Unemployment is at its lowest rate since 2009, and job openings have increased by 73 percent. At the same time, Baby Boomers are rapidly retiring, new college graduates lack the skills businesses are seeking, and at least one third of the existing workforce is ready to quit:<\/p>\n
The number one reason employees quit their jobs, after financial considerations, is lack of recognition, and 65 percent of U.S. employees don\u2019t feel recognized at work. <\/em><\/p>\n Many banks consistently make the mistake of mixing customer experience with “customer-facing\u201d when, in reality, a bank\u2019s back-office performance plays a huge role in defining the customer experience. The efficiency, or lack thereof, of back-office roles determines whether customers\u2019 deposits and other transactions are executed quickly and properly, how long they wait for response on a loan request, and how easy (or difficult) it is to resolve problems when they do arise. These and a host of other variables help determine whether the customer has a positive or negative experience.<\/p>\n Employee recognition helps companies align employees to overall business objectives by reinforcing behaviors tied to corporate results. And it fosters employees\u2019 emotional connection with the organization, making them more engaged. Recognition promotes engagement and alignment. Engaged, aligned, and recognized employees will work harder to enhance the customer experience, and in turn generate greater shareholder value.<\/p>\n Employee alignment can be a powerful business performance tool. A well-designed employee alignment effort enables employees to deliver excellent customer service by giving them the tools they need, and ensures that all customer-facing and back-office staff support an exceptional customer experience. Employees understand that their own jobs and functions affect the experience of customers and recognize that improving their own performance will improve the customer\u2019s experience, and the organization as a whole.<\/p>\n With non-officer turnover at 18.7 percent and officer turnover at nearly 7 percent, bank employees are changing jobs at the fastest pace in many years. The cost of replacing lost employees and training new ones, and the resulting loss of productivity, makes turnover expensive. Recurring, meaningful performance conversations between employees and their managers, and surveying employees to understand their concerns and level of engagement can help to minimize turnover.<\/p>\n According to a Gallup study, \u201cHow Millennials Want to Work and Live,\u201d only about one-third of young professionals strongly agree that the mission or purpose of their organization makes them feel their job is important. And just 40% feel strongly connected to their company\u2019s mission. This is a problem that leaders need to take seriously because Millennials currently make up 38% of the U.S. workforce, and that percentage will continue to rise.<\/p>\n Young employees want to be heard, to feel included, that they matter, and that what they think is considered when making decisions. Banks realize that attracting and engaging millennial employees requires some different approaches, and are starting to implement relaxed dress codes and more ability for employees to work off-site to attract tech-savvy millennials.<\/p>\n Ensure your strategy is mobile-first\u2014the workforce is now more mobile than ever before. According to Gartner, there are more connected mobile devices on earth than there are people. Gartner expects 80 percent of businesses to support employees who use tablets by 2014. Employees can work anywhere in the world. Mobile technology can help you create and sustain a culture of recognition, even for offline employees, so build a culture of recognition for your offline and geographically dispersed workforce with a mobile-first strategy.<\/p>\nEmployee Recognition Promotes Engagement and Alignment<\/strong><\/h2>\n
Fostering a Culture of Collaboration<\/strong><\/h2>\n