Spencer Presley, vice president of training & development at Teslar Software
The Great Resignation is lingering longer than many anticipated, making attracting and retaining talent a high priority, particularly for smaller businesses and financial institutions. The widespread exodus across all positions and leadership levels is leaving organizations with many roles to fill and duties to reallocate.
This phenomenon has acted as a wake-up call for many business leaders, causing employers to reevaluate their talent strategies and operations. Many are leaning on technology to combat the talent struggle, which can benefit institutions in multiple ways. The strategic use of modern technology allows financial institutions to optimize margins and operate more efficiently with less staff, which has proven especially effective across loan departments.
Implementing technology also improves employee retention and job satisfaction. Providing The necessary tools for employees to conduct their jobs efficiently make their roles more productive and enjoyable.
Elevating employee efficiencies
In addition to the over 40 million people who voluntarily quit their jobs in 2021, according to the U.S Department of Labor’s JOLTS report, a record high of nearly 4.3 million people left their jobs in January of this year.
The Great Resignation is largely caused by a shift in thinking in American culture. Since the onset of the pandemic and other recent events, millions of Americans have been leaving their jobs in pursuit of better work/life balance, improved mental health and/or a greater purpose. People want to do work that feels meaningful and work in an environment that does not negatively impact their livelihood. Stressful, demanding jobs that yield little satisfaction or a poor company culture will hurt a business’s chances of retaining or attracting talent.
Instead of viewing this as a short-term challenge, banks have an opportunity to treat this struggle as a catalyst for change, making a concerted effort to prioritize the employee experience and turn the “Great Resignation” into the “Great Retention.”
This is where a more intentional use of technology comes in. Tools such as automated workflows and centralized employee dashboards can significantly reduce the time employees spend on tedious, manual tasks, such as scanning documents or pushing paper. Although these processes are often simple, the repetitive and monotonous nature of these tasks can be detrimental to the employee experience.
Automating more processes across the institution, from exception tracking to loan renewals, allows staff to spend more time during the workday doing the functions of their job that are meaningful and satisfying like serving their customers and helping their community.
Leveraging modern technology can also increase transparency across loan departments, enabling greater lender collaboration. Having visibility into the status of individual loans and overall portfolio health helps lending staff complete their jobs easily and efficiently. And, it helps banks more accurately identify bottlenecks and reveal trends and insights that can shape their talent management strategy.
Operating with less staff
It is unknown how long the Great Resignation will last or what the long-term impacts will be. With that being said, increasing the use of technology can help keep operations functioning smoothly and efficiently even with less staff on your team.
According to Gallup Poll, the cost of replacing an employee can range from one-half to two times the employee’s annual salary.In an environment with increasingly thin margins, banks simply can’t afford to endure regular turnover. By strategically utilizing technology, banks have an opportunity to create an efficient, seamless experience that attracts and retains top performers.
Prioritizing the employee experience is not only a short-term solution to talent shortages, but a long-term opportunity to build a competitive advantage.Those that strategically tap into the power of technology will be able to recruit and retain top talent by providing the tools necessary to make their jobs more efficient and rewarding.