Performance Management for Banking: Common Challenges

Just as the financial industry has adapted to the market needs for better digital platforms, increased automation, and a more convenient customer experience, performance and talent management within financial institutions has also had to pivot to the growing expectations of its employees and competitive landscape. Every industry has a unique set of needs and challenges, so performance and talent management processes are not a one-size-fits-all approach. 

To start discussions, we often ask banks and credit unions a simple question: “How does your financial institution identify future leaders, coach/grow, retain, and prepare employees to lead the organization in the future?”

Years of experience working with banking institutions and credit unions have allowed us to become well-versed in powering financial institutions’ performance and talent management, and in turn, helping these institutions make better people decisions and achieve better results. This article details the most common challenges and the corresponding WorkDove solution. 

Challenge:

Emphasis on Performance AND Core Values

One common need we hear across industries, but specifically in banking, is the need to capture data for both performance expectations and behaviors that are in line with company core values. 

WorkDove Solution:

The foundation of our platform is the Performance-Values Matrix. This matrix offers a visual for data that enables a high-performance culture and reveals both performance and core value fit. This allows managers to visualize where the employee stands on both aspects and coach around what is needed. 

Challenge:

Attracting and Retaining Top Talent

This challenge has unfortunately been felt around the world in recent years. Finding the right candidates and keeping them engaged is harder than ever due to a variety of factors that are certainly not limited to remote work expectations, inflation, and more.

WorkDove Solution:

With the right tool, you can strategically develop your talent in-house. With apps such as the 9-Box leadership succession planning tool, Individual Development Plan Plus (IDP+), one-to-one Check-Ins, and 360-Degree Feedback, you can improve employee retention and engagement while simultaneously giving managers the tools they need to coach more effectively. 

Bonus: Our Recognition tool allows for company-wide recognition at any time, further contributing to feelings of belonging which lead to higher engagement. Our Performance Review app gives insight into employee talents and development opportunities, ensuring they have a clear path at all times. 

Challenge:

Leadership Succession Planning

The banking industry in general has a need for insight into employee development and career growth. With Millennials and Gen Zers quickly rising as the most represented generations in the workforce, their deep desire for growth cannot be ignored. 

WorkDove Solution:

Gain key data insights to accurately identify top performers and potential successors using the 9-box leadership succession planning tool. This tool plots future leaders on a matrix based on the two most important factors: performance and potential. WorkDove also offers a leadership succession planning report including comprehensive information on individual employees’ performance scores, next desired position, and more.

Challenge: Compliance 

All work systems being compliant within highly regulated industries is an absolute non-negotiable. 

WorkDove Solution

Housing all performance management information in a reliable cloud-based platform allows for one single, secure source of truth. One location that contains historical records of employee development and management documentation provides a homebase for more equitable performance and talent management. Gone are the days of accidentally misplaced papers or a loss of information due to employee or management changes. 

Challenge:

Antiquated Systems

Manual, cumbersome systems are not only a drag to the employee experience but they also slow processes down. Systems and processes that look and feel archaic do no favors for increasing employee engagement. 

WorkDove Solution

WorkDove allows you to save precious time and money by converting from outdated systems to a modern, easy-to-use technology that integrates with your everyday workflows. Partnering with our team ensures you will have just that: a partner. We make intentional time to understand your current processes, discover what’s working well and what isn’t, and map out a new workflow that is unique to your needs, but not so nuanced that you get lost in the details. 

A common trend among banking organizations is the need to decrease their digital footprint. This often results in an HRIS (like ADP or UKG) that combines several solutions into one place. Many HRIS solutions offer performance and talent management modules. While this approach indeed decreases the digital footprint, we often hear that the modules simply do not satisfy all performance/talent management needs. 

The good news is that WorkDove can work with your HRIS. Through modern integrations, we can connect to almost any HRIS or Payroll System through a secure data feed or API, which eliminates the need for duplicate data entry and edits. Your digital footprint remains low and your solutions work collaboratively together!