Independent Banker - May 2017 - 34

Meet the
: Part III
with a long-term incentive, Llewellyn
says. For example, the bank might
offer to set aside the difference as
a bonus to give the employee after
three to fi ve years.
Just as important is the relationship
between millennials and their
managers, says Dubin. Millennials
grew up having a close relationship
with authority, including parents,
coaches and teachers.
" Millennials want to have closer
relationships with their boss than
previous generations, " he says. " They
want managers to care about them
[not just] as an employee but as a
person. They want you to know that
you're invested in their development
and you'll do what's in your power to
help them grow. "
Tompkins VIST Bank helps address
this issue with a young professionals
attraction. " Instead of borrowing, sell [your bank] more as
an institution that's an active agent in helping people save
and prepare for their future, " says Howe. " Millennials are
much more likely to believe that and take it more seriously
than Gen Xers. "
Make it easy to fi nd articles and blog posts about your
bank's work in the community, highlight it in job ads and
keep posts authentic to the bank's voice, avoiding hashtags
and " cool " language the bank thinks will appeal to millennials,
says Matt Dubin, the 28-year-old head of research
for the Why Millennials Matter consultancy.
The whole package
So authenticity is all-but beware a backward-looking
attitude focused on the good old days when banking was
simpler, which could discourage millennials from entering
community banking, says J.R. Llewellyn, senior vice president
of Compensation Advisors, a consultancy based in
Gulf Breeze, Fla. However, one thing he does recommend
bringing back is higher compensation packages, particularly
in rural areas.
" Banks have to learn to identify what is valued by individuals
and build compensation strategies to address their
life stage, within reason, " says Llewellyn. " For millennials
with their fast-tracked expectations, long-term incentives
[three to fi ve years] are key to keep them engaged in the
company. "
For example, if another bank tries to lure away a rising
star with a bigger salary, instead of matching that salary,
give them an immediate bonus and then match the raise
34 ICBA IndependentBanker May 2017
group that offers career development, team building and
social opportunities, including a popular meet and greet
with the bank's president. The young professionals group
brings in speakers on networking, building connections
and personal branding that tie into the local chamber of
commerce and a local young professionals group.
These opportunities not only bolster young employees
but can give management and the board a new outlook.
The $325 million-asset Centric Bank in Harrisburg, Pa.,
has a 16-member Millennial Advisory Board, made up
of young professionals, including bank employees, who
explore ways to attract millennial employees and customers,
and CEO Patti Husic has seen their excitement rub off
on her board of directors.
When it comes to the all-important issue of fl exibility,
where technology has limited the separation between work
and life, community banks need to be open. Rikleen recommends
conducting a department-by-department analysis of
where fl extime, remote working and other less rigid scheduling
might work for your bank and then be open about
these opportunities from the recruitment phase.
" We're in a time when millennials will be more than
half the workforce in a few years, " she says. " If you want to
recruit and retain this generation, then you need to think
about these critical issues. "
And while millennials might be the ones doing the
asking, all these improvements can boost employee satisfaction
across the board.
Kelly Pike is a freelance writer in Virginia.
Independent Banker - May 2017

Table of Contents for the Digital Edition of Independent Banker - May 2017
