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CompLab
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Modern managers have been almost guilt-tripped with the idea that they don’t give enough praise and recognition to employees. It is said to be the key to engaged employees who are highly productive even when their manager isn’t watching. It has proven to lead to more profitable companies. Employees join companies, but leave supervisors who don’t effectively manage engaged relationships, HR has assured us.

I don’t disagree with any of that, but woe to the supervisor who isn’t wary of its double-edged sword.

I have had several employees in my career who were obviously rising stars. No doubt they were all “my right hand.” We took them to lunch on their anniversary and birthday. They were given high-profile projects to stretch and showcase their talents that could potentially lead them to future promotions.

To coordinate this performance with their pay levels, they were paid at the midpoint of their salary range after only a couple of years in their position. It was easy for me to think I was getting everything right, a model manager, in terms of praise, recognition, and engagement with my employees.


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“The often unrecognized fact is banks and credit unions compete for talent regularly,” explains Christie Summervill, CEO of BalancedComp.

While there are stark and notable differences between their business models, there are negligible differences between their candidate pools. These financial institutions fill more than 90 of the same benchmark positions, each seeking to add the best experience to their teams. It’s more confirmation that competitive salary grades aren’t a luxury, they’re a necessity to gain and retain the best talent.

BalancedComp’s 2016-2017 Salary Survey takes a high-level look at why the connection between banks and credit unions is more important than people assume. Based on responses from more than 200 HR professionals at banks and credit unions, across five asset sizes up to $1 billion, we’ve identified some key differences between these organizations. Where do you compare?

BUY YOUR SALARY SURVEY NOW

Credit unions hire more employees than banks in fulfillment of their member service mission.

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Banks have more supervisors, but lower employee count, for most asset categories.

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High turnover is a company’s greatest detriment, but it’s becoming a more common occurrence among employees. Continuous candidates, employees who are constantly seeking a new job, are a global phenomenon. In the U.S., 41 percent of job seekers agreed with the statement “I am always looking for the next job opportunity” in a study conducted by ManpowerGroup Solutions.

So why are they leaving? There are a few factors at play that you should be aware of.

Managers.

As the company’s most direct influence, employees first look to their managerial relationship to determine job satisfaction. Micromanaging and making employees feel powerless could cost you workers.

Contract employment.

In a job world that demands flexibility, contract work allows employees to adapt to the market and not feel limited to skills that may become obsolete in a few years.

Lack of job security.

Mass layoffs made everyone wary of unemployment. Many feel that job hopping is the only way to diversify their portfolio and avoid remaining stagnant at a company only to get laid off.


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Blog salarysurvey

BalancedComp’s 2016 Salary Survey takes a high-level look at why the connection between banks and credit unions is more important than people assume. Based on responses from more than 200 HR professionals at banks and credit unions, across five asset sizes up to $1 billion, we’ve identified some key differences between these organizations. Where do you compare?

ORDER YOUR SALARY SURVEY NOW

More than 200 HR professionals participated in our survey

HR pros just like you shared their data with us this summer. Our analysts segmented that into five asset sizes ranging from $0-$100M up to $1B+ for both banks and credit unions.


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Blog workplaceculture

It’s obvious that any business wants the best talent, but it’s not always quite as clear what employees desire. What keeps them around for the long haul and what motivates them to do their best? Bonuses sound like the simple solution, but a barrage of extrinsic motivation just doesn't work, and throwing more money at your staff is not a sustainable solution.

Instead, look at what you know about investors and draw parallels to keep your employee investors engaged. Investors want returns, potential growth, and transparency. Employees aren’t that different. Naturally they want base pay and benefits, but they’re also looking for potential career growth and the transparency of a communicative work culture.

Returns and dividends

You’ve got to establish an equitable base pay to convince your staff to even begin investing in the company. Ensure that your employees understand that their work is compensated fairly. This fair compensation should also allow for some degree of incentives and bonuses. Tie bonuses to work that employees feel personal responsibility for accomplishing. Inconsistency is confusing and removes motivation, so keep these incentives reserved for impressive feats.


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