A major challenge facing community banks lies in the future of their leadership. There are a number of reasons why the leadership pipeline is not as rich as it was in previous years, however, with open minds, good teamwork, access to outside resources and the use of technology, it is possible to inspire a multigenerational workforce and attract future workers.
Here are some ways to face this challenge head-on and recruit future banking leaders in the technological age.
- Tap into the idealism of youth. Millennials are interested in more than just money. They want to change the world. This being so, it is important for bank leaders to emphasize the help that they provide to their community.
- Let young leaders lead. Community banks have the luxury of giving their young leaders a wide range of banking responsibilities and opportunities to develop. By focusing on high potential individuals or groups, and letting them face companywide problems, they are being taught how to think critically and be innovative.
- Find them early. A lot of recent graduates do not consider working in community banks because they know nothing about them. Take advantage of recruiting students with accounting and finance degrees by bringing them in as interns and reaching out to them at career fairs.
- Tout Technology. The younger generations value technology more than you do. In general, they are more tech oriented. It is important for community banks to embrace technology and be open to new ideas in order to attract younger employees.
- Keep them motivated. Young leaders are motivated by training and personal development. Internal programs that allow employees to rotate into different jobs and personal career coaching are also tools that executives can use to inspire up-and-coming leaders.
To read the entire article, please visit www.independentbanker.org.