Join, Stay, or Leave? How Lenders Decide

Banks work hard to attract and retain top commercial lending talent. In 2007, with the sale and acquisition of a number of local banks, many lenders left their institutions and moved to another. At the same time, many bankers stayed. Management Recruiters of Grand Rapids interviewed 25 commercial le...

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Bibliographic Details
Published inThe RMA Journal Vol. 91; no. 3; p. 76
Main Author Ronan, David W
Format Trade Publication Article
LanguageEnglish
Published Philadelphia Robert Morris Associates 01.11.2008
Subjects
Baby boomers
Banking industry
Careers
Commercial credit
Families & family life
Leadership
Lenders
Managers
Motivation
Success
United States > US
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Summary:Banks work hard to attract and retain top commercial lending talent. In 2007, with the sale and acquisition of a number of local banks, many lenders left their institutions and moved to another. At the same time, many bankers stayed. Management Recruiters of Grand Rapids interviewed 25 commercial lenders and 25 managers over the past 12 months. Responses indicated that five major factors influenced a lender's decision to join, stay at, or seek another firm. These are: 1. stability, 2. career, 3. people, 4. location, and 5. money. Managers and team leaders believe strongly that career, people, and stability are key factors in attracting and retaining commercial lenders. Shifting to a focus on commercial lenders, the survey compares the lenders' reasons for staying with their motivations for leaving. Banks that attract quality commercial lenders offer career opportunities with growth potential. Institutions with strong retention have a culture of engaged leadership and strong people connections.
ISSN:1531-0558