Effective communications to both your employees and your customers are vital to success, but knowing where to begin when developing a strategy is not always clear-cut.
In Part 1, we set the stage for the difficulties financial institutions regularly find themselves dealing with when they attempt to merge with other banks or credit unions. Now in Part 2, we’ll dive a bit deeper into the specifics of communication successfully with your staff to ensure they’re on board and all in.
Aligning your staff
What good is a merger strategy if your employees aren’t on board? As we’ve said, mergers can result in employee turnover if not managed correctly. Employees who aren’t adequately informed often feel anxious about what will happen next and wonder if their positions are being replaced or eliminated. Upset employees can have a negative impact on your customers’ experiences with the bank. An effective and transparent communication plan can help mollify these risks.
Effective internal communications should cover:
- Responsibilities during the transition period
- Announcing the stakeholder team
- Employee anxiety alleviation strategies
- Ways for employees to feel valued and included
- Problem resolution across multiple channels
- Strategies on how to deal with customer experience
- Potentially changing employee benefits
- New protocols and processes being implemented
- Any changes to the organizational structure
There’s no doubt – communicating effectively with your staff is absolutely crucial to merger success. The only thing as important is communicating effectively with your prospects and customers. And that’s what we’ll take a look at next time.
Fill out the form below and get your complete copy of our whitepaper to learn why communicating effectively with your customers is just as important as communicating with your employees, and consider some proven tips for dealing with internal matters.