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PCBB Banc Investment Daily February 25, 2019
Banc Investment Daily
February 25, 2019

Is Your Bank Facing Employee Ghosting?

Summary: Ghosting has made its way into the workplace. Ways to prevent it from happening at your bank.
The International Dairy Foods Association did some research that finds the average American consumes 23 pounds of ice cream each year. It also reports: June and July are the busiest months for ice cream production, waffle and sugar cones tie for most popular containers, and the favorite ice cream flavors in order are Vanilla, Chocolate, Cookies N' Cream and Mint Chocolate Chip. All we know is that it is certainly tasty!
Something is happening in the banking world, however, that isn't nearly as tasty as a good bowl of ice cream. It relates to finding good employees and something known as "ghosting."
For those unfamiliar with the lingo, Dictionary.com defines ghosting as "the practice of suddenly ending all contact with a person without explanation, especially in a romantic relationship." While the term frequently crops up in dating circles, in recent years the practice has spread to the workplace, where employers are donning the role of jilted lover.
Ghosting in the workplace can take several forms. A job candidate may ditch an arranged interview, or even be a no-show to the office on Day 1. More than that, it's a phenomenon that's even taken hold among seasoned staff members who simply leave one day and don't return to work. One staffing agency estimates it's happening with up to 20% of white collar workers. That is crazy when you consider how important prior job references can be.
Experts point to low unemployment and the plethora of available jobs as reasons why some job seekers and seasoned employees are brazenly willing to ditch work commitments. The issue of ghosting came even more to the forefront recently after it was cited by the Fed in its December Beige Book tracking employment trends around the country.
While we find the practice of ghosting troubling, we sadly recognize that it does occur. As such, community bankers need to know about it in order to help neutralize any negative effects.
For starters, consider launching a top-down effort to be respectful to all employees and transparent when communicating with staff. By modeling positive behaviors, banks stand a better chance of having employees follow this lead too. It's also important to keep tabs on employee morale to ensure that some employees aren't inadvertently slipping through the cracks.
Banks should also try to view things through the lens of prospective employees. Many employers themselves are guilty of ghosting candidates by stringing them along for a time and then suddenly ceasing all forms of communication. Banks should make it a practice not to leave job candidates hanging indefinitely, recognizing that a successful hiring process is a two-way street.
To take this to the next level, you might even consider a more user-friendly hiring experience that some have adopted. These companies have launched platforms for job applicants that allow them to track progress through each stage of the hiring process.
If your bank becomes a victim of ghosting, know that it can happen to anyone these days, but also seek to learn why and improve the process too. Updating your hiring process, moving quickly when you find great candidates and keeping current employees engaged are all ways to improve things.