Part II: What Defines a Great Place to Work?
What Makes a Community Bank or Credit Union a Great Place to Work?
Key Lessons Learned from Trends of Successful Companies
Written by Donna Thaxter, Training, Coaching and Professional Development Consultant.
We’ve identified Five Key Focuses shared by financial institutions that have succeeded in becoming highly regarded employers in their respective communities. We covered the first two strategies in our first article in this sequence. In this Part Two article, we’ll focus on three additional strategies adopted by desirable workplaces. These core strategies can help your institution build a stronger employer brand, attract and retain top talent, and foster a culture where people thrive at work and contribute to the institution's success.
In case you missed it, our first article can be found here.
3. The third success trend shared by desirable employers in the financial services sector is Clarity of Mission, Values & Culture.
Attractive employers clearly articulate a strong, consistent reason for their institution's existence and how it operates. This not only helps to attract new employees but also connects each employee's work to the big picture. The “why” is critical as today’s employees want to belong to and to work for something meaningful.
Defining your culture effectively provides your employees with a window into your unofficial rules and policies that guide your decision-making and behavioral expectations.
4. The fourth success practice starts with effective employee onboarding, and continues with employee development & internal mobility. In other words, top workplaces invest from Day 1 and show their employees that the organization is committed to their success as well as to the institution's success as a whole. Examples include sending new hires welcome gear, and a map or itinerary for their first week before their start date. These practices can reinforce the message that a new hire made a good decision in joining your company.
5. The fifth common practice among highly desirable workplaces is their emphasis on Employee empowerment, autonomy & meaning.
Desirable workplaces enable employees to make a difference, feel trusted, and see the impact of their work. Smaller financial institutions are typically nimbler … this can serve to foster a culture of continuous improvement and allows smaller financial institutions to implement new technology or procedural changes with greater agility. New hires, in turn, feel and see the impact of their contributions and insights toward the greater good of the company.
Conclusion
Thank you for taking the time to read this article. A clearly defined work culture is an invaluable tool for attracting and retaining strong talent. To learn more about how SCA can help you define and promote your culture to attract and retain talented and committed employees, contact our Director, Bill Dolan, at wdolan@scapartnering.com or by phone at (617) 694-2617.
