Meet “Barbara.” Barbara is your banking HR department’s dream hire. According to research carried out by the ADP Research Institute, out of 19,000 respondents from 19 countries, only 15.8% felt that they were fully engaged. Barbara is one of the lucky few who can help increase productivity.
The good news is that Barbara could already be on your payroll. The bad news is you both don’t know it. That’s because you haven’t managed to create the right environment for her true super-power (motivation overdrive) to emerge.
Let’s go through the type of work environment that a perfect employee like Barbara enjoys and what you can do to enhance it.
She Works as Part of a Team, Probably as a Team Leader
Think back to your first job. Do you have fond memories of team spirit and belonging? If so, I’m going to ask you to ignore that memory and use your imagination. For most of us, our first job was motivated solely by the almighty dollar. The only thing we wanted to be part of was the loyalty program at our favorite outlets.
With time and self-development, we moved from thinking about a job, any job, to the job. We wanted to feel that we were part of something great. This is what working as part of a team brings out for us. If your employees understand the team’s contribution to the overall company goal, they are more invested in the success of the team.
How can you use technology to foster teams?
Collaborative Suites such as Microsoft Teams or Workplace by FacebookCommunication is essential for any team to succeed. As your business grows, you need the different factions of your company to work together. What usually happens is that one department feels that it is working despite the hurdles created by another department. That’s unfortunate because they most likely both need each other in order to achieve the bank’s annual target.
What if Steve from credit and Maggie, the relationship manager, could be in constant communication with each other? What if Maggie could instantly tell how far her client’s facility request has gone with respect to approvals? What if she didn’t have to wait for an updated offer letter to be uploaded on the system? What if that document was ready as soon as the newly negotiated rate was approved?
That’s the beauty of applications such as Microsoft Teams. All the documents are cloud-based, meaning once the document is amended, it is available. No lag, no unnecessary delays.
You’ve probably already assigned specific people in departments such as treasury and credit to assist specific branches or relationship managers. That doesn’t make them a team though. By making it easier for them to get information from each other, you create a synergistic spirit. That’s a win-win scenario for all involved.
She Is Married, Has a Side Hustle, and a Pet
Gone are the days when eating, breathing, and dreaming work was a desired quality. There are people experiencing burn-out in their twenties and thirties. Cases of clinical depression are on the rise. Being married to the job may work for police officers and firefighters, but not for professional service providers. It’s up to you, the employer to create an environment that allows for the efficient use of time without compromising productivity.
What technology can you employ that will save you time?
Banking has come a long way. Once upon a time, tellers had to rely on their ten digits to count and check the authenticity of currency. Now we have machines that not only do that, but they have eliminated the element of error when it comes to withdrawals and deposits. At the close of the day, no time is wasted trying to balance cash in the box with cash in the system because it’s automatic.
So, what other activities do your employees spend time on every day that can be automated? Is your email and web system efficient? Is Irene in lending spending precious minutes retrieving emails regarding new compliance procedures instead of focusing on helping the client structure their financial needs with you as a vital partner?If you invest in solutions that assist your staff in reporting and communicating, that results in time savings for both you and your employees.
Barbara, being very motivated, will be able to do so much more during office hours, yet still have the energy to take her Instagram audience through another fantastic two-minute tutorial when she gets home from work.
Lots of inquiries made by potential customers are about information. Yes, we the public are aware that the information is probably on your website, but why go through all the tabs when your customer service rep can do that for us? So, we call.
When we are put on hold, we complain. When we get through to a rep, we spend the first three minutes complaining, then finally we ask whether you have an ATM at the nearest mall. By the time your customer rep is done with that call, it’s been almost 10 minutes. Meanwhile, someone else is still on the line hoping to get through to find out why her debit card isn’t working. She’s at the checkout with a cart full of groceries and needs an answer ASAP.Investing in chatbots that pop up the minute someone clicks on your website helps to weed out some of these inquiries, allowing for more productive problem-solving by your reps. At the end of the day, Barbara knows that she contributed to solving an actual problem, rather than being the verbal punching bag for “what time does the bank open” type of callers.
She Works From Home 80% of the Time
This one seems surprising at first glance. How can one claim to feel part of something when you spend so much time away? Answer: Technology. Loving what you do doesn’t equate to loving the office. I understand that there are people out there who enjoy the tapestry of personalities they encounter on their daily commute. Those people are the minority. Barbara definitely isn’t one of those people.
Even though some jobs cannot be done from home, ensuring that vital documents are accessible remotely allows for greater flexibility and time management by employees. They shouldn’t have to come to the office to pick up documents on their way to a client meeting. They shouldn’t risk breaking confidentiality by taking those documents home with them the night before.
Here are some of the technologies that make remote working possible.
By now, you’ve already heard about the cloud and some of the benefits it has to offer. Cloud computing allows for instant access to updated information. It reduces dependence on receiving an individual’s response before taking next steps.
Once the offer letter for a facility is approved, a cloud-based system will allow the relationship manager to download and print it, without waiting for someone in the credit department to sort their email for two hours before finally getting to customer requests. That makes your employees look good, feel good, and keeps them motivated to create more business for your company.
Your clients are busy. Your employees are even busier trying to lock down the clients for a meeting. Your people have been calling their people for so long, both camps built a relationship, and now they carpool to work. Unfortunately, this has done nothing for the relationship between your client and you because you rely on face-to-face meetings to settle terms.
I know what you’re thinking. “Can you hear me now” is not a winning catchphrase that seals deals. That’s why you have people camping at the client’s office because you can’t risk another telephonic disaster.It is time for you to upgrade your telecoms package. With a proper service provider, your calls will be clearer, cheaper, and more effective. That way, Barbara doesn’t have to go through four hours of traffic and risk being late for her niece’s dance recital. That kind of flexibility is what makes her so loyal in the first place.
Link Customer Relationship Management (CRM) Solutions to the Employee’s Mobile DeviceClient information is very sensitive. That’s why there are so many regulations limiting access to private financial information. The good news is, with the right kind of device management, access to sensitive information can be secured by authorized personnel even when they are remotely located.
That means that when you’re pitching a new product to an existing customer, and they ask a question pertaining to their history, you can have the answer they need with a few strokes of the keyboard. Meanwhile, your competitors go with the “Let me get back to you on that” line.
She Has Worked for the Company for Five Years
She’s not the boss’s daughter or niece. She’s hasn’t just survived her annual reviews, she’s thrived. She’s a team leader with success in her wake. Without the team’s success, she wouldn’t have been able to meet her targets, so she must have a cohesive team.Being engaged means that there’s more than monetary motivation at play. She enjoys her job, she has some level of affection for her employer, and she’s basically content with her compensation package.
What technology can you employ that builds your employees’ confidence and contributes to their success?
Data Analysis for Target Marketing
The cold call days are over. Now, through filtered data derived from platforms such as social media, we design products and reach out to potential customers on a personal level. Brand new moms see pop up ads about diapers, multi-vitamins for post-natal care, and baby-and-me yoga coupons. Banking products such as savings accounts and mutual funds would be of interest to new parents. Parents know it’s never too early to start that college fund.Target marketing increases the rate of sales conversions. Mass media ads still count for something, but reaching out to people in need of your services makes it so much easier for your teams to reel them in. That sense of achievement and the validation thereafter go a long way to keeping your employees invested in your business.
Online Framework for Employee Reviews
“Employee reviews—my favorite time of the year,” said no one ever. If you didn’t manage to snag a billionaire client, it’s a long, laborious affair that we would rather do without altogether. Part of it is because it seems like an exam that you haven’t quite studied for. Wouldn’t it be great if there was an easy way to record your progress as you go along?With an online system, managers can easily track progress, celebrating the wins and providing additional support when it is needed. Most of the time, reviews just feel like you’re on trial and you’re convincing the company not to fire you. An online system simplifies the process and convinces employees that you want them to succeed.
Plan for Tech Evolution
Your employees have friends, and after work, they get together and chat about their employers. They compare notes. If they love you, they brag about you. The more likely scenario is they compare war stories and show off their battle scars.
Being on the front lines when the bank is changing systems can be brutal. As soon as you log into the system in the morning, there’s that terrible error message. Of course, there’s an email explaining why the system is down and that the I.T. department is doing everything to work out the kinks in the new system. That message means nothing to the customer glaring murderously at you when you tell them that they can’t withdraw anything until the cogs start turning again!Having a plan for updates allows you to pilot new systems without crippling the whole bank. Pilots allow the bank to test the system and work out any bugs before you roll it out to the whole bank. That will score you points because your employees won’t have as many scars to show off as their companions.
ConclusionThe most engaged employee could already be seated in your office, wishing that the workplace was just a little more accommodating. Invest in transforming your office into a productivity hub. Employee turnover can be expensive, so lock down your talent.
Not sure how to go about it? Let JMARK walk you through your options and help you choose what works best for you and your people.