Like most community banks and credit unions, you may be short-staffed right now — and for the past several months. According to the U.S. Bureau of Labor Statistics, the finance and insurance industry has seen its job open rate double between December 2020 and December 2022. And 71% of CEOs across all industries agree that the overall talent shortage will continue into late 2023.
Between The Great Resignation, quiet quitting and a shrinking talent pool, it’s challenging to keep positions filled with talented people.
If staffing issues have disrupted your team’s progress in achieving your strategic plan, and you’re struggling to keep up with the day-to-day workload, you could be missing out on substantial opportunities.
Leveraging the Right Expertise Helps to Eliminate Bottlenecks
When your onsite team is understaffed, strategic partnerships can help you keep important projects moving forward. Plus, there may even be opportunities to uncover additional funds you could put toward improving your digital capabilities or other critical areas.
It can be intimidating to hire a consultant — you may wonder both about time commitments and cost. The best consulting companies will make sure that they’re the ones doing the heavy lifting on your project and that your financial institution comes out on top financially.
When you take those worries out of the equation, there’s really no reason not to bring in an expert to help you maintain momentum and maximize results. This is especially true when evaluating and negotiating your vendor service agreements, which are time-sensitive and have a limited window of opportunity.
Getting the Best Deal from Your Vendors
Making your vendors re-earn your business is a huge must. Many let contracts auto-renew because 1) the renewal date is not on their radar; 2) they’re too busy to renegotiate; 3) they are overwhelmed trying to understand the long, deeply detailed contracts; and/or 4) they don’t know what items within the contract are negotiable and how to get the very best deal.
If you have contracts due to renew within 18 to 24 months, you should have them reviewed for free by a third-party expert who negotiates with financial services vendors day in and day out. They should be able to give you an estimate of how much money can be saved. (Depending on the contract, it can be five to six figures!)
They can do all the negotiating on your financial institution’s behalf, keeping you involved as much as you’d like. And your team can continue to focus on the important day-to-day tasks at hand that build and maintain account holder relationships.
If you’re in the same boat as many other community financial institutions, continuing to enhance your digital capabilities is high on your priority list. The savings and money recouped because of the additional expertise can be used toward new technology — or any other area that may need a financial boost.
The extra support may also help you identify the right partners and secure the best terms while advising you on tech compatibility and which solutions can best help you achieve your digital goals.
With this workaround for your staffing issues, you will gain the additional support needed to remove the bulk of the work (and stress) from your plate.
With more than 40 years of industry experience, JMFA is one of the most trusted names in the financial services industry. Delivering customized consulting that mirrors the personalized service and community spirit of our financial institution partners, we devise win-win solutions that meet the ever-evolving needs to help you stay competitive.