Human Resources Consulting for Financial Institutions
The Y&A ADVANTAGE
Our Human Resources Consulting Services
Since financial institutions pay a premium to the FDIC for deposit insurance coverage, they are considered federal contractors and must maintain an Affirmative Action Plan to comply with regulatory requirements enforced by the Office of Federal Contract Compliance Programs. At Young & Associates, we make this process simple by closely working with your organization to obtain the necessary workforce data and to compare it to your market demographics. Our customized approach goes beyond crunching numbers. We advise and educate during the development process, so your team can maintain and refine your plan annually.
As new regulations and technology advancements disrupt the financial institution industry, aligning your team and successfully implementing change is a significant challenge. Young & Associates is a leader in change management, and we can help your financial institution effectively implement strategies, processes, system rollouts, business combinations and expansions. We can provide change management plans, readiness assessments, communication strategies and change management training, as well as success metrics for tracking your progress. We provide all the external support you need to ensure your internal change effort succeeds.
Keeping compensation competitive and equitable at your financial institution will help to ensure you attract and retain your personnel. An effective salary administration program will help you achieve these staffing objectives as well as communicate clear career paths to employees. Although the regulations for what constitutes similar jobs remain unclear, Young & Associates has experience working with a broad range of jobs in financial institutions, so we can draw on our expertise to help you define salary structures and establish a salary administration program that fits your organization and its business objectives.
Every financial institution faces periodic change in senior management. Whether it is due to retirements, advancement opportunities or turnover, finding the right candidate to fill those key positions is critical. At Young & Associates, we provide executive search and interim management services as a cost-effective solution for your staffing needs. We maintain an extensive network of industry professionals with varying experience levels, who can assist your bank on a short- or long-term basis. We will work closely with your team to understand your search objectives, screen candidates, and identify the best person with the knowledge, experience and skillset to thrive in your organization.
A major strategy of every financial institution is expanding the relationship with current customers. That means opening the door with that initial sale and following up with effective cross-selling. In today’s competitive environment, maintaining share of wallet is challenging. It requires unique sales skills and an employee-focused incentive plan. Since financial institutions have such diverse programs based on units, fees and/or volume, rewarding cross-selling can be complex and costly. Young & Associates utilizes a unique cross-selling incentive modeling tool that unifies all products under one incentive compensation program. Consequently, there is no more need for multiple incentive programs, each focused on only one or two products that can waste money by rewarding poor cross-selling habits. We work closely with your organization to establish sales goals and develop an incentive program that motivates your employees, while reducing the administrative headaches of tracking and reporting those sales.
The digital age is transforming sales and service at banks and credit unions, and this can complicate the staffing needs at branches. While there is less need for transactional employees, there is a greater need for sales and service-oriented employees. Identifying and maintaining the proper balance has a direct implication on your bottom line. At Young & Associates, we provide branch staffing analyses using a unique audit method to help you quantify the staffing needs at your organization for optimal efficiency and profitability.
A review of your human resources function can help identify the administrative priorities for your financial institution. At Young & Associates, we provide a range of HR audits that can be customized to fit the size and scope of your department needs, from cursory audits to formal, on-site reviews., These include regulatory audits focused on compliance as well as business audits focused on maximizing your ability to support strategic objectives. Our HR audit services often include, but are not limited to, a review of your policies and procedures for recruitment and staffing efforts, compensation programs, training of personnel, internal communications, health and safety protocols and more.
