Maintaining the places where employees work and customers transact makes a big difference in winning over talent and consumers.
A detailed (and enforceable) business performance management strategy can help banks meet their performance goals.
Financial institutions need to pay their employees enough to attract good talent but not to the point where it hurts labor efficiency on a relative basis.
Many retail banks are missing the chief goal of onboarding, which should be to establish the bank as the customer’s primary cash management provider.
Rather than constantly focusing on technology to improve productivity, bankers should look to their own ‘knowledge workers’ – who are not always deployed in the most efficient manner.
To improve efficiency, bank managers should focus on teaching employees how to regain the 40% to 60% of their time they lose to interruptions.
Every bank has idle staff time but the more productive institutions handle it with appropriate scheduling and training programs.
Managers who avoid taking action can leave an institution with underperforming employees who drag down overall results.