BVS Blog

• September 11, 2023 Value Them — or Lose Them by Phyllis Simon, Chief Sales and Marketing Officer, BVS Performance Solutions

  Fall typically signifies back to school. Fresh start. Anything's possible.

  Has your staff returned from their summer vacations re-energized, looking forward to what's next, feeling valued? You're going into the fourth quarter with great people. Will you keep them? How does YOUR financial institution rate when it comes to reducing staff turnover and improving retention?

  Here's a friendly reminder of what keeps employees engaged and committed:

  1. Competitive Salaries and Benefits: Offering competitive pay and a comprehensive benefits package is essential for retaining high-quality staff.
  2. Career Pathing: Clearly outlining career progression opportunities and steps for advancement within the organization.
  3. Training and Development: Offering ongoing training programs, upskilling, and reskilling initiatives.
  4. Work-Life Balance: Flexible working hours, remote work opportunities, and generous leave policies can improve employee satisfaction.
  5. Employee Recognition Programs: Providing regular recognition and rewards for good performance pays dividends.
  6. Effective Leadership and Management: Employing competent managers who can effectively lead and inspire teams is crucial. Ineffective management is often cited as a primary reason for leaving a job.
  7. Regular Feedback and Performance Reviews: Transparent and consistent feedback helps employees understand their strengths and areas for improvement, leading to higher job satisfaction.
  8. Cultural Fit: Building an inclusive and diverse corporate culture where everyone feels welcome and valued.
  9. Mentorship Programs: Having a system where experienced employees can mentor newer ones can not only help in quicker onboarding but also foster a culture of growth and learning.
  10. Transparent Communication: Keeping channels of communication open between management and employees improves trust and job satisfaction.
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