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Products & Services Human Resources Employee Staffing and Performance Measures

Performance Management Success Strategies for Retail Financial Services Companies

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ID: 4870


Features:

Metrics, Graphics, Summary Matrix


Pages/Slides: 15


Published: Pre-2014


Delivery Format: Online PDF Document


 

License Options:
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Single User: Authorizes use by the person who places the order or for whom the order was placed.

Sitewide: Authorizes use of the report for a geographic site. All people at site can view the report for a year and copies can be printed.

Corporate: Authorizes use for the entire company for a year and copies can be printed. No limitations for usage inside the company.




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Non-members: Click here to sign-up for a complimentary tour of
"Performance Management Success Strategies for Retail Financial Services Companies"


Study Overview:

The mantra of most companies is that they want to hire the "right" people in order to be successful. In fact, the central element separating best practice companies from the rest of the pack is the strength of their employees in terms of skills, behaviors, performance and abilities. Indeed, as one banking executive declared, "If you get the people thing right everything else falls into place. Happy employees lead to happy customers, who become repeat customers." The trick for HR managers, of course, is attracting and identifying those "right" people and developing them into top performers. This document can help executives design and promote more effective staffing practices and policies in the Retail Finance industry. It includes the executive summary as a separate PDF.

Key Topics:

  • Staffing and Development Practices
  • Performance Management Practices
  • Training
Sample Best Practices:
  • Leverage both technical and behavioral competencies in order to hire the right people.
*One company surveyed, for example, insists that for front office employees, behavioral competencies should weigh higher than functional competencies. This firm has listed the key competencies along both dimensions, soft and technical skills, for all customer-facing positions.
  • Employ job rotation programs to allow staff to experience different roles and a means to keep them engaged and retained.
*According to one HR manager, “At lower levels of organization [employees] yearn for more movement. When you get to a mid-level you tend to settle into it. A lot of people want to stay where they are.”
  • Employ motivational approaches with customer-facing employees to inspire world-class customer service.
*One best practice participant uses the “huddle” approach at the beginning of each day. For each branch, a daily five to ten minute kickoff meeting is held to start the day, similar to some big retail chains and many top restaurants. During that time, managers recognize outstanding efforts from the previous day. The primary focus of these meetings is delivering a positive message to try to get everyone in the right frame of mind to start the day.

Methodology:

The Best Practices research team conducted in-depth interviews and surveys with key industry executives at seven participating financial institutions to harvest qualitative insights, process excellence observations and managerial lessons learned.

This study comes from report OP-100, Benchmarks for Excellence in Caribbean Retail Financial Services. Other documents orginating from this report include:

Industries Profiled:
Financial Services; Retail; Banking


Companies Profiled:
Barbados National Bank Inc.; Scotiabank; Royal Bank of Canada; RBTT Bank; City of Bridgetown Co-Op Credit Union; Butterfield Bank; Barbados Public Workers' Co-operative Credit Union Ltd.

If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call David Guinn at 919-767-9179 if you have any questions.