Banks see telecommuting as chance to gain recruiting edge
Hilary Burns, Laura Alix
The American Banker article, “Banks see telecommuting as a chance to gain recruiting edge,” quoted Russell Reynolds Associates Consultant Robert Voth about the benefits banks are seeing as they increasingly allow talent to telecommute. The article is excerpted below.
Banks are slowly warming up to the benefits of telecommuting, particularly as technology and security protocols evolve to make it easier to offer, industry experts said. While customer-facing roles should be based in a branch or office, there is a growing belief that banks must consider telecommuting to attract and retain talent in operational, technology and customer service areas.
There will be a “price to pay” for banks that refuse to implement remote working, as more industries embrace the concept, said Robert Voth, a managing director in Russell Reynolds Associates’ consumer financial services practice.
“They will lose out on a subset of talented workers,” Voth said.
Larger banks are more apt to offer remote working, industry watchers said. Voth said bigger companies have an easier time retaining employees who don’t live near their headquarters because of brands that often reach more markets.
Take SunTrust Banks in Atlanta, for example. Some of its employees, like those who handle customer calls concerning fraud, are entirely remote. Others have the option to occasionally work remotely.
As bigger banks look to adopt remote options, smaller banks, especially those with limited geography, could struggle to follow suit, Voth said.
“There’s just an inherent struggle in building affinity and loyalty — let alone culture — if an executive and or mid-level manager is in a [place] where there's zero connectivity to the bank,” Voth said.
Some are experimenting on a case-by-case basis, nonetheless.
To read the full article, click here.