Published on August 04, 2020
Written by The Servion Group
By late March or April, about 90 percent of the U.S. population was under some form of stay-at-home order as states tried to ramp up their coronavirus testing capabilities. By June, after months of lockdown, cities and states began reopening large parts of their economies. That’s continued over the summer, but things are certainly not the same as they once were.
Leaders in every industry are still trying to digest what has happened to their businesses, their employees and their clients after having to make major changes to their operations seemingly overnight.
Leaders should be looking at lessons they learned during this crisis that they can apply now or in the future to transform and modernize the way they work. Companies and governments learned from the dot-com bubble burst in 2001 and the Great Recession in 2008; COVID-19 – complete with its unprecedented job losses and near-total shutdown of multiple economic sectors – is the latest dramatic event that has things to teach us.
So what are some of the lessons we should be taking from this crisis to get smarter and better about work? We’ve discussed this with several leaders within Servion and curated ideas put out there by leaders of other companies and universities.
Here are some of the ideas. Has your institution dealt with these issues? Do you have a plan to?
The suddenness with which most employees were sent home exposed technology gaps throughout many different industries, even at large companies. For credit unions and community banks, the technology budget is always an issue, and it appears that’s going to continue.
It is clearer than ever that investing in technology to support communication among your employees, vendors, clients and other parties should be a top priority. FIs will need to get themselves up to speed, both to modernize the workplace for the future and to prepare for any other future needs. Tools may include:
Find out what your FI can do to authentically contribute to your community. Donating money may no longer be enough. The employees of tomorrow expect your company to be engaged and stand for something, so to attract talent you’ll want to consider creating or building up your community involvement.
To enable flexible or remote work on an ongoing basis, you’ll need to have the right infrastructure in place. This includes technology, of course, but it also includes:
To build the infrastructure of tomorrow, make sure you FI has the right people in the right places. Is everyone in a role that maximizes their talents?
The old “How are you?” question just won’t cut it anymore; the answers are too complicated now. Instead, FI leaders will need to go above and beyond to inform employees about what the company is doing and, more importantly, show employees they are valued. Ask slightly deeper questions that show you’re open to a real dialogue:
Tellers, loan officers and other employees may not be able to work from much, if at all. Never forget that they are the ones who talk to your clients the most, so your FI should do everything it can to keep them safe and happy.
For better or worse, the COVID-19 crisis will force credit unions and community banks to accelerate the pace at which they evolve their operations. While not much is clear at this moment, it is safe to say that going back entirely to the way business was done pre-COVID is not an option. Fortunately, leaders and institutions can use this crisis as an opportunity for improvement and growth.
Find out what your community, clients and company value most, and work hard to deliver it.