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Committee Chair Spotlight: Candy Allard

Candy Allard

The following is a brief interview with Candy Allard, assistant vice president – human resources specialist at Badger Bank in Fort Atkinson. Allard is chair of the 2023–2024 Human Resources Committee.

How did you first get into the banking industry?

I was actually approached by the then CEO about a new position that was opening up. I knew him outside of the bank through other businesses associations. I’ve also banked here for 25+ years.

Why did you decide to join a WBA committee? Why should others consider lending their time and expertise to shaping Wisconsin’s banking industry?

I saw the opening to join this committee through the WBA Wisconsin Banker magazine. Since I was completely new to banking, I couldn’t think of a better place to learn the ins and outs of HR in the banking world. This was one of the best decisions I made. It’s great to be able to give my input (and be heard) along with others because of all of the different asset sizes and number of FTE’s.

How has WBA facilitated the growth you have seen in your career and as a leader?

I’ve become more confident in sharing my ideas with senior management. I’ve taken on a bigger role in some of the decisions regarding our employees. Being a part of the Human Resources Committee not only has given me confidence in myself, but has offered a whole new perspective on my ability to be a leader. With that being, said I’ve also become a part of the Association’s Advocacy efforts and have participated in Capitol Day for the last two years.

As a banker, and as a leader, what is the most important lesson that you have learned?

I’ve learned how to advocate for the employees while still protecting the bank.

Who (or what) motivates you to succeed?

Our employees are my biggest motivators. I feel a sense of satisfaction when I’ve helped someone get through a tough time whether it’s a personal matter or a work issue. Senior management have also helped me to succeed by listening and supporting some of my ideas and decisions that I have made.

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AI Reshapes the Workforce

Organizations use AI to recruit, retain talent

By Hannah Flanders

When asked if artificial intelligence (AI) would replace the workforce, experts agreed that most jobs require a human connection. However, some economists assert that automation by platforms like ChatGPT — an AI program with capabilities to understand and generate human-like text — may lead to displacement in some areas.

Although human resources and talent acquisition-related positions continue to be among the fastest growing user role on LinkedIn, according to World Economic Forum’s 2023 ‘Future of Jobs’ report, many agree that AI will only augment the abilities of human professionals, rather than replace them entirely.

“If the staff are not robots, the process shouldn’t be either,” says Renée Peterson, vice president – talent acquisition and development manager at Horicon Bank. “Being a community bank, it is important that we don’t lose the community feel.”

While the World Economic Forum predicts that AI will help create nearly 70 million jobs in the next five years, another 83 million are expected to be eliminated. Human resources professionals and bankers in Wisconsin, however, should not let this staggering number deter them from embracing AI’s potential.

Oliver Buechse, owner of Advancing Digital, explains that incorporating AI into an organization allows employers to empower their team. “AI allows individuals to do. By providing the opportunity for those that are interested to explore AI and its capabilities in their job function, employers will not only be fostering a culture of innovation but also assisting their organization in remaining ahead of a world increasingly reliant on technology.”

Recruiting, Retaining Talent

According to the Society of Human Resource Management (SHRM), it takes, on average, 36 days to fill an open position. During this time, HR professionals are occupied preparing a recruitment plan; sourcing, screening, and selecting candidates; making offers; and onboarding.

While AI cannot completely automate the recruiting process, some experts say that it may help streamline processes.

“AI is great at processing and analyzing massive amounts of data,” highlights Beth Ziesenis, a popular speaker known professionally as ‘Beth Z, Your Nerdy Best Friend.’ “By using generative AI (such as ChatGPT), hiring managers have the ability to analyze what people are looking for and consider feedback from current and former employees to develop a job description that may better communicate the benefits and responsibilities.”

Experts noted that HR professionals may also utilize AI to quickly screen public social media profiles, brainstorm relevant interview questions, and even personalize regret letters.

“In addition to saving time that would otherwise be spent researching or writing, HR teams will greatly benefit from the perspective AI can provide during the recruiting process,” Peterson emphasized.

Despite the large amount of data AI has the ability to process, Horicon Bank’s Senior Vice President – Chief Information Officer Cyrene Wilke states that staff needs to ensure that they are correctly leveraging the tools available to them.

“AI has existed in some capacity for many years, but its abilities only continue to expand,” says Wilke. “While AI at this current moment may allow us to identify top candidates for the position, it is important to recognize that not every qualified candidate makes their information public on LinkedIn or other social media and that sometimes, trained AI bias may still disqualify candidates with differing experience. For this reason, it is important that AI doesn’t entirely replace your staff — just helps enhance their abilities.”

In addition to helping HR professionals recruit for open positions, AI may also be beneficial in assisting and analyzing current employee retention efforts.

During the onboarding process, employers may utilize AI to automate training programs efficiently and inexpensively. As well as tracking employee progress, automating certain aspects of the onboarding process may help provide a more comprehensive training environment for individuals with varying skills or learning styles. Day to day, AI may also prove a powerful tool in assisting employees to understand how their role impacts the organization as a whole or to uncover new career paths within the organization.

“Companies that embrace the transparency AI provides will find a greater sense of belonging among their team members,” notes Buechse.

“With the ability to make predictions based on trends and patterns, AI can provide new perspectives,” says Wilke. “Of course, trained professionals would notice an unengaged employee through details such as excessive and unplanned paid time off. AI, however, would augment and complement the work HR professionals already do to help assist in recognizing trends or insights that are not always apparent at a surface level.”

As such, companies have begun deploying AI to assist in the process of gathering feedback from current and departing employees. Programs such as CultureAmp utilize AI to track employee engagement, measure employee satisfaction and company culture, as well as gather insight into the employee lifecycle. While many organizations already routinely connect with their employees for feedback and provide exit surveys to those leaving the organization, AI provides managers with a systematic and detailed analysis of employee sentiment.

“By taking the time to collect comments from team members, and understand what this feedback signifies, employers will stand apart in a huge way,” emphasizes Wilke. “AI has the potential to not just enhance the efficiency of multiple processes, but also aid in comprehending the employee experience and implementing necessary adaptations.”

Embracing Change

According to research by the Pew Research Center, 45% of Americans are equally concerned and excited about the growing use of AI.

“In order to curb the discomfort some may feel towards AI, it is critical that organizations have a written policy related to its use in human resources, and generally,” says Ziesenis. “Whether your team is waiting for more information or using it all the time — now’s the time to define your bank’s approach and protocol.”

Buechse agreed, “The U.K. has already released information related to its approach to harness the powers of artificial intelligence. In order to remain a step ahead, bankers should familiarize themselves with regulatory frameworks that are beginning to be published around the world. While regulation in the U.S. hasn’t quite caught up yet, that doesn’t mean it isn’t coming.”

As of this writing, bipartisan legislators have introduced a bill aimed at establishing an artificial intelligence commission to review, recommend, and develop frameworks for AI in the U.S. However, for those in the banking industry, it is important to consider the utilization of disclaimers, programs that have been tested for safety and effectiveness, as well as what protections are necessary to ensure privacy prior to launching new systems.

Given the ongoing expansion of AI throughout our lives, experts underscore the need to reframe how technology will amplify the abilities of humans.

“While AI may automate certain aspects of the profession, human resource teams may find that they have a greater ability to focus their energy and efforts on the most impactful aspects of the hiring and retention processes,” says Peterson. “AI will ultimately allow us to spend more time on fine-tuning the outcome.”

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Human Resources and CFO Conferences Return in 2023

Two events dedicated to professional development, networking

Each year, the Wisconsin Bankers Association (WBA) offers hundreds of educational opportunities for bankers. From schools and training programs held in the Engagement Center at the WBA headquarters in Madison to conferences across the state, the Association’s mission to provide professional development opportunities and resources to every member bank, regardless of their position, are abundant. As such, the Association is excited to revive two professional conferences in 2023!

As more businesses across Wisconsin struggle with engaging, retaining, and attracting employees, WBA’s Human Resources (HR) Conference will tackle the topics many HR professionals in Wisconsin’s banking industry have at the top of mind.

Last held in 2020, this year’s event will bring together Wisconsin community banking HR professionals on May 4 in Stevens Point. Attendees will have the opportunity to hear from several speakers; receive an update related on the everchanging landscape of the workplace and employment law; as well as network with their peers throughout the one-day event.

“With banks across Wisconsin facing more challenges setting themselves apart from other employment options, our Association wants to ensure our WBA members are equipped with the best practices and industry trends, all while having the opportunity to network with their peers,” stated WBA Director – Education Lori Kalscheuer.

This year’s HR Conference speakers include Julia Johnson, Wipfli LLP; Jennifer Mirus, Boardman & Clark LLP; Jackie Rolow, SHAZAM; and Jasmine Brett Stringer, award-winning author and keynote speaker. To learn more about this upcoming conference in May or register, please visit wisbank.com/HRConference.

Register Now

WBA is excited to once again invite bankers to join us on May 17 in Madison for the Chief Financial Officer (CFO) Conference.

This one-day program, last held in 2018, will assist those bankers who make financial decisions throughout the bank — including, but not limited to, CFOs, CEOs, and controllers — stay up to date on the current and potential future issues affecting the financial health of their institution.

“As the last several years have proven, banks in Wisconsin are prepared to weather whatever economic conditions are thrown their way,” said WBA Director – Education Lori Kalscheuer. “The WBA CFO Conference will provide a day packed with valuable educational presentations from industry thought leaders, helping our members position themselves for a successful future.”

If you or your team are interested in attending the CFO Conference or learning more, please visit wisbank.com/CFO.

Register Now
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Embracing a Culture of Cybersecurity

All staff needed to help mitigate risk

By Hannah Flanders

Cyberattacks are ranked as one of the top threats to banks across the country. As these threats continue to become increasingly sophisticated and prevalent throughout our communities, bankers are looking to mitigate the risk for the safety of both their institution and all customers served. As such, administrators — including members of the human resources (HR) department — have been tapped to take on a new role alongside the information technology (IT) department to protect the bank from falling victim.

Prioritizing Cybersecurity

According to Proofpoint’s State of the Phish survey, approximately 79% of U.S. organizations reported at least one successful phishing attack in 2021. As cybercrime continues to rise — costing over $1 trillion a year worldwide, as highlighted in a report by McAfee Center for Strategic and International Studies — it is critical for the success of banks across the country that they establish a culture of cybersecurity.

In the American Bankers Association’s (ABA) Banking Risk and Compliance Management Outlook for 2023, surveyed bankers identified cybersecurity and IT risk to be, overwhelmingly, the top risk priority for the 18 months ahead. With the use of online banking and digital payments skyrocketing, and employee negligence being cited as one of the top reasons banks are put at risk — Proofpoint’s survey highlights that around 27% of employees believe that their organization/IT department will take care of any mistakes. However, as the cost of cybercrime continues to become more expensive for impacted organizations each year, finding ways to educate both consumers and employees of the cyber risks they face will not only help protect information from being compromised, but save banks from contributing to the astounding losses reported by financial institutions each year.

The Federal Bureau of Investigation’s (FBI) Internet Crime Report highlights that in 2021, Wisconsin totaled over $51,800,000 in victim losses. By taking proactive steps in both their cybersecurity protocols and training, banks throughout the state will have the opportunity to save the organization, and their customers, from substantial loss.

While banks make strides to incorporate risk mitigation — such as integrating multifactor authentication (MFA), a bare minimum in preventing bad actors from gaining access to accounts with greater privileges, and following regularly updated guidance from the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency (OCC) — into their procedures, those seeking to optimize their efforts are looking beyond their IT staff for assistance.

Team Effort

Establishing a culture that embraces cybersecurity begins from the top and requires uniting members throughout various departments. According to Marsh McLennan, a leading professional services firm in risk, strategy, and people, “a robust cybersecurity culture starts from the top of the organization and involves continuous communication and training for leaders across all key functions.” The firm highlights that, as of 2019, nearly 90% of all organizations only included InfoSec/IT, C-suite, risk management, legal, and finance professionals in the management of cyber risk.

“Cyber defense is a team endeavor, not just an IT or a management one,” emphasizes Rob Foxx, director – InfoSec and IT audit services at FIPCO. “Threats apply to all parts of an enterprise, as should defense.”

The Cybersecurity and Infrastructure Security Agency (CISA) highlights that HR professionals play an integral role in detecting, deterring, and mitigating threats by screening candidates prior to employment, managing secure information, and regularly communicating policies.

When HR professionals have a seat at the cyber risk management table, banks not only gain a risk-conscious ally, but also ensure that HR professionals throughout their organization have a strong understanding of the cyber risk policy they utilize in their own day-to-day operations. Additionally, ensuring that the HR team is abreast of the latest cyber risks and mitigation procedures is critical so that said information can be communicated with all staff members.

Playing a Part in Protection

As the U.S. financial sector continues to prioritize cybersecurity — regularly spending up to $3,000 per employee on ongoing cybersecurity education, according to the McAfee report — ensuring that every employee is making the most of their training, testing, or coaching and remains vigilant against all threats to the organization is critical for the safety and security the institution and its customers.

  • The Employee Lifecycle

Of course, HR plays a substantial role in the onboarding and offboarding process to evaluate the quality of incoming employees and ensure that all former staff are no longer granted access to confidential company data upon their departure. Furthermore, given the close ties to all staff members, HR can play an important role in clarifying policy, providing resources, and working behind the scenes to recognize and anticipate the potential information security issues, highlights the Society for Human Resource Management (SHRM).

  • Training

Although cyberattacks continue to cause headaches for businesses across the country, only 64% utilize organization-wide training, according to Proofpoint’s 2022 survey. Training, which is usually administered by the IT department or virtually, has the potential to be strengthened by HR’s involvement. In taking a human-centric approach that emphasizes how all staff members — administrative through executive leadership — play a role in the security of the institution, employee morale is heightened.

Additionally, HR can emphasize and enforce the importance of practicing good cyber habits and encouraging training from the start because of the department’s close connection to all bank staff. HR staff will also notice if staff don’t attend training, regularly fail simulated tests, or display non-compliance with cyber protocols. From there, action can be elevated beyond coaching from IT staff or managers.

“A significant amount of malware is file-less and exists only in the active memory of a computer,” highlights Foxx. “While the next generation of antivirus has the ability to detect more activity than older versions, file-less attacks are just the beginning, and these tools can now detect abnormal user, host, and network activity. Ensuring your team is on the same page is a critical component in mitigating these attacks.”

  • Coordinating Cybersecurity Requirements

In partnership with the IT department, HR should ensure that there are well-documented policies, standards, and best practices for not only averting attacks or breaches, but also for reporting attempted or successful cybercrimes. Throughout their day-to-day tasks, HR professionals are expected to adhere to the organization’s procedures and guidelines as well as communicate this information with staff. Understanding the various protocols, exploits, tools, and resources fraudsters utilize can help members of HR in assisting their staff to build confidence in mitigating a cyber risk. At the very least, Foxx adds, bankers should adhere to cyber security frameworks such as the NIST Cybersecurity Framework or ISO 27001 certifications, which assist organizations in gaining direction and highlighting areas of need.

As more aspects of our daily lives digitalize, and cybercrime and attacks become a regular and unfortunate normality across the banking industry, the need to secure sensitive data has become a widespread effort. It is critical that leaders look throughout their staff for unique perspectives and opportunities to educate. Establishing a culture of cybersecurity could be the difference between a secure and a compromised institution.

Ready to take your cybersecurity to the next step? Visit fipco.com/solutions/it-audit-security to ensure your bank is secure!

FIPCO is WBA subsidiary and Gold Associate Member.

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Five Years In, AHP a Financial Success for Members

Experience the savings with WBA’s Association Health Plan

By Brian Siegenthaler

Five years ago, the Wisconsin Bankers Association (WBA) became the first Wisconsin business group to launch a statewide Association Health Plan (AHP). AHPs provide the same flexibility to small businesses that large organizations enjoy when it comes to negotiating pricing and coverage options for healthcare.

The plan — offered exclusively to WBA-member banks through WBA Employee Benefits Corporation (EBC), a subsidiary of the WBA, is administered by UnitedHealthcare (UHC). Since its inception, WBA’s plan has saved WBA-member banks over $1.8 million. We’ve added 2,000 members and are UHC’s fastest- growing AHP.

Joining the WBA AHP has several benefits, including:

  • A Local Association Team

We provide a consultative approach to help you create a desirable benefit portfolio for your association groups. Our strong customer support helps teams ease the process of addressing healthcare needs.

  • Opportunity for Cost Savings

As a small group of 1–50employees, you can access plans that give you strength in numbers. For rating purposes you’re seen as a large employer, and not subject to Adjusted Community Rating. For groups with 51 or more eligible employees, UHC is offering a Premium Discount and a Renewal Rate Cap of 9% for the first renewal.

  • More Plan Options

UHC offers plan flexibility with dozens of plan designs to choose from — allowing flexibility in options to balance costs. Consumer-driven plan flexibility includes high deductible options, health reimbursement accounts (HRA), and health savings accounts (HSA). The AHP features a customized 45-plan package for the WBA Association Health Plan Employers.

  • Easy to Switch

Our array of plans, doctors, and services are likely similar to what members have today, making for a smoother transition.

  • Strong National Network

The nation’s single largest proprietary network that reaches 98% of the United States’ population — more than 907,000 physicians and healthcare professionals at over 5,500 hospitals.

  • Convenient Resources

Mobile, online, or person-to-person resources that help members make well informed choices about their healthcare costs and needs.

The process to receive a fully underwritten AHP health insurance proposal has been improved. Just two items are needed to receive firm rates — a quote checklist and census.

In addition, WBA EBC is thrilled with the successful launch of the online system for streamlined insurance and human resources tasks. The online portal, accessible through a partnership with the Iowa Bankers Insurance Services, provides member banks with enhanced service, better transparency on costs and expenses, member driven control of enrollment or changes, and the ability to better control administrative costs in the future.

For more information or if you have any questions about WBA EBC’s insurance options, please visit wisbankin.com.

Siegenthaler is vice president for WBA EBC, a WBA Gold Associate Member.

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Investing in Your Team

Always remember that your employees are your greatest asset

By Loni Meiborg

“People don’t leave bad jobs; they leave bad managers.”
— Unknown

“Those who have a best friend at work are twice as likely to be engaged in their jobs.”
— 2018 Gallup Poll

“Alone, we can do so little; together, we can do so much.”
— Helen Keller

We’ve heard it all. We’ve read it all. We’ve experienced most of it. But how, in today’s tumultuous employment atmosphere, do we keep our team engaged, grow great talent, and keep everyone happy without breaking the bank (both the brick-and-mortar and the piggy bank)?

With average costs of onboarding a new employee exceeding $4,100, it’s in every bank’s best interest to crack this code. Taking a page from the marketer’s playbook, it is much more cost effective to focus on growing existing relationships than acquiring new ones. And that adage adds up for employees as well. Here are six strategies to consider to build strength and longevity among your team:

Purpose

Most people will agree, without purpose there’s no point. In fact, performance soars when you can tie an employee’s work to a bank-wide purpose. Providing a strong purpose to an employee’s role will ensure a deeper level of engagement, and even increased satisfaction.

To do this, make sure you are providing transparent communication. Explain the goals of the team, the bank, and offer a big picture perspective. Take an active interest in their development, both professionally and personally when possible. When their service positively impacts the overall goal of the bank, make sure they know that they are part of that success, it will encourage them to find more ways to contribute.

Development

Each year Fortifi Bank surveys its employees to measure satisfaction. And each year, the number one desire is for more career advancement opportunities. An interesting response since, if you asked senior management, they would say the sky is the limit for every employee. So where is the disconnect?

During monthly check-ins, have open conversation about what each employee wants to be “when they grow up.” Then find the appropriate training and development opportunities to support that. Let them know you’re grooming them towards their goals, even if it’s in a different department. Once the right position opens, they’ll be ready and set-up for success. Don’t let your stellar employees leave for a “perceived” growth opportunity — offer it to them first.

Recognition

No matter how long you’ve been a leader, rewards and recognition take constant focus and practice. Set up a system — whether it is a Microsoft® Outlook reminder or an assistant who follows through — to ensure your rewards and recognition efforts are timely and consistent. Although major performance achievements and milestones are important to note, don’t miss the little things either. Post their achievement on the intranet for all to celebrate, send flowers to a new parent or grandparent. When that big project wraps up, acknowledge their work and share your appreciation. Making that human connection with each employee will quell fears, instill trust, and develop a lasting relationship.

Voice

Okay, one more quote —

“In teamwork, silence isn’t golden. It’s deadly.”
— Mark Sanborn

This topic is multi-faceted. In part because when an employee has a voice at work, it opens the door for them to influence decisions. The other part is building the confidence that when an idea, concern, or perspective is expressed, there will be no workplace consequences.

When both are accomplished appropriately, you will get the feedback you need to achieve better results as well as having the team’s full support along the way. Make sure you’re asking for their
input regularly.

Share ideas and concepts well before execution to give them time to process and come back with a thoughtful response. And, whether you take their suggestions or not, it is important to circle back to share why their thoughts were accepted or rejected; and regardless of which, recognize their contributions to the conversation.

Solutions

When building trust among your team, you need a sharp focus on being solution oriented. You might say, “well then what am I paying them for,” but I’m not talking about the day-to-day blocking and tackling. I’m talking about the issues that impact their passion, purpose, and drive to do a good job.

If a team (or individual) is toxic, they look to you for resolution. If they’ve hit a hurdle (or brick wall) on a project they want to see through, they look to you to remove it. If they need a change in process that is outside of their authority, they look to you to have their back. So, ask yourself, do your employees have frustrations? Take them seriously. Work with them to build an action plan and then see it through. You will have their loyalty in return.

Compensation

It is not by accident I list this one last. Don’t get me wrong, money is still a high priority for many, however, with the right mix of compensation strategies, it doesn’t just come down to dollars and cents. In fact, if you jump right to money and skip the previous five strategies, you’ll find your employee turnover rate growing.

Nowadays people expect flexibility. And no, this doesn’t only mean “work from home.” They want to make it to their child’s dance recital at 3 p.m., they want to work at night sometimes to accommodate a later start to their day, they want to take a vacation without feeling guilty. That’s flexibility.

So do your due diligence when setting your compensation philosophy and dive into market research, but keep an eye on what else their package includes. Take an interest in their mental and financial health to keep your employees feeling appreciated. And, when you can, give them grace and stop watching the clock.

If you plan to adopt these or other strategies to engage your employee base on a deeper level, be sure to align your efforts with your entire management team for consistency as they will not be as effective when administered in a silo. In fact, if done in a here-or-there approach, it could cause animosity between teams and break down your culture even faster.

Engagement strategies should also reflect your company’s core values, which are truly the cornerstone of your culture. Consider your values when creating strategies, and how you deliver those strategies — it will make all the difference.

We know things will likely get harder when conducting business and the competition is fierce. Recognize that employees are your greatest asset and take good care of them; in turn, they will take good care of your customers. The dividends are priceless and the rewards vast.

Meiborg is senior vice president – organizational development at Fortifi Bank, Berlin, a member of the 2022–2023 WBA Marketing Committee, and serves as past chair of the WBA BOLT Section Board of Directors.

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The Reversal of America’s Great Resignation

Workers return in droves to businesses across the U.S.

By Hannah Flanders

Across the U.S., employers are seeing workers return following a mass reshuffle in employment. Beginning in 2021, the year following the initial shock of the COVID-19 pandemic, millions of employees began seeking new opportunities with different companies or shifting entirely to different industries. However, as competition continues to grow and COVID precautions subside, many are beginning to return to their previous employers.

COVID Gives Way to New Opportunities

The Great Resignation, spurred by aspects of the pandemic, gave individuals a push to reconsider their employment. The combination of COVID stimulus checks, early retirement, lack of childcare, and reluctance to return to the office caused many — over 47 million, according to the U.S. Bureau of Labor Statistics — to voluntarily quit their jobs in 2021.

While many of these individuals — 53%, according to Pew Research Center — did not completely exit the workforce, workers seeking higher pay orgreater benefits — including remote options — were presented with a greater opportunity to find a new employer.

Not What They Expected

The beginning of 2022 marked a new wave for employees — the Great Regret — or the reversal of the Great Resignation. Some in client-facing, technology, and consumer industries quickly realized that new roles or companies may not have been the best fit. With increasing turnover, onboarding within many companies became less personal and individuals were often not allotted enough time to get comfortable in their new environment. In addition, remote work offered fewer social interactions and work-life balance sometimes took a backseat.

Seventy-two percent of employees surveyed by Muse in early 2022 stated that they had experienced surprise or regret in connection to what a new job opportunity led them to believe. Of the 2,500 individuals surveyed, 80% stated that it would be acceptable to leave a new job before six months if it didn’t meet initial expectations.

Additionally, as widespread access to COVID-19 vaccination continues, businesses and schools across America have re-opened their doors and many individuals are reconsidering their desire for fully remote work. A survey conducted by PwC reported that around 83% of employees have already returned to the office at least two days of the week.

Boomerang Employees

Each year, the number of boomerang employees — or those who return to a previous employer — continues to rise. In 2021, according to data presented by LinkedIn, 4.3% of all new hires were previous employees whereas 10 years prior, these individuals only represented around 2% of new hires.

Rehiring former employees is strategic for both the employer and the employee, but it’s important to consider why they departed initially. While the business regains knowledgeable talents who may not need extensive onboarding, the employee often returns with a higher salary or new position (given their gained experience during their departure and increased negotiating power) and is familiar with the workplace culture.

According to Glassdoor, recruiting former employees could save organizations up to $20,000 per hire. While of course not every former employee may be the perfect fit for the position, considering boomerang employees could tap Wisconsin businesses into “new” candidates that have the ability to fill important positions and reduce costs in today’s competitive job market.

Returning to the Workforce

As pandemic precautions subside and employees rethink previous career changes, many individuals are returning to their previous employers. According to a study conducted by Joblist, more than one in four people who quit their previous job regret their decision.

Although boomerang employees remain a small but growing percentage of new hires each year, the Great Regret has shown the return of many individuals who had previously left the workforce due to the pandemic, including those lacking childcare or entering early retirement.

Be it to combat rising inflation or to explore new opportunities outside of the home, 2022 has shown millions of individuals returning to work. Just this year, unemployment rates in Wisconsin hit record lows thanks to more individuals feeling comfortable with returning to the office, parents sending their children back to in-person classes, and previously retired Americans rejoining the workforce in droves.

Whether it be considering “boomerang employees” or welcoming back those who exited the workforce as a result of the pandemic, businesses throughout the state are seeing more opportunities to regain workers lost to the Great Resignation and benefit from the growing talent pool.

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The Cost of Employee Financial Stress

How Wisconsin employers can best invest in the security of their team

By Hannah Flanders

As inflation and the cost of living across the country continue to rise, more employees are feeling the increasing strain of financial burden in their day-to-day lives. While some individuals may choose to seek higher paying positions to combat this stress, many are looking to their current employer to assist them in finding new solutions to managing these burdens.

Financial stress is often defined as any emotional tension an individual may experience related to money, debt, or upcoming expenses. According to a survey by Purchasing Power in March 2022, 97% of all full-time employees reported that they experience financial stress.

While monetary stress manifests in many different ways, employers should be concerned that these stressors weaken productivity, negatively impact company culture, and decrease overall talent retention.

What Can Employers Do?

According to the 1,100 full-time employees surveyed by Purchasing Power, 57% say the benefits their employer offers have a major to moderate impact on their decision to stay at their current job. While unemployment rates return to pre-pandemic lows, employers must develop attractive benefit packages that not only meet the needs of incoming talent but set current employees up for success.

These benefits — ranging from health insurance and vacation time to retirement planning and financial wellness programs — impact overall employee satisfaction, both personally and professionally, and save businesses billions of dollars each year.

In a survey conducted by the American Psychological Association (APA), money stress experienced among Americans registered at its highest recorded level since 2015. By regularly reassessing employee benefit plans, businesses are better able to accommodate for common stressors — such as retirement and emergency savings — in relation to current events. Additionally, these opportunities allow greater chances for Wisconsin employers to integrate new, relevant, and cutting-edge tools for members of their team.

The Importance of Financial Wellness Programs

More than ever, employees consider it the employer’s responsibility to help employees with their financial well-being. In addition to providing employees the resources they need to feel secure, businesses that invest in financial wellness programs are more likely to retain current talent and save on the cost of recruiting and training.

Today, wellness is no longer determined solely by physical health. In order to wholly provide for employees, employers must account for all aspects that create tension in one’s life. By promoting resources that help employees stretch their dollar, employers are increasing productivity, engagement, and attendance among those who may otherwise be severely impacted by their financial worries.

PwC’s Employee Financial Wellness Survey, conducted in early 2022 on over 3,200 full-time employees, highlighted that among the 29% of employees currently looking for a new job, 65% cite money as their primary reason. However, both financially stressed and non-stressed individuals surveyed reported being more likely to accept a position or stay with a company that they feel cares about their financial well-being.

Wisconsin employers who are not doing so already should consider adopting financial well-being into benefit packages and adding financial education opportunities such as private coaching as resources for every employee. As housing costs, gas prices, and living necessities skyrocket around the country, individuals are seeking additional initiatives that aid in overcoming the recent additional stress.

A Growing Need for Assistance

Similar to how the nature of work and its demands have evolved over the last three years, workers too are reassessing their financial priorities.

The U.S. Census Bureau states that, according to the most recent census data collected in 2020, Wisconsin’s median household income is $63,293, over $4,000 below the national average. Although the importance of establishing and ensuring a health emergency saving fund has been emphasized even more since the onset of the pandemic, a quarter of consumers still have no savings set aside for emergencies, according to the 2022 Emergency Savings and Financial Security report by the Consumer Financial Protection Bureau (CFPB). Additionally, 39% have less than a month’s worth of income saved for emergencies.

This lack of funds directly originates from, according to the CFPB, an individual’s knowledge on how to save. Whether it be lack of information relating to saving or financial constraints, those without emergency saving funds are nearly three times as likely to “not know how to save” than those who have a fund of some proportion.

The Society for Human Resource Management (SHRM) states that while upwards of 95% of organizations offer retirement savings plans, less than 35% offer financial planning/ coaching, and even less (15%) offer emergency savings funds or payroll advances, causing many individuals facing an emergency to charge a credit card, borrow money, or cut other expenses.

However, as the prices for necessities such as groceries, shelter, and gasoline rise — more Wisconsinites than ever are struggling to set aside funds for emergencies, their future, or even other commodities. In addition to setting a 40-year record for total increasing prices (a 9.1% increase since June 2021), both food and energy prices increased by 10.4% and 41.6% percent, respectively, in the last 12 months. These skyrocketing prices represent the largest price jumps consumers have seen since the early 1980s, according to data presented in the June 2022 Consumer Price Index.

Resources Available

Financial wellness programs, such as America Saves and Wisconsin Saves, not only help employers meet the growing demand for budgeting tools, but these campaigns also build consumer confidence, assist individuals in reaching their financial goals, and save businesses added expenses caused by absenteeism or low productivity.

America Saves and Wisconsin Saves provide individuals with the tools and education needed to effectively approach savings goals such as retirement, debt repayment, or vacations. Be it a long- or short-term goal, America Saves supports low- to moderate-income households in saving money, building wealth, and preparing for the unexpected.

The Wisconsin Saves initiative, brought forth by a coalition of Wisconsin organizations including the Wisconsin Bankers Association (WBA), promotes automatic saving opportunities through split deposit. The program, launched in 2021, encourages small- and medium-sized employers to promote the ease and benefits of saving automatically for emergencies through split deposit.

By promoting the success of these programs, encouraging employees to take the America Saves pledge to access additional resources, or motivating teams to split their deposit into a savings fund — Wisconsin businesses can play an important and impactful role in helping their employees improve their financial well-being.

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Embracing the Future of Work at WBA’s Management Conference

Join Wisconsin banking leaders in education and networking opportunities

Banking leaders from throughout Wisconsin will once again reconvene in Wisconsin Dells for a two-day event focused on education and networking. WBA’s Management Conference, beginning on September 13, is a must-attend event for CEOs, CFOs, CCOs, HR leaders, and other members of the bank’s management team.

An optional, pre-conference golf outing is scheduled for September 13 at Rock Golf Club in Wisconsin Dells. Bankers interested in additional opportunities to connect with their banking peers and event sponsors should plan to attend. Following the outing, the event will kick off on Tuesday night with a dinner program recognizing individual bankers who will be receiving WBA’s 30- and 40-year Lifetime Service Awards. Bankers interested in receiving this recognition or honoring an individual who meets the service award criteria should visit wisbank.com/ServiceAwards to complete the nomination form by August 19, 2022 to be included in the program.

On September 14, bankers will have the opportunity to attend two general sessions and two rounds of breakout sessions that include four management-related tracks including credit/lending, human resources, finance, and general bank trends.

In addition to networking among peers, Wisconsin bankers will hear from Sarah Sladek, founder and CEO of XYZ University, LLC during her keynote session on managing and leading during the new era of workplace shift that has recently emerged. While preparing for increasing innovation, shifting values, global connectivity, disruption, and opportunity, Sladek will assist bank leaders and organizers in understanding why they may be struggling to lead a high-functioning team as well as provide insight into how bankers may best be able to usher in a new generation of talent.

To learn more and register for the upcoming event in Wisconsin Dells, visit wisbank.com/management. Questions regarding the conference can be directed to WBA’s Lori Kalscheuer, director – education.

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Lead Your Team to the Next Level

WBA’s Management Conference Returns to Wisconsin Dells in September

Join over 150 banking leaders for WBA’s annual Management Conference September 13 and 14 in Wisconsin Dells. C-suite and HR professionals will enjoy several general sessions, breakout sessions, and opportunities to network among Wisconsin banking peers and over 50 conference sponsors and exhibitors from across the U.S.

The conference, to be held at Glacier Canyon Conference Center, will officially begin on Tuesday night with a dinner program and ceremony recognizing individual bankers who will be receiving WBA’s 30- and 40-year Lifetime Service Awards. Bankers are encouraged to attend this program not only to celebrate these milestone achievements, but for additional opportunities to network with banking peers. Bankers interested in receiving this recognition or honoring an individual who meets the service award criteria should visit wisbank.com/ServiceAwards to complete the nomination form.

Management Conference Banner

Before the dinner program on Tuesday, September 13, bankers looking to make the most of their time out of the office will also enjoy an optional pre-conference golf outing at Wild Rock Golf Club in Wisconsin Dells. Join WBA, your banking peers, and several sponsors at this unofficial kickoff for an additional opportunity to connect with banking leaders from around the state.

This year’s conference will focus on taking banking to the next level. By investing in opportunities to network with other community bankers and dive into topics that will help your bank succeed as a business, leaders are able to reinvest the skills and knowledge learned at the conference into every member of their team.

WBA encourages all bank management teams to take advantage of the four management-related breakout session tracks — including credit/lending, human resources, finance, and general bank trends — for the benefit of every leader, their team, and the continued success of their institution.

To learn more and register for the upcoming event in Wisconsin Dells, visit wisbank.com/management. Questions regarding the conference can be directed to WBA’s Lori Kalscheuer, director – education.

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questions@wisbank.com

608-441-1200

4721 S Biltmore Ln.
Madison, WI 53718

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