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BID Newsletters
Mar 31, 2023
As a growing number of baby boomers get closer to retirement, phased retirement programs are proving an attractive option for CFIs seeking to keep key employees around long enough to ensure that their replacements are ready to take on their roles.
Mar 21, 2023
Independent contractors can be a great way to bridge skills gaps, access in-demand talent, or get full expertise from a part-time approach. Managing these workers is an art that comes with tips and tricks. We share some here.
Mar 10, 2023
Incentives are effective tools for motivating employees. As the economic environment changes and liquidity tightens, make sure the incentive programs you have in place support your organization’s current goals and make sense for your staff.
Jan 26, 2023
Job seekers have the advantage across most industries, including the financial industry. By increasing employee engagement and creating a people-first culture, CFIs have an opportunity to keep high performers and stand out from the competition. We explain what employee engagement means and how you can practice it.
Jan 13, 2023
With more than 50% of employees working remotely these days, a lack of regular face-to-face interaction between workers has led to an increase in what is known as “imposter syndrome,” where people begin questioning whether they are right for their jobs. By stepping up intentional communications with employees, managers can reduce the likelihood of losing good workers to such doubts.
Dec 9, 2022
How can a CFI make sure their audits are accurate, but also that they aren’t overburdening their audit team to the point of chasing them out the door? Here are some best practices you may want to consider implementing.
Nov 25, 2022
An understaffed or overburdened back-office accounting team means the month-end close can drag on for days or weeks. We provide you with six effective strategies that can help CFIs save time on month-end activities.
Nov 1, 2022
While there is no shortage of risks that CFIs face, one way to enhance your risk management strategy might be in reshaping your board of directors. We give you tips on how to strengthen your board and reexamine the way the group approaches risk.
Oct 7, 2022
When employees are financially stressed, their productivity may fall while absenteeism and turnover rates rise. A recent workplace survey found that most employees in the United States are feeling financial pressure. Introducing financial wellness tools and resources in the workplace can help reduce employee financial stress and deliver tangible gains in focus and productivity.
Oct 5, 2022
Data analytics offer community financial institutions an opportunity to increase customer engagement, improve profitability, and grow revenue. We take a look at some of the analytics capabilities that can deliver on this promise and give you some tips on how to build them.
Sep 28, 2022
Following two years of remote and hybrid work, executive retreats are more important than ever as a way of creating unity among leadership and identifying collective goals. But creating an effective executive retreat necessitates more than just gathering people together for a few days and requires looking at such gatherings in a whole new way.
Sep 2, 2022
By 2025, more than half the world’s workforce will need to reskill, according to the World Economic Forum. Offering training opportunities and recognizing the contributions of employees are among the best ways for organizations to address skill gaps and to hold on to key talent.
Aug 30, 2022
Economists predict that global stagflation could hit before the end of 2022. Now is the time for CFIs to determine what risks stagflation could create for their organizations and identify steps to minimize any negative impact. We offer three actions to consider as the potential of stagflation looms large.
Aug 25, 2022
Many employers are considering monitoring employees to ease their fears of security risks, compliance violations, and lower productivity. While the goal of monitoring employees is to create greater accountability, the practice of monitoring can actually have an entirely opposite effect. We explore how technology is used to monitor employees, the potential pitfalls, and tips for making it a positive experience for both you and your employees, if you do implement it.
Aug 2, 2022
Banks should be benefiting from the interest rate increase, but bank stock prices aren’t following the trend. There are actually many other factors that impact bank stock prices that are keeping current share prices down. Here are the root causes of the current prices and what CFIs can do to turn the market in their favor as rates continue to rise.
Jul 21, 2022
Boards of directors have essential monitoring and advisory responsibilities that affect their organizations’ performance. In an ideal world, a corporate board would have a strong culture and contribute to the success of the organization. A recent survey of smaller banks found that less than half of their boards met that standard.
Jul 15, 2022
Despite hybrid work arrangements, 53% of women are burned out and considering leaving their jobs within the next two years. Retaining female employees within your organization may mean revisiting how your organization approaches hybrid work.
Jul 8, 2022
When training staff on an institution’s procedures, it’s critical to go beyond the what, when and how – to really get employee buy-in. Community financial institutions must also explain the “why.” We delve further.
Jun 24, 2022
As organizations continue to grapple with soaring job resignations and insufficient staffing, doing more with less has become the norm. Managing understaffed teams more effectively is important not only for enhancing productivity, but for keeping key employees from jumping ship.
Jun 16, 2022
Economists predict that a recession is on the horizon. Given the difficulties that many CFIs experienced during the last recession, now is the perfect time to look at some of the tactics used by those that prevailed in the last recession.
Jun 15, 2022
In addition to email and telephone, businesses began using video conferencing and instant messaging at high volumes, as a result of the pandemic. Fast-forward to today and financial institutions are faced with the problem of adequately documenting employee communications across all of these channels. To begin addressing the problem, it’s important to understand the challenges that these platforms present and how to solve it.
Jun 14, 2022
In the wake of the ongoing talent shortage across the country, outsourcing has become increasingly popular as companies struggle to find qualified candidates. In 2020 alone, nearly 70% of businesses turned to outsourcing. Though outsourcing may not be for everyone, the changing nature of work has made it a more appealing option that CFIs may want to consider — we go into detail.
May 27, 2022
Mentorships have been around for thousands of years. But, with remote or hybrid work schedules, virtual mentorships take a little more thought and planning. Nonetheless, community financial institutions looking to keep employee turnover rates low will want to consider jump-starting these programs. We explore this topic further.
Mar 31, 2022
In the post-pandemic world, community financial institutions are facing shifting customer expectations and hybrid working models. We explore the key traits that make leaders successful in this changing environment and give you some tips on how to find and nurture these leaders in your institution.
Mar 22, 2022
The board of directors plays a crucial role in steering community financial institutions and helping them shape their local economies. To ensure continuous improvement, institutions should measure their board’s effectiveness regularly. We give you some tips on how to review your board’s composition, structure, and performance, and identify opportunities for improvement.
Feb 10, 2022
According to a report from the US House Committee on Financial Services, big bank boards are still roughly 80% white and 70% male. While the banking industry is working on board diversity, it takes time to diversify boards, even if there is increasing regulatory scrutiny. Here are four strategies to help boost your board’s diversity.
Dec 10, 2021
Time wasters may not seem like a big deal, but they can add up to thousands of dollars a month. Executives spend almost five hours per day in meetings, and if any of those are unnecessary on a regular basis, you can imagine the price tag. Now is a good time to review your schedule for 2022 knowing these four time wasters.
Oct 27, 2021
CFOs at community financial institutions have their hands full now more than ever — low loan demand, an overflow of deposits, margin pressure, potential credit quality issues, and more. To give you some food for thought on how other institutions are handling these challenges, we share a few stories from your CFO peers.
Oct 25, 2021
With the employment market stretched, retaining employees is more important than ever. Since the biggest reason employees leave is bad managers, it is a good time to make sure that your managers have the necessary skills to keep employees from straying. Here are three important ways that they can do that.
Aug 5, 2021
Risk managers have always been important at community financial institutions. However, the pandemic increased their responsibilities and made their roles even more pivotal. The top areas that are keeping these managers busier than ever include: enhanced risk modeling, cybersecurity & fraud, increased exposures through fintech partnerships, more regulation, and the evolving nature of the role itself.
Aug 4, 2021
It is not just the big banks that have made commitments to diversity, equity, and inclusion DEI initiatives. Financial institutions of all sizes are getting involved. We map out a few of these efforts by the big banks, regional banks, and your peers, community financial institutions. Even if you are already involved in DEI measures, you may find some nuggets to add to your list.
Aug 3, 2021
Many bank executives use deferred compensation to maximize their total earnings. It has many advantages and with the potential change in ordinary and capital gains rates, those advantages could increase. We define deferred compensation and then explain the two important ways that it can help executives optimize their compensation payouts.
Jun 9, 2021
The year 2020 was a year of many changes. In 2021, many community financial institutions are finding more change — they need to change their culture to meet today’s challenges or face being left behind. We provide you with four best practices to do this, including developing a plan, obtaining buy-in, being willing to experiment, and ensuring leaders “walk the walk.”
Jun 3, 2021
The pandemic changed almost everything. Did it change strategic planning? Despite the upheaval of the crisis, we discovered that many financial institutions stayed the course with regard to their strategic planning. We share how they did this and what their priorities will likely be during their strategic planning for 2022.
May 19, 2021
Family-owned banks can face internal conflict when the founders pass away, as surviving family members have different goals and visions for the bank. It often becomes more readily apparent during times of transition. We provide four strategies to prepare for discussions of the future of the bank: use an independent third party; manage different expectations; seek to understand, and adopt an inclusive plan.
May 11, 2021
Board leadership for financial institutions is vital. Now that the pandemic seems to be winding down, it may be a good time to address board education. Some areas to consider covering include: assessing the right post-pandemic strategy, tightening communication with management, talking about company culture, addressing new board member skills, and remembering compliance training.
Mar 29, 2021
Deloitte finds that 47% of respondents say it will be a very high priority for their institutions to improve their ability to manage ESG (environmental, social, and governance). We provide community financial institutions with four ways to do this simply and easily including: determining focus, starting small, communicating your commitment, and boosting volunteer efforts.
Mar 18, 2021
Are you spending too many hours on Zoom meetings and feeling fatigued? If so, you are not alone. A recent Stanford University study found there are good reasons for Zoom fatigue. Feeling up close and personal, looking at yourself, being tied to your screen, and working harder to get your point across are a few of them. Here are some solutions.
Mar 15, 2021
Women between the ages of 25 and 44 are roughly 3x more likely to leave the workforce due to the added demands of the pandemic. Community financial institutions could face a serious shortage of executive-level women unless they reach out and provide flexibility and support in meaningful ways.
Mar 9, 2021
Research has shown that board diversity increases financial performance. Not only that but many communities are becoming more diverse. As businesses grow and diversity increases, you will want to consider increasing the diversity of your board of directors. This can be done with three actions to enhance your board’s diversity and perspective.
Jan 20, 2021
In 2019, American businesses lost $399B due to unnecessary and poorly run meetings. Some tips to steer clear of lost productivity from meetings: examining types of work, leveraging technology, visual aids in meetings, and alignment to goals.