Magazine article American Banker

Spa Days and Office Beers Won't Solve Your Bank's Talent Problem

Magazine article American Banker

Spa Days and Office Beers Won't Solve Your Bank's Talent Problem

Article excerpt

Byline: Meridith Elliot Powell

Finding and keeping talented employees is one of the biggest issues facing chief executives and employers today. With less than one-third of employees engaged in their jobs in 2014, according to a recent Gallup poll, it's no wonder that human resources directors and consultants are busy coming up with all kinds of innovative strategies to entice skilled professionals to join their ranks and commit to long-term careers.

The unique perks offered by companies today range from flexible schedules to work-from-home options to spa treatments, game rooms and unlimited paid time off. I hate to sound like a bitter old codger, but when I was starting out, we were lucky to get a week off after our first full year on the job. If we wanted to leave work early or come in late, we had to deduct it from our vacation time.

But the larger issue is that perks are not doing the trick. Spa treatments and office beers may be enough to attract talent, but they're not enough to keep employees loyal and focused. That's because indulging employees is not the same thing as engaging them. To fully engage employees, financial services firms need to stop focusing on the perks and start focusing on their culture.

An engaged employee is someone who feels committed and emotionally connected to both his company and his job. To cultivate this sensibility, companies need to focus on the following three strategies:

1. Show Employees the Big PictureEmployees will only be committed to their organizations if they understand its larger purpose. …

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