Three ways to build an effective growth strategy through HR
There are a lot of factors to consider when running a bank — and your human resources are among the most important, yet most challenging. Having a solid HR foundation is essential to increasing productivity and driving growth. Here are three ways a solid HR plan can make an impact:
1. Keep the culture on track
From employee engagement to organizational alignment, culture is the essence of a business. While you may have established a culture when your bank was developing, as it grows, that culture needs to be refined and cultivated. Don’t let it fall victim to neglect.
- Maintain lines of communication
- Ensure employees know the bank’s mission
- Set and share expectations
- Align employee and company goals
2. Focus on recruiting and retention
You’re in competition to find the best employees. That’s where having a strategy can make a big difference. Your plan should include:
- Job descriptions. The list of attributes for the job can be established by determining the characteristics and skills from your top performers.
- Brand awareness. Find out what’s being said about your bank and its work environment on job sites. Once you know the answer, address items that need attention.
- Retention methods. Repeatedly filling the same positions is costly. If you reward, recognize, train and communicate, you’re more likely to keep good employees.
3. Minimize HR-related risk
Unemployment claims, discrimination, penalty fees, EEOC, OSHA — the list can go on. These are the HR-related compliance issues that can bring down a business.
It’s best to get in front of these before they become an issue. Having policies in place can help reduce your bank’s HR-related risk. It starts with an employee handbook and extends to training, communication, hiring and performance-management practices.
Banks that get these essential talent pieces right are a step ahead of the competition. They’re the ones that are going to attract and retain top talent — the same talent that will help the bank prosper and grow.
Nate Olsen, managing director, Business Development