Taking stock: Utah business leaders talk talent for 2021
The all-important resource of people has become an even higher priority than ever with the pandemic response. Seismic shifts in the way companies of all sizes have approached their workforce have made it necessary for leaders in the Beehive State to rethink the way their businesses are run.
Recently, Utah Business magazine sponsored a roundtable event featuring some of the top leaders from the state to discuss everything from finding and retaining top employees to dealing with the standard two-weeks notice during this ever-shifting time.
At First Utah Bank, solutions for businesses who are needing to make some pivots to simplify abound, including our free checking program.
Finding and keeping the best employees
One hot topic during the workplace roundtable was employee hiring and retention. Leaders were asked how they planned to keep building talent pipelines or how to increase employee engagement during the continuing coronavirus response.
Jared Olsen, the Head of Customer Success with Motivosity, discussed electronic tools that can help with finding the right employees, including Scout-IA, which was created by a company in Utah.
“Basically, how it’s designed is, you create a position of something you may need … either it’s today or it’s in the future, and it scrubs the web,” Olsen explained. “Not just a careers page, not just LinkedIn, the whole web and it looks for people that have those skills. And these people have not applied. They don’t even know that you or your company exists. And what will happen is weekly, these resumes are sent to the hiring manager, the person that eventually’s going to hire them.”
In contrast, the Overstock company has retention tools in place, including systems that can identify if a person’s skill set might help fill a new role, but they don’t include in-house events.
“I’d be interested in seeing and hearing how those programs are going and what the ROI is on them because it does sound like a significant investment,” said Meghan Tuohig, Chief People Officer of Overstock. “Although, I will say, recruiting is expensive and it’s really important that you hire the right talent because if and when you do, that goes a long way and pays for itself.”
Another take on using AI for recruiting brought up a legal issue, according to Brian Bernard, a partner with Holland & Hart. “We’ve got to be very careful how we set those parameters because if they produce a discriminatory result, that could end up bringing claims,” Bernard said. “I have a client that opened up operations in Minnesota and had to deal with situations like that because they were using ZipRecruiter to do some things for them, and the results appeared a little suspect.”
The changing way an employee leaves a company
One aspect of employee relations that has evolved – even before the coronavirus response – is the concept of two-weeks notice before leaving a position. Olsen believes that it has been irrelevant for a long time, mainly because employees have effectively “checked out” already when they had the notice in, with those two weeks being less productive than average.
“One of the ways that it could change is if there is a project that needs to be finished, that’s kind of where this gig economy comes in,” Olsen said. “What if you say, ‘Hey. Great. Today can be your last day or tell me when your last day’s going to be, and to finish this project out, can we just pay you X amount to get it past the finish line?’ “
He also pointed out something that likely isn’t thought of as much in the workplace these days: celebrating when an employee leaves. “We too often get so offended when somebody gives their notice and wants to leave and we think, ‘What have we done wrong?’ Nothing. They just need a change … And so, I think that the company should say, ‘Congratulations. We’re thrilled for you,’ and use that as a platform in your recruiting.”
Brooke Clark, Senior Director of Talent Acquisition for Recursion, took that a step further into the idea of an alumni employee. “ The way that we’ve been thinking about it, especially now, is extending that sense of caring beyond their service as an employee,” Clark said. “We want them to feel as if they’re Recursion alumni. We want to keep the door open in most cases. And people giving two weeks to wrap up projects, to transition, kind of gives them that time to do that and it also helps them solidify those relationships that they have internally. And it also gives the company an opportunity to express gratitude for their contributions.”
Ways free checking can help Utah businesses
Apart from the many ways to best handle employee relations, likely top of the mind for most Utah companies are finding the right solutions to manage cash flow and financial positioning. If your business averages fewer than 100 ACH checks and debits per month, First Utah Bank can provide you with free business checking as a method to maximize your time when managing these essentials.
There is no minimum balance required for the free business checking program at First Utah Bank and it includes unlimited debit card transactions and deposits as well as free mobile and internet banking. The program is also insured to the legal maximum by the FDIC.
Free checking may not be the right solution for every business, though. To that end, First Utah Bank also has you covered. These options include a commercial checking account for higher transaction volumes that also gives you an earnings credit allowance based on your balances.
As your hometown bank, First Utah Bank has the knowledge and tools to keep your business thriving in any kind of financial climate. Learn more at our business checking website, or call First Utah Bank at 801-308-2265.