Everybody means well, but do your team members really know how they tie to profit on a daily, weekly, monthly, and quarterly basis? Well, you may think they do, but the business research would cause you to pause. When they asked 6,000 employees if they performed in the top 10%, the answer, 90% of the time, was “yes.” Hmm. Something must be off here.
During challenging times, the one thing you can count on is that desperate competitors and fly-by-night organizations are going to come in and try to take away your best customers.
Let’s face it, your top 100 customers, for any bank under $2-billion asset size, account for anywhere between 50 to 140% of your profits.
And you also can’t be matching the rate.
At the time of the inquiry, when someone calls in and says, “Hey, I’m one of your best customers, and I just got this offer from someone else and it’s looking pretty good,” is the time when your team member needs to get this exactly right.
Challenging times require great transparency of information going to the executive team and also going to the board.
For instance, if I’m a bank CEO, I want to know if the account managers who are assigned to my current top 100 and top 1000 customers are in contact with each one of them, or if they’ve just left a voicemail, or if they’ve actually had communication. I want to know if anybody’s on the outside. I want to know if anybody has called in and asked for a lesser rate to match something that they’re getting in terms of an offer someplace else.
It’s never been more important to make sure that you’re talking to your customers in ways that matter. I bring this up because I just got done doing a live recording with some of the smartest marketers in banking across the United States, and I saw some tragic errors on their websites and some tragic errors in their press releases.
I see things like great big notices saying the branches are closed, but it doesn’t say, “But here’s how we’re helping you and showing you how to do things.” I’m also seeing in press releases,
According to BambooHR®, one-third of your people plan on dumping you in the next six months. Yikes.
This begs the question, what kind of glue do you need to make sure your very best employees stick with you during a time of accelerated “employee poaching?”
To be clear… Employee retention isn’t just about the pay.
Yes, extrinsic (financial) rewards matter—up to a certain level, according to research. But quite frankly, people are more complex than being about money.
They don’t just work for money. They also work for being a part of the team—making great things happen,