In this two-part series, we discuss how customer engagement tools, such as digital conversation guides, can help banks and credit unions address the current employment shortage, while also improving employee and customer satisfaction. First let’s take a closer look at what created this situation and how financial institutions are responding.
Everywhere you look it seems there are “help wanted” signs – in both small towns and large cities, and across all industries. According to the U.S. Bureau of Labor Statistics, nearly four million people quit their jobs in June 2021 alone, bringing the number of job openings in the United States to 10.1 million that month. While the situation may seem bleak, Americans are starting to see positive changes. As the economy rebounds and pandemic-related unemployment relief tapers off, employers anticipate more people will return to the workforce. However, right now many companies are finding it difficult to hire, including banks and credit unions.
“Four out of five financial institutions are worried about staffing.” – The Financial Brand, September 2021
Despite these challenges, financial institutions are pivoting in creative ways to transform how business is conducted, while maintaining their focus on customers. Insights reported by McKinsey identified three ways banks have adapted during the employment crisis: