Commercial banking workplace culture is shifting, thanks to employee expectations. The Great Resignation has proven that job experience and level of leadership investment matter significantly to employees. Commercial banks that ignore these trends in attracting and retaining top talent will find it increasingly difficult to compete with those firms who are able to adapt.
According to Wealth Management, “34% of men and 30% of women reported that they’d left a full-time job in the past year to start a new one. The job changers, each of which had at least a four-year college degree and minimum household income of $50,000, were overwhelmingly satisfied with their decision: 84% of respondents would make the same choice again, while just 8% would not; 9% were unsure.”
Although many people assume money drives job changes, salary is not the driving factor that leads advisors to new opportunities. The primary reason for two out of every three employees leaving their position was job dissatisfaction. Like they told recruiters, they yearned for compassionate and understanding leadership.
3 Ways Commercial Bank Workplace Culture is Shifting
Now that the pandemic has come and gone, things are no longer the same in commercial banking. Employee and client needs are reshaping the workplace with positive changes.
First, open and transparent communication is replacing following directions without question. Thriving cultures encourage employees to take time to think through situations and process them.
Second, A decentralized work structure invites improved collaboration between employees at all levels of commercial banking. The improved culture has moved away from the line and staff hierarchy and toward real-time networking that fosters trust and honesty.
Finally, the new work culture values uniqueness. Individuals want their leadership to show an interest in their professional and personal pursuits. For recruiters to bring you high-quality candidates, job flexibility, continued professional development and creating work-life balance are essential for attracting and retaining the top talent in your firm.
What to focus on when redefining your corporate culture
Before making substantive changes in your workplace culture, ask yourself three critical questions:
- What are the identifiable markers of our culture?
- Does the culture inspire great people to work here?
- Which employees actively apply the culture in everything they do?
It’s possible to shift your culture to show that you value the people in your organization. Listen to what your employees are asking for; follow up by asking them clarifying questions. Assess energy levels continuously. Encourage their willingness to share opinions, and reward them for stepping up.
Getting the culture right is the best thing you can do for your workplace and your success.