president’s office Banking on People: Strategies for Attracting & Retaining Top Talent MICHAEL P. AFFUSO, ESQ., PRESIDENT/CEO, NJBANKERS In today’s competitive banking environment, talent retention and acquisition are two of the most critical components of an organization’s success. As our industry continues to evolve and consolidate, the demand for specialized skilled professionals increases. NJBankers remains the trusted resource for professional development and employee benefits, assisting our members in developing strategies that not only attract the best candidates but also retain top performers over the long-term. To do this, NJBankers will amplify the profile of our member banks and our industry through social media to demonstrate the key role banks play in the economy and community. We will demonstrate that our industry is vibrant and forward-looking. Our members each have unique values, work culture, and a commitment to employee development. NJBankers will continue to advocate for careers in banking by highlighting the mosaic that is New Jersey Banks. While attracting the right talent is crucial, retaining it is equally important. High employee turnover can be costly, both in terms of recruitment expenses and the loss of institutional knowledge. According to various studies, retaining employees has a significant impact on an organization’s bottom line, as experienced staff contribute to higher productivity, customer satisfaction, and overall company performance. Effective talent retention begins with understanding the needs and motivations of employees. For many, compensation is a key factor, but it is far from the only one. Organizations that offer competitive salaries, bonuses, and benefits packages are more likely to attract and keep top performers. However, non-monetary factors such as work-life balance, career development opportunities, and a positive culture play an equally important role. Successful talent management involves creating an environment where employees are motivated, engaged, and given opportunities to grow, while also ensuring that the right talent is brought into the organization to meet current and future needs. Career development is a major driver of employee retention. Employees who feel that they are learning new skills, gaining experiences, and being groomed for future roles are more likely to stay with an organization long-term. NJBankers is a trusted partner in creating such an environment. NJBankers committees and seminars play a key role in individual learning and networking for every discipline across the bank. Our committees include: ɨ Bank Secrecy Act Committee ɨ Bank Technology Committee ɨ CFO Committee ɨ Commercial Lending Committee ɨ Compliance and CRA Committee ɨ Diversity, Equity, and Inclusion Council ɨ Emerging Leaders Network ɨ Enterprise Risk Management Committee ɨ Government Relations Committee ɨ Human Resources Committee ɨ Internal Audit Committee ɨ Legal Committee ɨ Philanthropic Committee ɨ Public Relations and Marketing Committee ɨ Residential Lending/Loan Servicing Committee ɨ Retail Banking Committee ɨ Security Committee In addition to these vertical opportunities, NJBankers provides horizontal programming for each career stage from Emerging Leaders to Mid-Career Bankers, to the C-Suite. While these opportunities for development abound, most people come to work for compensation. NJBankers also offers an exceptional resource in employee benefits, Bankers Cooperative Group. BCG provides a robust offering of competitively priced employee benefits, from the traditional health and dental insurance offerings to other fringe benefits that offer value to your institution and your employees. BCG can demonstrate the value of these benefits in compensation statements to your employees as real dollars and cents so employees know their total compensation package, not just their paycheck. Furthermore, the value of BCG to our members and your employees is also evident in customer service. When a person is faced with an illness or other traumatic event you can be sure that BCG stands as an advocate. NJBankers looks forward to continuing our partnership with our members to assist them in attracting and retaining the best talent and being an employer of choice. EFFECTIVE TALENT RETENTION BEGINS WITH UNDERSTANDING THE NEEDS AND MOTIVATIONS OF EMPLOYEES. FOR MANY, COMPENSATION IS A KEY FACTOR, BUT IT IS FAR FROM THE ONLY ONE. ORGANIZATIONS THAT OFFER COMPETITIVE SALARIES, BONUSES, AND BENEFITS PACKAGES ARE MORE LIKELY TO ATTRACT AND KEEP TOP PERFORMERS. HOWEVER, NON-MONETARY FACTORS SUCH AS WORK-LIFE BALANCE, CAREER DEVELOPMENT OPPORTUNITIES, AND A POSITIVE CULTURE PLAY AN EQUALLY IMPORTANT ROLE. 6 from the njbankers president’s office
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