Preventing Attrition in Your Bank

Banker Resource
October 9, 2012 — 1,287 views  
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Preventing Attrition in Your Bank

When employees decide to voluntarily leave their jobs, then the business is experiencing employee attrition. Many employers especially in the banking sector do not like employee attrition because it disrupts the development of projects and puts an unnecessary load on other employees. In most cases, employees leave their jobs when they realize that they can be offered better working conditions as well as pay and benefits by other employers. 


Reducing bank attrition is critical in ensuring the growth and success of the organization. Employers should understand that employees do not work to live but live to work. This is the first step in retaining employees. There are three important tips that employers can utilize to maintain a win-win situation between employers and employees.

Employee Recognition

Most people have a desire to feel valuable and needed. This is a need that is required not just in people’s personal lives but also in their professional lives. Consistent praise from employers makes employees feel valuable and needed at their places of work. This boosts their self-confidence and morale which makes them happy working for the organization. The performance levels of employees are at its peak when they feel confident and happy. When employees feel unworthy or unhappy, they become withdrawn and complacent with their work output. This drives them to seek opportunities outside the organization. Being an employer or manager at a bank, is akin to being a parent figure; they must constantly provide security and make their employees feel needed and wanted. 

Keep Employees Thinking

Create a challenging work environment to keep employees thinking and at the same time help learn new things. Many employees want to be entrusted with new responsibilities. Managers should shift tasks around a group. Allow employees to learn new task and information by giving those tasks that are normally assigned to other people. Undertaking the same duties over and over again promotes an atmosphere of boredom and monotony. This makes employees feel disgruntled. Employers can benefit from such arrangements because they cultivate teamwork and closer work relations. Team members will respect each other because they are performing each other’s jobs. This results in better performance. 

Rewards

Offer competitive pay package. However, this should not just stop there. Giving employees a raise is not the only way to motivate them. Employers should also award more time off for exceptional performance and attendance. Distribute gift cards to the employees for offering great services and for their loyalty. When employees are happy, compensation is not the only thing they consider. Happy employees stay with a company because it benefits them emotionally, mentally and financially. 

 

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