Best Practices In Bank Employee Mentoring Programs [Community Banker] Monday 02/20/06 1:07 PM
Banks are embracing mentoring programs as an effective way to help new employees acclimate, help reduce employee turnover, bring employees up to speed quickly and provide a source for moral and emotional support.
Some banks have formal mentoring programs in place and others encourage mentoring informally. Some of their best practices are shared in this article.
FORMAL PROGRAMS
Cape Cod Cooperative Bank, Yarmouth Port, MA
Asset size: $420 Million
- Mentoring program for new tellers.
- New tellers matched with experienced tellers.
- Mentors paid $100 on a quarterly basis if their mentees achieve goals.
- Goal of program: help new tellers come up to speed more quickly and help with career development.
- Results: Has been a win-win for the new tellers who are less frustrated and for the bank in getting new hires proficient more quickly.
Liberty Bank, Middletown, CT
Asset size: $2.3 Billion
- Mentoring program for new staff.
- New employees assigned 1 or 2 mentors (buddies) who have similar job responsibilities or who know the job well.
- Goal: To help new employees learn the ropes, provide someone to help navigate through the bank, acclimate faster and better and ease frustration.
- Results: Says Paul R. McConnell, CEO and President, "Very definitely it works. The rate of turnover in that group is now below the rate of turnover in the bank as a whole. This mentoring process has helped not only in terms of skill development, but more importantly, it has provided emotional support that they wouldn't have had otherwise."
- Bank has additional mentoring program for minorities with high career potential.
- The objective of this program is to grow minority executives from within.
- Mentees meet with their mentors as needed. Program administrators meet with the mentee group 3-4 times per year to share experiences.
Ridgwood Savings Bank, Ridgewood New York
Asset size: $3.3 Billion
- Program focuses on high potential employees.
- First level supervisors are matched with more seasoned executives.
- Mentors and mentees meet every 3 weeks.
- Discussions focus on ways to prepare for career advancement through education and opportunities within the bank.
- Twice per year program administrators meet with the mentors and the mentees in separate groups to discuss the effectiveness of the program.
- Goal: Mentees learn what they have to do to advance within the bank.
- Results: It is a positive experience for both the mentees and the mentors.
South Shore Savings Bank, South Weymoth, MA
Asset size: $870 Million
- Program for management trainees.
- Mentees rotate throughout the bank for 4-months in each area.
- Mentees meet with assigned mentors at least once per month.
- Mentors assess mentee's progress, offer career guidance and support.
INFORMAL PROGRAMS
RSI Bank, Rahway, NJ
Asset Size: $409 Million
- CEO meets daily with Senior Officers asking for their input
- CEO has open door policy to help employees meet career goals
First Federal Bank of California, Santa Monica, CA
Asset Size: $10 Billion
- Makes bank welcoming and inviting for new employees
- Asks employees to buddy up voluntarily
- Lead branch managers act as resource for other branch managers
NewAlliance, New Haven, CT
Asset Size: $6.5 Billion
- Plans to offer new program
- Program will include how to find a mentor, what to look for and how to interact with your mentor
Read Source
| |
