Employer brands will always be a big deal. Because whether it’s a tough hiring environment or an easy one, banks still need to attract and retain the best talent. The kind of talent that embraces the brand purpose also helps advance business goals. Finding them and keeping them requires a strong employer brand.
To attract people who share your bank’s purpose, you have to start from the inside out:
- have a well-defined purpose that differentiates your outward-facing brand
- intertwine that purpose and public brand with a standout internal brand
- walk the walk, not just talk the talk
Your purpose must be unique and actionable
Having a defined purpose seems to be a challenge for many banks. There are many marketing slogans based on ubiquitous themes like “big enough to serve, small enough to care,” “high tech, high touch” and “your bank for a lifetime.”
While those are laudable attributes, they are not unique. They are dusty platitudes that are rarely referenced by Marketing, HR, Operations or any other areas of the bank.
It’s important for financial marketers to look beyond those comfortable fall-backs to find true points of difference. These may be rooted in the corporate values and mission statement, so that’s a good place to start. But if those are also lookalike/soundalike statements, then it’s the marketer’s job to lead the institution to some new purpose-filled frontiers.
Millennials and Gen Z demand more from employers
Every employee can benefit from a company with a strong employer brand. But a special note: millennials and Gen Z now make up 46 percent of the US workforce. And they have even greater expectations of employers than previous generations. In addition to work/life balance, their top reasons for choosing an employer include:
- ethical leadership
- mentally healthy places to work
- diverse and inclusive workplaces
- purposeful work
- social responsibility
That means an attractive employer brand is vital to the future success of businesses.
Banks making their mark with purpose-filled employer brands
1) Huntington National Bank: striving to include everyone
Huntington National Bank in Columbus, Ohio is quoted recently in the media as saying they believe “putting people first—our customers, colleagues, and communities—is at the very core of everything we do.” Their vision is stated as becoming “the leading ‘people-first, digitally powered’ bank.”
Those are big promises that may not be completely unique. But what does make Huntington National Bank unique is the way they work to live up to these promises for all customers: both internal and external.
A powerful example of how they walk the walk was recently highlighted in Banking Dive (read the article here).
Huntington National Bank has partnered with the Magnusmode app to help neurodiverse people bank better. Together, they’re offering free step-by-step guides on everyday tasks like depositing checks, withdrawing money and disputing charges.
Donald Dennis, Huntington’s chief diversity, equity, inclusion and culture officer says, “We believe that everyone deserves a shot at financial success.”
“Everyone” isn’t just external customers. It’s Huntington colleagues, too.
The step-by-step guides feature two Huntington colleagues who joined the bank through its Autism2Work program, which has provided workforce training and employment opportunities for neurodivergent adults, including those with an autism spectrum disorder. And Dennis says that employees gave input on the topics the guides cover.
Not only is Huntington making the bank and its services more accessible to neurodiverse customers, they also seek to invest in a diverse workforce that includes neurodiverse people. In other words, they work to address serving all internal customers.
Just a few of the things they offer colleagues:
- benefits and perks
- cultural celebration day
- week of cultural celebration
- colleague appreciation week
- annual diversity, equity, inclusion, and culture awards
- tuition reimbursement and tuition pre-imbursement programs
- dependent scholarships
- business resource groups
- inclusion councils
- communities of practice
- military benefits
- volunteer opportunities
“Living our purpose and ensuring we have an environment where colleagues can be their authentic selves is important,” Dennis says. He goes on to explain that many of the business decisions the bank makes include input from colleagues. That ensures they continually work to keep the mission alive.
2) Walden Mutual Bank: lasting change in local food
Walden Mutual Bank in Concord, New Hampshire, is the first new mutual bank in 50 years. Their mission: “To enable anyone to make positive and lasting change to our local food ecosystem.”
The team they’re recruiting
“We're a mission-driven company committed to sustainable food and agriculture in New England and New York, and we’re building a diverse team that shares our passion. If you are inspired by ambitious missions and working hard to support borrowers and depositors, we want to talk!”
- certified B Corporation
- $100 summer farm food dividend
- impact investing with customer savings
- employees on site and in town: place-based investing directly in the community
This is a brand-new bank, but since it has such a narrow positioning, it’s worth watching and following to see what evolves.
3) Regions Bank: making life better
Located in Birmingham, Alabama, Regions says, “We’re committed to keeping customers first, providing tech-driven convenience and being a strong community partner.” Like Huntington Bank, at first glance, Regions’ brand description doesn’t sound that different, but the way they express their work looks very different.
The team they’re recruiting
Regions makes life better. “Our mission is more than just a corporate tagline—it’s at the center of every decision we make. It is the guiding principle behind the products we develop and the services we offer. It is the foundation for every customer relationship that we form. The result is that we create shared value for the customers and the communities we serve.”
An employee is quoted on the website saying, “This great company allows us to put people first, both internally and externally, which in turn drives our process and production. I know at the end of the day, we’re asked to do what is right and there is no greater feeling. I get up every day energized to work with people that want to collaborate and find new ways to improve what we do for our associates, customers and communities!”
The Regions YouTube channel is filled with videos to help customers and employees make life better. One playlist called Bank Like a Banker features employees as the stars. They’re seen giving non-bankers helpful advice on investing, saving, managing budgets and more
In an older series of videos on its channel, Regions recognized employees making life better with above-and-beyond work in the community. They created video profiles of the honored employees and made a donation to that employee’s favorite charity.
- physical, mental and financial health coaching
- emerging talent program for interns and new grads
- military friendly employer
- associates log thousands of hours of community volunteer activities
- ongoing professional development and training
- career advancement education
- free tuition benefits
4) First Federal Bank of Kansas City: prosperity and a home for all
The Kansas City, Missouri-based First Federal Bank is another mutual bank—this one with over a century of service.
Stuart Bilan, First Federal’s marketing director, describes the employer branding philosophies in this mutual bank. “It doesn’t start with benefits,” he says. “Those are table stakes. What we do goes back to the story of us being focused on home ownership” and helping communities.
The bank doesn’t offer a credit card Bilan says, “because we think they can get a lot of people into debt that’s difficult to resolve.” Getting Bank On Certified was another step in living the mission.
First Federal offers robust financial education to customers through EVERFI, Bilan says. But they also encourage employees to participate in these offerings. He says the bank offers first time home buyer workshops and home mortgage rates for employees that are a very great rate—“just about at the cost of funds.”
The bank has also established an internal Servant Leadership Program focused on up-and-coming employees. The program was created and led by Les Norman, a radio host, keynote speaker and former MLB player with the Kansas City Royals. The six-week program helps employees learn how to serve themselves better, which in turn helps them serve the community, and ultimately the bank.
The team they’re recruiting
“The answer is simple: to help people. First Federal Bank was founded in 1934 with the sole purpose to help people achieve the dream of home ownership. And as a mutual bank, helping individuals and families save for the future is truly in our DNA. To achieve these high goals, we surround ourselves with people that have a passion to deliver the best experience to our customers. Does that excite you? If so, let’s talk!”
A few of the other offerings from First Federal:
- highly attractive employee loan programs
- gym reimbursement
- employee education assistance program—college/university tuition reimbursement up to 50% of the cost.
- flex spending accounts
- employer contribution to HSAs
Actions speak louder than words
In the ever-challenging talent marketplace, an authentic employer brand will always triumph over “great pay and great place to work.” It’s clear that for banks who seek excellence and high returns, an investment and focus on employer brand is essential.
This article was first published in the American Bankers Association Marketing Journal. Want more on employer branding? Watch our on-demand webinar—Crush Your Employer Branding Goals: 5 Ways to Win
Blue orange photo credit: Davisuko on Unsplash