State of the Industry: The retail banking and credit union industry has transformed rapidly in the last ten years, shifting from transactional and customer service-oriented to an increasingly aggressive environment in which competition for revenue is top priority. Long-time banking employees are becoming disenchanted with the industry and are often resistant to perform up to these new expectations – if they stay with the company at all. The diminishing employee morale results in decreased revenue. Because of the inherently close ties between staff and clients, losing those employees completely can mean the loss of valuable customer relationships. The retail banking industry is concerned about employee retention from all levels: from tellers to executives to customer service representatives because competition is always moving in to hire them away.
How Can Retensa Help? Retensa’s employee retention program for banks and credit unions is based upon the variables that make retail banks unique. We examine bank location, management structure, business goals, corporate culture, and many other factors to create a customized plan for reduced employee turnover. Retention Skills Training can help your branch managers recognize what their employees truly want and how to adjust their management style accordingly. Gen X and Baby Boomer retention programs are especially beneficial for an industry with different but valued employee populations.
Retensa can help you retain your best employees today. To talk to a retention expert, call us at (212) 545-1280 or email us here.