Nationwide worker shortages have led to big challenges for financial institutions. Not only have they been hard-pressed to find talent but keeping engagement levels high remains a top issue. Just 50% of banking and credit union employees are highly engaged and job satisfaction levels in the U.S. continue to decline.
Across all industries, people are leaving jobs in swarms and at least half of the U.S. workforce are “quietly quitting.” More than a third of banking and credit union employees are actively looking for another job and 78% will quit due to lack of recognition.
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For compliance teams, this is even more problematic. Staff is dealing with information overload and receiving more data from more places than ever before, especially during onboarding. Even for veteran workers, employees spend roughly 30% of their workday searching for information. Even when people spend time looking up information, they have no way of knowing if what they’ve found is the most current and up to date. There is no source of truth.
Adding to this are challenges brought on by the new work-from-home environment. Managers are struggling to onboard, train, and engage teams who are not physically in front of them.
Virtual Employee Engagement Platforms (VEEPs) can help.
For employees to succeed (and contribute to the success of their organization), they need to be connected and aligned to the values and goals of the financial institution.
How do you accomplish this, especially amid rising remote environments?
Historically, institutions have relied on generic engagement software, but those solutions do not work for the financial industry. Instead, banks and credit unions need to look to Virtual Employee Engagement Platforms (VEEPs) built exclusively for the financial sector, helping to reduce turnover, improve productivity and limit non-compliance risk.
Related: ABA Conference Highlights: An Often-Overlooked Aspect of Fintech Compliance Risk
What is a VEEP?
A VEEP is an ecosystem for employee engagement and culture activation. It is a secure, web-based internal communications and information management solution that allows teams to collaborate, access resources, and share content with a data infrastructure that enables efficiencies across an organization.
Here are several ways VEEPs help financial institutions:
- Streamlines onboarding
VEEPs provide an easy, efficient way to onboard new employees. With a central repository of information, employees can access critical information on their own schedules, enabling them to understand, meet, and exceed leadership goals.
- Centralizes information
By providing a centralized, easily accessible area for essential information, employees and managers alike know where to go for critical privacy and regulatory details, reducing the institution’s risk of non-compliance.
- Easy to use
VEEPs enable content to be added without any special coding. Everyone can contribute, making it a vibrant, engaging platform that employees will be excited to frequent. Employees can easily search the directory by site, department, branch, or workgroup, or they can use custom search features. A VEEP can also connect with popular productivity tools like Office 365, Outlook, Active Directory, SharePoint or shared drives.
- Simplifies communication
Employees, like consumers, suffer from channel overload. By offering a VEEP as a centralized location for corporate information and employee social engagement, employees don’t need to go to a website for information, check another site for other details, and then go to another channel for something else. Customized alerts can also be set, allowing teams to receive information through a preferred method, such as email, news ticker or Employee Instant Messenger.
- Reinforces brand & culture
VEEPs should be branded to help institutions reinforce their corporate culture and values. It will be a place employees frequent, so the brand and corporate culture should be reinforced across every page.
- Centralizes analytics
With a VEEP, financial institutions can centralize reporting and analytics, making it easier for teams to access metrics and understand the performance of the bank or credit union, as well as track goals and set strategic objectives.
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For a financial institution to thrive in the current economic environment, keeping its best employees is critical – and keeping them engaged is a major factor in employee retention. A VEEP will encourage stronger engagement, as well as provide other benefits that support the institution’s growth.
Want to learn more about creating a work environment that engages employees? Check out our on-demand webinar, How to Find, Train & Retain Financial Institution Staff.
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