2023 Community Bank Case Study Competition Journal

2023 COMMUNITY BANK CASE STUDY COMPETITION

from a human resources perspective. PSB was “lucky” to have started the bank the year it did, it was “lucky” to have survived the Great Recession of 2008 unscathed, and it was “lucky” to have thrived during the effects of COVID-19. Legendary Iowa State University wrestler Dan Gable 4 has used the quote, “Make your luck.” When asked about this quote, Halterman agrees that good fortune can be attributed to hard work, “As a De Novo bank, hard work was paramount to our success.” Another unique way PSB has adjusted its practices to better accommodate employees is to create stair-step promotions for employees. PSB started with a small staff 25 years ago. Historically, employees grew within their positions, yet their titles stayed the same. Their pay increased along with their experience and expertise through the years, but their titles did not. Sara Weber, PSB’s Human Resources Manager of 18 years, stated that titles matter to people, and without certain title changes, some employees felt stuck in dead-end roles. PSB added tiers to several positions that changed along with the pay grade raises. For instance, loan officers can be classified as Loan Officer I, Loan Officer II, and so on, allowing employees to see a future of potential promotions within the company. PSB utilizes a close-knit family atmosphere to both attract customers and retain employees. When asked by outsiders what makes PSB special, the overwhelming consensus from the bank’s employees was their colleagues make it a wonderful workplace. Halterman observes that many employees spend more time with

for their employee’s 401k plans. In addition, they’ve expanded health insurance benefits and coverage for employees. A survey of employees revealed that many of the staff wanted pet insurance to be added to their benefit packages, so PSB is looking to add that benefit to their benefits portfolio. Optimizing the mix of benefits to align with employee preferences while keeping the overall cost unchanged can enhance worker satisfaction per unit of expenditure and enhance the bank’s competitiveness in the labor market. PSB experienced employee attrition during the early stages of the COVID-19 pandemic as some individuals were lured away to employers offering remote work opportunities. PSB now allows employees to work from home instead of using personal time off (PTO) in some circumstances, reducing absenteeism and improving morale. The flexibility means that employees reserve their PTO for more critical needs. In retrospect, Halterman feels “lucky” to have weathered the pandemic as well as they did When asked by outsiders what makes PSB special, the overwhelming consensus from the bank’s employees was their colleagues make it a wonderful workplace.

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