Start your 2017 with these financial industry resources from 2016.

There is a wealth of informational resources available for banks and credit unions on the web. The financial community is extremely active when it comes to sharing information, and we are pleased to see the conversations taking place. Hot topics have included the prevalence of mergers and acquisitions, the growing financial technology industry, attracting Millennials as both customers and employees, and the competition for recruiting top talent.

We’re primarily interested in the topic of compensation, but most trends that impact financial institutions relate to executive and employee compensation. You need the right talent to keep up with industry trends, and the right compensation is key to attracting and retaining that talent. We want to make sure you haven’t missed any of the helpful information published in 2016 that relates to making your financial institution more successful. Here’s a roundup of the top 10 articles and other resources to start 2017, including our publications and some of our favorite sources. The list encompasses benefit plans, employee retention, mergers and acquisitions, and more.

  1. Bank Director’s 2016 Compensation Survey

For 3 years in a row, we’ve sponsored Bank Director’s Compensation Survey, which surveys bank directors and executives to gauge the state of compensation in the banking industry. The survey asked what respondents rated as their top challenges as well as what types of compensation are most valued. Want to view the results? Key findings in 2016 relate to attracting and retaining Millennials as well as commercial vendors. You can also check out this handy infographic depicting Bank Director’s findings.

  1. Attracting and Retaining Millennials in Banking

We know that attracting and retaining Millennials is one of the top concerns for many financial institutions, but not all banks and credit unions have a plan in place or see the necessity of creating a plan. We felt that this was one of the most important issues to explore in our blog based on our experiences with clients and the findings of Bank Director’s survey. We compiled an article addressing why banks need Millennials as employees and what they need to know about attracting members of the younger generation.

  1. Rewarding and Retaining Commercial Lenders at Your Bank

Today, there are many different ways to acquire a loan beyond the traditional means. For instance, businesses can use online crowdfunding rather than going to a bank or credit union. Meanwhile, competition for talented commercial lenders is as cutthroat as it has ever been. In this article, we explore how your bank should approach rewarding commercial lenders.

  1. Bank Director’s 2017 Bank M&A Survey

Mergers and acquisitions are on the rise, and it’s important to stay ahead of all the issues surrounding this topic. Bank Director conducted a survey of bank executives and board members regarding their feelings on the M&A environment and where they stand regarding either selling or buying.

We also published a 2-part series on compensation concerns related to the M&A process, all of which tie into the diligence you should practice regardless of whether you’re thinking about buying or selling. Part 1 focuses on the steps sellers should take, while Part 2 focuses on what to do if your bank is the buyer.

  1. 4 Signs Your Credit Union Could Benefit from CUOLI

Many of the resources we’ve covered so far have focused on banks rather than credit unions. For banks, the use of corporate owned life insurance to offset the cost of employee benefits is nothing new, but it has only been approved for credit unions within the last decade. Credit union owned life insurance (CUOLI) has been rising in popularity as credit unions have needed to find ways to offer the right benefits to their executives and employees. Check out Meyer-Chatfield Group’s 4 signs CUOLI may be the right solution for your credit union.

  1. Pennsylvania Bankers Association Video: Why Banking as a Career?

Do you still want to delve further into the topic of attracting and retaining Millennials in the financial industry? The Pennsylvania Bankers Association released a video that may give you some insight into why some young people have chosen banking as their careers. Compensation is central to locking down the right people, but it’s only one part of what can drive talented Millennials to your organization. See what these 7 young people love about their banking careers.

  1. Essential Executive Benefit Plan Checklists for Credit Unions

Regulatory compliance should be at the top of any financial institution’s list of concerns when structuring benefit plans and finding ways to fund those plans. Meyer-Chatfield Group’s checklists for credit unions address items that are vital regarding both plan selection and vendor selection.  

  1. The Financial Brand: Is Your Bank’s Board of Directors Prepared for the Future?

The Financial Brand caught our eye with a very comprehensive article on strategic planning for financial institutions. Topics covered include succession planning and board engagement throughout the organization. These are the issues that surround setting up your organization for a successful future.

  1. American Banker’s Association: “America’s banks helping people and places grow”

The American Banker’s Association is prominent on social media promoting the message that banks are at the heart of America’s communities with Twitter hashtags like #AmericasBanks. They are an advocate for local and national banks alike. We were struck by this webpage presenting statistics about the banking industry in a very visually appealing and easily digestible format.

  1. Bank Director: Lessons Learned the Hard Way

Being a leader of a financial institution may not be easy, but it is incredibly rewarding. In their magazine’s 2016 Governance Issue, Bank Director shared the stories of bank chairs, CEOs, and directors who learned hard lessons about leadership and used those lessons to improve their organizations. We know that many of these leadership messages also apply to credit unions.

We hope that you find the resources in this list to be both interesting and useful. We’re looking forward to sharing more timely compensation information with you throughout 2017, and we know the other sources featured in this list will continue to do the same.

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