Riordan Generic Benchmarking ? Individual Step 1
The week five team assignment consists of two parts, with the first being an individual research portion. This paper will identify two companies that faced specific issues related to the course concepts as well as scenario two for Riordan. The issues faced, responses, and outcomes will be discussed so that they can be compiled into a team analysis in step two of the assignment, presented in a secondary paper.
Bank Cherokee
Issue Faced
Bank Cherokee is a large bank in St. Paul, Minnesota that serves both businesses and consumers. One of the main issues facing Bank Cherokee and other banks is the retention of front-line employees, mainly tellers. The banking industry has a rate of turnover that is tremendously high, yet the average investment in a teller takes two years of employment to recover (Brox, 2007). The financial impact of high turnover rates can be felt in areas such as recruiting, training, and in productivity (Dreher & Dougherty, 2001).
Another key area of impact from employee churn is customer service and satisfaction, which ultimately lead to lower profits. Banking customers have traditionally expected personalized service when entering the bank or conducting transactions. New employees mean new relationships need to be established between tellers and customers. Brox states that, "High employee turnover subconsciously causes consumers to question how safe their money is when new people are constantly being trained" (2007, p. 31). The second issue that arises from the retention problem is analyzing how motivation is related to performance. If Cherokee could better motivate employees, the average tenure could increase.
Compa ...