Consider the following scenario: You're a homeowner looking to remodel your kitchen. After doing your research, you find the perfect renovation company and contractor for the job. All of his qualifications check out, he comes highly recommended from satisfied customers and you've met to discuss the home modifications you'd like implemented.
Fast forward a few weeks later, everything seems to be going smoothly, and then the contractor that was handling the task quite ably is gone, replaced by someone without the same level of experience and who wasn't in on the project from the start.
Sound familiar? This is the plight of many banks and credit unions when it comes to their industry service providers – companies start out strong but ultimately fail to deliver due to poor technician management and inconsistent training and hiring practices. Much of this derives from an eight-letter word that might as well be a four-letter one: turnover.
Economic pressures have fueled high turnover rate
No doubt about it, the economy is going full steam ahead. Since 2016, in fact, approximately six million jobs have been added to payrolls, with 2.6 million of that total created in 2018 alone, according to government data.
"More employment options can cause an uptick in employee turnover."
That's great news in many respects, as growth and prosperity have helped bring the national unemployment rate down to 50-year lows, according to Labor Department figures. On the flip side, however, more employment options can cause an uptick in employee turnover in many industries, the banking sector included. The rate at which employees leave a job or workforce and are replaced tends to vary, much like the strength of the economy itself, but in the professional and financial services sector, turnover is consistently in the double-digits, typically between 10% and 14%, according to LinkedIn.
Even when 2019 began, a substantial portion of business owners forecasted a hiring binge, as 40% said they fully intended to recruit more full-time workers, according to a CareerBuilder survey. So it's little wonder that the vast majority of job seekers – nearly 60% – typically receive at least two job offers at once when they're looking for alternative employment.
Again, the fact that more workers are in the driver's seat is an encouraging development. But when you're a financial institution looking to get its house in order – hearkening back to the earlier example – high turnover can be nothing short of turmoil when it comes to implementing the updates, repairs and renovations you need to maintain fully functional branches.
Your customers deserve nothing but the best. So why should you put up with anything less from your service provider? If you're sick and tired of getting the run-around, then it's time to make the switch.
What makes BranchServ different
At BranchServ, we set a higher standard because we're fully committed to our people. In fact, we are invested in their success as much as they are invested in ours, and this encourages both loyalty and retention.
We know that our technicians are ultimately a reflection of our brand and the reputation that we strive to uphold. They therefore benefit from introductory service training and mentorships, but it doesn't end there… BranchServ's product-specific training curriculum is comprehensive and all personnel are required to complete a minimum of two weeks per year, focusing on the hardware, software, troubleshooting and certifications that support their ability to meet customer-specific needs. BranchServ has a dedicated training staff and facility, complemented by field and off-site vendor-specific programs.
Subsequently, you can be confident that your technician has the capacity to handle the needs of your facility so that any job they start will be successfully completed no matter what. We back that up with our First Time Completion Rate guarantee of 90% or higher and our First Time Quality Rate for parts of 98% or higher.We're sticklers for consistency and constantly strive to improve in any way we can through first-rate service, turning "good" to "great" and "better" to "best."
Skeptical? Give us a try and turn over a new leaf toward performance excellence with BranchServ as your service provider.