It's no surprise that wonderful customer service can be a huge competitive differentiator in the financial services world.
Face it, more often than not, it's the congenial, knowledgeable, and responsive staff that provides the foundation for success, including strengthening customer loyalty, winning new business and driving innovation.
Yes, it's the people, not necessarily the interest rates that count.
If only, like other valuables such precious gems, financial securities, and important documents, we could lock up our top-performing and high-potential employees in a safe deposit box.
But it doesn't work that way. Clearly, the situation calls for a more realistic and practical approach that doesn't involve securing the 'best of the best' in bank vaults.
Talent Management = The Best Investment
Within the banking industry there's a strong link between employee engagement and business growth. In fact, in a Deloitte Consulting LLP analysis, one major retail bank found that a 5% increase in employee engagement led to 3% increases in customer loyalty and shareholder value.
The importance of talent management programs can't be reinforced enough. Without talent management best practices to support recruiting activities, drive engagement and reduce turnover, financial organizations can pay a high price, including loss of customers, revenue and shareholder value.
Gorham Savings Bank of Gorham, Maine, is one financial institution that recognizes the important connection between an engaged workforce and business results. The Bank is committed to establishing a workplace environment that attracts and retains highly motivated, high-performing employees across its 10 branches.
For help in establishing such an environment for its customers and employees, Gorham Savings turned to an automated talent management system from Halogen Software. Since implementing Halogen Performance™) and Halogen Compensation™, the Bank has realized several benefits, including.
- Greater accountability among employees and managers in completing reviews
- Helping to make it a day-to-day priority to managing employee performance
- Increased competitiveness through a streamlined goal-management process that better manages and measures customer-service-related goals
- Improved support for recruiting efforts by providing new, entry-level employees with consistent and timely feedback
- Higher retention rates (50% reduction in turnover), driven by improved employee feedback and development opportunities
Lisa Cormier-Smith, Vice President and Director of Human Resources, remembers the challenges facing the Bank 12 years ago, when she first began her tenure there. "HR-related processes such as payroll and employee reviews were paper-based, manual and cumbersome. Without an automated and centralized system in place to store human resources data, it was becoming increasingly more difficult to grow the business," says Cormier-Smith.
With Halogen's online talent management system in place, Cormier-Smith is unequivocal about the reception it received. "Managers love it. We've only had positive feedback. It's easy for them - they have fingertip access to critical data on each employee, which enables them to make staffing decisions, compensation decisions and focus on employee development."
Renewed Focus on Customer Service
Cormier-Smith believes that the Halogen solution also plays a positive role in talent attraction and retention. By providing a vehicle through which managers can offer employees timely and consistent feedback, the Bank is addressing the needs of today's younger and more computer-savvy workers who look for and expect instant, online access to information.
Furthermore, the Halogen solution now enables the Bank to place even more emphasis on customer service, which is an integral part of the Bank's employee performance plans and also figures prominently in the employee appraisal process.
For more information about how Gorham Savings Bank is using Halogen for brilliant results, read the full case study. If you have time, check out the Gorham Savings Bank blog Fresh News, which offers insightful articles and commentary on subjects of interest to their community.
Interested in reading about how other companies are using automated talent management systems to save time, boost employee engagement, and improve business outcomes? Visit our customer case study page.
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