Make Your New Member Service Reps Experts Overnight

The United States is experiencing an unprecedented labor shortage across every sector, and credit unions are regrettably not immune to this unfortunate trend. With 11.4 million job openings in the U.S. and companies using recruitment strategies such as hiring bonuses and highly competitive pay rates, the labor challenges are not going away anytime soon. Furthermore, the population growth rate has been steadily declining for the past 30 years, leaving fewer employable people.

While the pandemic contributed significantly to staffing problems, the industry has struggled with talent for years. Along with workers retiring or transitioning to other industries, many are taking the plunge into the flourishing fintech sector. And with baby boomers exiting the workforce, so goes the most highly skilled and experienced workers. The younger generations and others being hired have less industry knowledge and experience.

Getting Creative With Hiring

Across the industry, concerns mount. For example, the Financial Brand noted that four out of five financial institutions are worried about staffing. So, organizations are getting creative with their recruitment strategies. For example, JP Morgan Chase is dealing with the global labor shortage by tapping talent pools that have been historically left behind, including the neurodiverse and people with criminal backgrounds. As reported on CNBC, the bank hired thousands of people with criminal records and hundreds of people with autism or other conditions.

Member Service Is Number One

Hiring inexperienced workers to deal with the talent gap creates its own challenges in servicing members. The most important thing members want from their credit unions is service. In an Ascent survey, 97.18 % of respondents said customer service was the number one feature in deciding where to open a new account. Additionally, members are looking for a personalized touch with their service. Netflix, Spotify and Amazon have set expectations for every digital experience to be highly personalized. Similarly, members expect credit unions to understand their financial situations, habits and goals. Therefore, credit unions must offer the elevated services that members demand to remain competitive and relevant.

Make Staff Successful

Once you finally find staff, it is imperative that you engage and onboard them properly so they are successful. In this competitive market, individuals will quickly move on to another position if they feel it is not right for them, which is costly for credit unions. According to a Gallup study, the cost of replacing an individual employee can range from one-half to two times the employee’s annual salary.

Remote Work Flexibility

Before the pandemic, working remotely was far from the norm in financial services. While some tech companies allowed their employees that flexibility, it was basically unheard of in credit unions. But now, individuals seeking work will not even consider an organization if they do not offer the flexibility to work from home in some capacity. As you onboard new staff, make sure you have the appropriate resources required for them to comfortable and productively work from home, including hardware, technology and apps.

Tools That Get Your New Staff Quickly Up to Speed

The cost of hiring a new employee is more than just their salary. You need to factor in recruitment, training and benefits. A six-month tenure is a minimum for a company to hit the breakeven point in the investment of a new hire. Consequently, having tools that allow training and upskilling of these less-skilled employees is essential to ensure that your elevated levels of member service are met.

With the wide range of products credit unions offer, it is challenging for staff to understand which product is the right fit for each member’s situation. Consequently, inexperienced staff can get into the habit of recommending the product they are most familiar with, such as free checking accounts. Digital conversation tools bridge the knowledge gaps that new employees have regarding product offerings.

Right from their start date, staff should be guided through conversations that uncover members’ unique financial situations. Guided conversations give member service reps the knowledge to query members in an empathic and compassionate way, so members feel comfortable describing their financial circumstances in detail. With this level of detail, advanced tools enable employees to offer accurate, personalized product recommendations.

Data & Analytics to the Rescue

Data can be a total game-changer when onboarding employees. Tools that allow you to measure staff’s performance enable management to provide helpful feedback information and concrete examples of how to improve. Additionally, systems that capture member interactions allow unfamiliar staff to access profile data, and previous exchanges give staff the relevant information to engage with members confidently. At the same time, sophisticated analytics tools provide member service reps the expertise to guide members to financial wellness.

Starting a new position is challenging. So, removing barriers that can cause new employees frustration is essential. Tools that enable onboarding workers’ to successfully service members will build their confidence and maximize their productivity.

Whitney Loe is Vice President of Strategic Sales and Partnerships for Ignite Sales, Inc., a customer engagement technology provider based in Dallas, Texas.