HR Answers: How to increase frontline employee retention through engagement
Technology can help ease the pressure during member interactions, leading to better outcomes and staff satisfaction.
According to BalancedComp’s annual salary and incentive survey, the average employee turnover rates for banks and credit unions peaked at 19.7% in 2018. Unlike banking and tech firm competitors, credit unions are known for establishing and maintaining outstanding relationships with members, but there is opportunity to raise the bar even higher with a strategic focus on employees’ satisfaction.
In fact, the key to lowering turnover is all about engagement. Research shows that organizations with higher engagement among employees experience less turnover. This is important because employee turnover proves costly for an organization when factoring in the money and resources required to attract and train new employees. Research has also revealed the strong correlation between employee engagement and an organization’s business outcomes that determine success, including productivity, profitability and member engagement.
It’s obvious that engaged employees help their organization flourish, so credit unions should be open to and actively seeking ways to improve engagement among their own staff. Doing so allows employees to outperform their disengaged counterparts by 202%.
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