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Tag Archive for: Talent Management

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Businessmen shaking hands across table
Community, News

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.

August 12, 2022/by Hannah Flanders
https://www.wisbank.com/wp-content/uploads/2021/10/bigstock-business-men-handshake-149288153-5-scaled.jpg 1709 2560 Hannah Flanders https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Hannah Flanders2022-08-12 08:09:412022-08-12 08:09:41The Reversal of America’s Great Resignation
Community, Education, News

Seasoned Banking Professional Brings Passion to Developing New Talent Through BankWork$ Program

Adriene Wright

Adriene Wright

By Hannah Flanders

Adriene Wright not only brings more than 25 years of retail banking experience to her students, but she also mentors and supports them through the BankWork$ program and beyond. As an instructor in the program partnered with Employ Milwaukee, CareerWork$, and the Wisconsin Bankers Association (WBA), Wright is able to provide individuals the banking 101 entry-level training needed to fill positions with numerous partner banks.

Wright began her retail banking career as a teller and progressed to a learning and development instructor training new hires. Not only did this role prepare her for her transition to BankWork$ in terms of her retail banking abilities, but it gave her the opportunity to give back to her community and the industry.

“Through the [program’s] eight weeks of training, practice, coaching, and feedback, the students graduate with a clear knowledge of [the] expectations to be successful in banking,” says Wright. “This includes the topics of banking 101, professionalism, attendance, dress code, customer service, rapport, public speaking, technology, team building, sales skills, building relationships, resume building, and interviewing skills.”

Currently, the BankWork$ program in Wisconsin has 14 partner banks and growing interest throughout the state. This could potentially result in growing class sizes, more locations, and new partnerships. BankWork$ recruits from diverse communities with an emphasis on underserved, low-income, and unemployed individuals who are looking for the opportunities to grow and have a successful career. This means not only that these young adults bring “a fierce commitment and drive to never give up,” according to Wright, but their wide range of education, work experience, and languages introduce important factors of diversity and inclusion that align with banks’ missions.

Many BankWork$ graduates are successfully retained and often promoted from their entry-level positions to roles in supervision or management. When these individuals have the ability to provide for themselves and their families, they are able to begin imagining their future and setting goals.

Building confidence, banking knowledge, and providing students with both in-person and virtual skills is critical in ensuring that students feel prepared to put their talents into practice on their first day on the job. In their partnership with 13 other sites nationwide, Wright and her fellow BankWork$ instructors have the ability to make a substantial difference for employers with positions to fill. The role of BankWork$ instructors is unique and impactful in that they help employers, job seekers, and their communities.

Wright’s passion and experience in helping new hires become successful in the banking industry has touched the lives of many in the Milwaukee area. Beyond her compassion for her community, Wright aspires to prepare her students for a stable career and opportunities rather than just a job.

January 21, 2022/by Cassandra Krause
https://www.wisbank.com/wp-content/uploads/2021/09/Triangle-Backgrounds_Lime-Green.jpg 972 1921 Cassandra Krause https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Cassandra Krause2022-01-21 14:30:502022-01-21 15:07:55Seasoned Banking Professional Brings Passion to Developing New Talent Through BankWork$ Program
News, Resources

It’s Time to Take Action in 2022

Ken Thompson HeadshotBy Kenneth D. Thompson, WBA Board chair, president and CEO of Capitol Bank, Madison

January marks the halfway point of my time as WBA chair and as we transition into a new year, there are undoubtedly new things to look forward to as an industry and as an association.

Our successes in 2021, many of which related to the ongoing uncertainty of the COVID-19 pandemic, taught us all valuable lessons I hope can be brought with us into the new year. From low levels of past-due loans throughout our industry to excess liquidity, it’s safe to say that stepping outside of our routine has resulted in spectacular results.

Looking onward to 2022, I encourage bankers to approach challenges with the same curiosity we have for the past two years. As our industry continues to grow, how will each of us lead the way in making Wisconsin banks efficient, diverse, and robust?

WBA has long known that banks are cornerstones in our communities and as such, should be leaders in embracing societal developments. Technology, for both our customers and employees, has been and should continue to be an aspect that sets our industry apart. In embracing these digital channels, banks have a unique ability to meet the expectations of customers while also supporting them with cybersecurity and best technological practices.

Our ability to advance diversity, equity, and inclusion (DEI) efforts, as well as offer flexibility to employees, has the potential to set our industry apart. This is especially important to consider as we navigate through a competitive hiring and retention landscape.

As we all envision a brighter 2022, it serves us to remember that innovative solutions, such as PPP and advances in online banking, have provided our communities with much-needed assistance in the past. We must not be held back by what we are familiar with. This pandemic has taught us all that some of the most effective answers may not be the ones that have been tried before.

It is essential for banks to approach these situations with caution instead of resistance and as always, WBA remains a valuable resource in education, advocacy, and community involvement for each of us as we look forward to what’s to come in 2022.

January 3, 2022/by Hannah Flanders
https://www.wisbank.com/wp-content/uploads/2021/09/Triangle-Backgrounds_Dark-Blue-on-Light-Blue.jpg 972 1921 Hannah Flanders https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Hannah Flanders2022-01-03 13:57:002022-01-03 15:15:08It’s Time to Take Action in 2022
Silhouettes of Business People Working in Board Room
Education, News

Announcing the 2022 Bank Executives Conference

This year’s event centers around the theme “Rise”

The Wisconsin Banker’s Association is thrilled to announce that the annual Bank Executives Conference will be back in person February 9–11, 2022 at the Kalahari Convention Center in Wisconsin Dells. This is the premiere event for bank leaders in the state. The theme of this year’s event will be “Rise.” Wisconsin bankers have risen to the occasion over the course of the pandemic, and this conference will address what it will take to be resilient and relevant in 2022.

Networking

Being back in person opens the door for the kind of networking opportunities that bank leaders have been craving for nearly two years. The conference will kick off with a networking reception on Wednesday evening, but bankers are invited and encouraged to arrive earlier for optional afternoon “banker-only” peer group discussions starting at 2:30 p.m. Peer group discussions are geared toward the roles of CEOs, CFOs, credit and lending, operations, and organizational development. Opportunities to connect with fellow bankers, WBA Associate Members, and WBA staff will be plentiful throughout the conference, with an exhibitor Marketplace providing a dedicated space for making connections.

Executive-Level Education

The WBA Bank Executives Conference brings national experts to Wisconsin, while providing tailored programming specific to the needs of banking leaders in our state. Among the trending topics that will be covered at the conference are:

  • Changes that emerged during the pandemic that are now here to stay
  • Talent recruitment and retention
  • Technology, fintech, and digital transformation
  • Cryptocurrency
  • And more!

New Hybrid Option for 2022 A livestream will allow attendees at the bank to view the keynote sessions on February 10 and 11.

The opening keynote session is titled, “Business as Unusual: How to Future-Proof Your Business in Transformational Times.” In this engaging, provocative, and insightful keynote session, acclaimed global futurist and best-selling author Jack Uldrich will not only discuss how the Coronavirus is transforming the world of tomorrow, he will explain why it is accelerating many of the trends that were already at work prior to the epidemic. History reminds us that great crises produce great change — as well as great opportunities. To take advantage of these extraordinary opportunities, businesses must position themselves now to operate in a world where “business as unusual” is the new “usual.” This session will help leaders at every level of an organization leverage ten “unconventional” techniques to succeed in today’s — and tomorrow’s — transformational times.

Dr. Chris Kuehl, managing director of Armada Corporate Intelligence, will present a keynote session, “2022 – The Real Recovery Year?” That honor was supposed to go to 2021, but we all know what happened over the last several months — inflation, labor shortage, supply chain breakdowns, and the repeated resurgence of the virus. Now we have these lingering issues along with the reactions — higher interest rates, efforts to restore, continued engagement by the government. The bankers have been placed squarely in the middle of all this and expected to do most of the heavy lifting. Does that continue and what can we really expect as far as growth and recovery?

For more details on programming and to view the full agenda, please visit www.wisbank.com/bec.

Banking leaders are eager to rise to the challenges ahead of them, and the conference will provide actionable tools and knowledge attendees can bring back to their banks and communities.

Recognition

The 2021 Banker of the Year will be announced at the conference, recognizing a bank CEO or president (or an individual who has recently retired from these positions) who has made an outstanding effort throughout their career in service to their bank, to their community, and to the banking profession.

The Wisconsin Bankers Foundation Financial Education Innovation Award will be presented at a special luncheon on February 10. This prestigious award recognizes a bank’s unique efforts to enhance the financial capability of consumers in their community, whether it’s a new kind of educational game for students, curriculum developed for adult seminars, or some other new or innovative approach to financial education.

The 50- and 60-Year Clubs recognize bankers who have served in the banking industry for 50 and 60 years, respectively. These awards will be presented during the special luncheon at the conference to honor professionals who have dedicated their careers to the banking industry.

Entertainment

Ope! Charlie Berens, best known to Wisconsinites for his viral video series, “The Manitowoc Minute,” will perform at the Chairman’s Dinner Program on Thursday, February 10.

Comedian, Emmy award-winning journalist, and Wisconsin native Charlie Berens — who rose to fame from his video series, “The Manitowoc Minute” — will provide the entertainment for the Chairman’s Dinner Program on February 10. Attendees can expect lots of laughs from the author of the recently released book, “The Midwest Survival Guide: How We Talk, Love, Work, Drink, and Eat. . . Everything With Ranch.” Berens has been featured on Fox, CBS, Funny or Die, TBS Digital, Variety, MTV News, and more. In 2013, he won an Emmy for “The Cost of Water” while reporting for Texas news station KDAF. “The Manitowoc Minute” series has garnered millions of views and paved the way for a sold-out standup comedy tour. Geez, Louise, this is sure to be a hilarious show you won’t want to miss!

Register

To register for the conference, please visit www.wisbank.com/bec. We look forward to seeing you Wednesday, February 9–Friday, February 11 at the Kalahari Convention Center in Wisconsin Dells!

December 17, 2021/by Hannah Flanders
https://www.wisbank.com/wp-content/uploads/2021/10/silhouettes-of-business-people_banner-7.jpg 1129 1693 Hannah Flanders https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Hannah Flanders2021-12-17 19:43:112021-12-20 14:51:09Announcing the 2022 Bank Executives Conference
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