2023 Community Bank Case Study Competition Journal

FIRST PLACE: The University of Tennessee at Martin

of-mouth is used as a recruitment strategy, CBTC relies more on technological tools for recruitment. Recruiting talent directly from universities is critical to continue to improve a business, and CBTC has leveraged this recruitment channel to reach new talent in the area. One CBTC initiative involves partnering with The University of Tennessee at Martin (UTM) to provide the Minority Leader’s Banking Scholarship. This scholarship allows some of UTM’s minority students to become acquainted with the bank before graduation and explore career opportunities. The scholarship requires students to attend a financial services seminar each semester, complete a specific finance course, and participate in internship and job-shadowing experiences. This scholarship was the first banking-related scholarship for students at the University. Scholarships, like this one, have given CBTC an advantage in not only recruiting new talent directly from universities but also supporting minority students as they begin their careers. Other community banks in the area now mimic CBTC’s scholarship idea. Employee benefits are one of the most important aspects of recruiting and retaining employees. The competitive benefits CBTC offers are health insurance, retirement benefits, and employee profit sharing. Health insurance ranks at the top of the list for many employees in all industries across the nation. CBTC has worked diligently to offer competitive health benefits for its employees including options for medical, vision, dental insurance, and life

and accidental death and dismemberment coverage. Another benefit CBTC offers is retirement benefits. According to Forbes, 62% of employees seriously consider the availability of retirement plans when deciding whether to stay at a job (Glaze n. p.). The bank’s 401K plan is extremely competitive, offering employees up to a 4% match on their 401K accounts; moreover, profit sharing plans have recently increased in popularity and allow employees to share in the company’s profits based on quarterly or annual earnings. CBTC believes that investing in its employees and offering these benefits is the best way to ensure that all employees are motivated and excited about their careers (Davis, Freschi, personal communication, March 21, 2023). CBTC’s management team exemplifies their people-first mindset by striving to make the workplace enjoyable for employees and customers alike. CBTC employees truly enjoy their professions and workplace. The idea that employees from all departments feel they

CBTC’s management team exemplifies their people-first mindset by striving to make the workplace enjoyable for employees and customers alike.

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