Banker Productivity: Avoiding Overstaffing

Boosting Bank Productivity > Preventing Overstaffing

In our last post, we covered three common banker productivity myths. While every banker operator wants to ensure that their customers are serviced in a timely manner, preventing any wait time at all and keeping more tellers on staff than necessary contributes to overstaffing, which has a negative effect on the bank’s bottom line. In this post, we’re going to dive deeper into ways in which banks can prevent overstaffing and understaffing. Before reading on, protect your operation with a Banker Professional Liability insurance policy.

How overstaffing occurs.

It’s typical for banks (and other businesses) to experience times of the year where there is a constant rush and other times when it’s a lean season and staff needs to be cut to reflect the lack of business. While more staff members are needed to service customers during peak hours and seasons, it’s just as important to minimize staff to reflect slow periods. Otherwise, overstaffing occurs. Employee wages are a big budget eater for a lot of businesses, and banks are no exception. Spending excessive funds on wages when they aren’t needed leads to lost productivity and reserve funds.

How to manage overstaffing.

According to Time Forge, consider the following strategies:

  1. Take note of peak seasons, peak hours, slow hours, and lean seasons.
    2. Provide your employees with time off, schedule preferences, and even a list of holidays for them to note.
    3. Distribute schedules in advance to make sure conflicting schedules can be easily fixed.
    4. Provide a group of on-call people who can be easily contacted in case you need additional help at work.

About FGIB

Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for financial entities, in addition to providing crime insurance and general business insurance products to a number of firms across the United States. To receive timely, personalized service from a knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.

 

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