How Banks Cut Turnover with Smart Retention Strategies
“There's one foundational area that will remain pivotal to success: the ability to attract, retain, manage and grow talent.” - bankdirector.com. To out-maneuver all of the competitors in today’s banking landscape, you will need another way to retain your people and you will need to be outside the box.
Sadly, a $3 an hour raise at a bank across the street may take away your employees, unless you have something truly different.
Part of what makes your bank different from others is your culture. In this case culture is meant as a combination of attitude and atmosphere. Do your people care and will they stay?
BankerBounty is an employee referral incentive program designed specifically for community banks. The program accomplishes this in many ways. First of all, there are incentives involved. This means that everyone, customer facing or not, will have the opportunity to make extra cash in exchange for growing the bank.
Secondly, there are leaderboards and ways to track leads in BankerBounty that allow for some friendly competition among employees.
And last but not least, BankerBounty is an App. Employees can take it anywhere they go and submit leads after talking with friends and acquaintances at any time!
Here’s a quote from a longtime community banker and Century Bank CEO, Derek Williams: “BankerBounty is the easiest, most equitable way I have ever found to incent our employees to help bring new customers into our bank. It’s been a long time since I’ve seen our folks this excited about a new product and the opportunity to grow our customer base.”
Want to know more? Check out BankerBounty today! Set up a Demo or reach out to the author at wrainer@bankerbounty.com!
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