Living through a pandemic introduced society to a host of previously unknown terms. “Social distancing,” for example, or “flattening the curve.” Added to that list is “The Great Resignation,” a term employers are acutely aware of and feeling the effects. Across the United States and in almost every industry, companies are feeling the pinch of a labor shortage. Community financial institutions (CFIs) are no exception.
Unfortunately, business experts predict there is no end in sight for the labor shortage, and it’s likely to worsen. What can CFIs do to cope with the challenges of offering high levels of service and security while being short-staffed simultaneously?
Prioritize Your Current Team
Your current employees are more valuable than ever, from tellers to the C-Suite.
The truth is, labor shortages profoundly affect team members as they try to do the work of multiple people. Employees in short-staffed environments have reported heightened stress, anxiety, exhaustion, and burnout levels. This can lead to higher rates of errors, lower productivity, and increased absenteeism, leading to – you guessed it! – even greater staffing challenges and perpetuating the cycle.
When faced with insufficient staff members, it’s essential to prioritize the well-being and effectiveness of your current team. When a labor shortage occurs, it becomes a “buyer’s market” for those on the job hunt as companies compete for top talent. Retaining your talent by making some internal tweaks is crucial.
Set Up Team Members For Success
So how can CFIs attract and retain talent with so much competition?
Take the time to understand how the labor shortage is affecting your employees. What are their pain points? Where are the inefficiencies? What could make their jobs better?
Making an effort to invest in your employees might look like this:
- increased training
- improved communication
- workplace enhancements
- appreciation programs
- updated systems or technology
- streamlined processes
The upfront costs will pay dividends as teammates increasingly work together and become a dependable and efficient team.
Utilizing Eltropy As Your Secret Weapon To Combat Labor Shortage Pains
Using a Digital Conversations Platform such as Eltropy will provide your CFI with indispensable efficiency-enhancing tools to ease the burdens created by a staffing shortage.
Eltropy provides employees with valuable tools such as:
- Remote video banking – Meet consumers where they are with remote video banking. Connecting virtually allows for faster resolution and services and enables employees to work remotely as needed.
- Intelligent Virtual Agent – Automating routine and simple queries can free up agents to focus on complex and relationship-building issues. Plus, IVA works around the clock without any breaks!
- Appointment Management – Allow consumers to book appointments to streamline services and reduce wait times. Plus, Eltropy’s Text Messaging capabilities allow you to send smart reminders seamlessly, reducing no-shows and keeping productivity high.
- In-Branch Video Banking – Need services at a particular branch but don’t have personnel available to be there? No problem! Connect consumers with an expert in another branch, at a centralized location, or even from home.
- Text Messaging – Save valuable time and get 40X better response rates when utilizing Text Messaging to communicate with consumers.