During a presentation given at IBS/KBIS 2018, Senior Vice President of Operations, Blaine Bagley, talked about employee turnover and how EnerBank USA® approaches this critical topic.
Blaine started by explaining that according to a study by the Society for Human Resource Management, employers will need to spend the equivalent of six to nine months of an employee’s salary to find and train their replacement. Doing the math, that means that for an employee salaried at $60,000 will cost the company anywhere from $30,000 to $45,000 to hire and train a replacement. Other research shows that the average costs could be even higher.
In another study conducted by the Center for America Progress, the cost of losing an employee can cost anywhere from 16% of their salary for hourly, unsalaried employees, to 213% of the salary for a highly trained position! So, if a highly trained executive is making $120,000 a year, the actual loss could be up to $255,600 to the company!
So, how does EnerBank find employees who like their jobs and do them exceptionally?
Blaine explained that EnerBank uses a two-pronged approach—both prospecting and hiring—to find great people, and emphasized that finding them doesn’t happen by accident.
Approach one—prospecting. Blaine said, “Prospecting is mostly done online and remotely, and the application process is used very strategically to find the best candidates. We have people who specialize in writing our postings, so they attract the best candidates and discourage those who do not qualify.” He goes on, “EnerBank has a solid reputation as a great place to work. And, because of this, most candidates who apply for open positions are referred by our existing workforce. Bank leadership works hard to keep employee satisfaction high and attrition low. The groundwork for success is laid-out starting at the time a prospective employee applies for a position with the bank. And, because of an extensive application process, the bank does everything it can to prepare and attract people who can succeed with EnerBank—then we hire.”
Approach two—hiring. Blaine explained how EnerBank focuses on hiring those who are looking for “a career” as opposed to a job. He said, “We put a lot of focus on education. And, we want employees who want to grow, who have a plan for their future, even before they come to us.”
Blaine went on to talk about how EnerBank uses employee rehiring as an essential hiring tool, “Employees come back and work for us while they go to school or after returning from an internship. We often times have a waiting list of people who want to get hired.” The organization credits recognition, thanks, and appreciation for its highly engaged workforce.
Blaine concluded by highlighting how EnerBank supports a very specialized client base, and how great people are needed to support them. He said, “EnerBank genuinely does everything they can to create the kind of experience for their people on the inside so that they can create an amazing experience for our clients.”
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FDIC insured EnerBank USA is a highly specialized, national consumer lender that helps strategic business partners and independent home improvement contractors increase sales. Strategic business partners include manufacturers, distributors, franchisors, member or trade associations, and major retailers of home improvement, remodeling, and energy saving products and services. They all rely on the bank to be here today AND tomorrow to fund customer loans and help them achieve their business goals and objectives. EnerBank is the bank of choice, we are reliable, professional, and we produce results.