wealth specialist at Bank of America Merrill Lynch.

Banks must address the societal issues that resonate deeply with their customers and communities, says Regions Financial chief John Turner.

A comment by the megabank's CEO could be a teachable moment as financial institutions of all sizes attempt to diversify their ranks.

The community bank has developed trivia and other Zoom-based games to keep workers engaged during the pandemic.