In an era of digital customer interactions and shifting employee loyalties, employee recruitment begins with demonstrating technology support and competency.
by Doug Wilber
WThe winds of the workforce are changing on a dime. That makes it harder than ever for banks to recruit and retain top talent.
Now that they are competing with tech firms and fintechs, banks are no stranger to the pain of talent acquisition. In fact, attracting qualified talent was the top concern for US bank executives in 2022, with 67 percent identifying it as a main concern.
Furthermore, in 2022, bank billing at the non-official level it reached 23.4 percent, a large increase from 16.2 percent a year earlier. And loan officer turnover can be as high as 80 percent for some lenders Many of the respondents mentioned a lack of support.
Given continued economic uncertainty and lingering sentiments about The Great Quit, banks benefit when they provide incentives that show potential employees why they should come and stay.
Enter social networks. Social media is not only a great way to find the best candidates (86 percent of job seekers use social media in their job search), but banks that demonstrate their tech skills on social media to recruits are more likely to win the race for talent.
Here are three ways banks can use social media and digital tools to support their hiring pitches:
1. Show your investment in your employees. For job seekers, having access to the best tools shows them that an institution is truly invested in its people and their ability to succeed if hired. That means banks benefit when they enable technologies that help employees thrive in an era of digital transformation. A great example is a platform that allows loan officers, agents, and advisors to post compliantly to their social networks. They can use thought leadership and personalization to grow existing customer relationships and create new ones, all while driving real business results. This is known as social selling.
2. Allow producers to optimize their processes and focus on sales. Loan officers, agents, and advisors who have more tools at their disposal will outperform those who don’t. Without the right systems, these employees can get bogged down in the details. Especially when building a social media presence or social selling program, the right tools and guidance are critical. Loan officers and financial advisors are generally not trained be social media influencers, but with the right help, they can be. All while staying focused on what he does best.
3. Leverage social selling to grow. The better a bank’s producers are at their job, the stronger the institution itself will be. Having access to technology and social media increases the overall probability of success for organizations. This is particularly true for tools that enable social selling: social sellers are 51% more likely to meet quota, have 65% higher new customer volume, and 78% more likely to outsell their peers compared to those who don’t engage on social media. What leaders put into their employees will come back to them.
In an era of digital customer interactions and shifting employee loyalties, employee recruitment begins with demonstrating technology support and competency. With the right tools, recruits can see the value in working for an institution that has the means to make them successful every step of the way.