As we pass the two-year anniversary of the start of COVID-related lockdowns and the massive disruption this period has forced upon banks, it is important we pause to take a moment to look back.
In most cases, management teams have delivered substantial performance, pivoted to remote- and digital-delivery modes, and have kept the mission of member service at the forefront. They were able to do this, all while juggling the changes and challenges of unprecedented times.
Always, but during this time especially, it is important that you find ways to show your executive team that you value their contributions to your bank’s success.
Ensuring your key executives feel appreciated by your bank is essential to your continued success. It may take a different approach for each executive to show them that their expertise matters. Luckily, showing this appreciation can come in many forms.
Let’s discuss some of these approaches below, along with the benefits of feeling valued as an executive in the first place.
Why Is Feeling Valued Important?
According to Inc., executives don’t always get the recognition they deserve for their role in guiding a business forward. Their time is heavily spent on the big picture while also managing their employees’ day-to-day work, and tending to their own projects.
For this reason, it is especially important to make executives feel valued in the workplace.
Showing your executive team how much you value them can have a wide range of benefits, including that it:
- Builds trust
- Raises productivity
- Increases morale
- Reduces turnover
- Increases retention
- Improves company reputation
- Builds a positive company culture
So, how can you show your executives that you appreciate them?
Of course, compensation must be competitive and commensurate with the market for the role fulfilled by your executive.
In our experience at Newcleus, we see compensation as a powerful tool to attract, retain and help reinforce your team’s focus—focus on those goals that will lead your bank to be relevant to your members over the long term.
Paradoxically, compensation is also a VERY expensive reason to lose a top-performer! In fact, it can cost up to 213% of their annual salary to replace an executive. That means the cost to replace a $100,000 salaried CEO is $213,000.
Read on for our ultimate guide on deferred compensation.
Assuming compensation is competitive, other factors are very important for motivating and keeping talented team members.
All of the following contribute strongly to employee satisfaction:
- A focus on a shared vision
- Job/work engagement
- Workplace flexibility
- A results-oriented culture
It wouldn’t surprise us if key contributors to bank operations during the COVID pivot reported very high levels of job satisfaction and fulfillment from that period. While the hours were long and the world uncertain, key team members had very specific objectives to accomplish in a compressed period of time.
All non-essential functions were effectively tabled – so your team members could focus on only the most important work.
Taking some time to step back and recognize those key contributors to your bank’s success is important. Finding ways to manage your team’s project focus and workload to allow for the engagement and attention needed to truly excel and feel high levels of job satisfaction is almost as equally as important.
Virtual or In-Person Events
Another way to show your executives you appreciate them is to hold virtual or in-person events that highlight their specific expertise. Showcase your executive team members by asking them to share lessons learned that your bank’s employees might benefit from.
Consider: Your key team members did not get to where they are without gaining valuable knowledge on the way. Show them that you value their expertise, and let them share that expertise with others by hosting events that highlight them.
Invest in Their Professional Development
Even if an individual holds an executive title, chances are there is still room to learn and grow professionally. This considered, continued education and growth opportunities for your executives should be a priority in your business strategy.
As Colbey Pfund, cofounder of HUGS Wellness, suggests: “Find out what their long-term goals look like and how you can help them get there, and then turn that ability into action… Doing so will show appreciation, trust, and genuine care.”
Be Flexible and Accommodating
Be flexible and accommodating with your executives.
As Duran Inci, co-founder and COO of Optimum7, says, “It’s important to give them the space and freedom they need to deal with things in their own ways.”
“Being flexible for personal matters or work times shows that you trust them while allowing them to do what they need to do to alleviate stress and properly manage their teams,” Inci adds.
Team Member Spotlights
Lastly, one simple, inexpensive way to show you value your key team members is to spotlight them on your website and social media. In today’s world, social media praise is important to show your greater community how amazing your team is.
As an added bonus, their network of social media connections will also see the recognition you’re giving your team member—providing yet more positive feedback for both the individual and the bank.
Read on to get to know one of our key employees at Newcleus, Chris Pezalla, Executive Vice President.