5 tips for boosting employee retention at your financial institution

Chances are, your financial institution is currently looking to fill open positions—but we all know that work doesn’t stop coming in just because you don’t have the employees needed to handle it. As the Great Resignation shows no signs of slowing anytime soon, retaining your current team members is more critical than ever.

The high demand for employment has created favorable conditions for employee resignation. Current labor market data indicates that people who quit their current jobs are quickly and easily re-entering the workforce in the same industry at a higher rate of pay.

According to CNBC, “wage growth has been higher for job-switchers than those who keep the same job — they’ve gotten raises of 5.8% versus 4.7%.”

Anytime you have an open position, productivity suffers. Further, if you divvy up the tasks and responsibilities to other employees, not only can they become overwhelmed, affecting their morale, but they become less productive at their jobs since they are not dedicating their complete focus and energy to their original responsibilities. And, unfortunately, the demand on their primary role doesn’t stop, leaving an overflowing amount of work to maintain.


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