The country's banks should spend more on building their brand image to attract new talents while retaining the old ones as well.
A survey on banks' image building has suggested so.
The survey noted that if the cost of developing brand value is considered an investment, it would be rather easier, smoother, and more convenient to establish the brand value on a priority basis.
It noted that banks will be able to acquire and retain the best pool of talents if they regularly update a competitive pay structure in line with the market and economic trends and positively correlate other monetary and non-monetary service benefits with their brand value.
The results of the study was presented through a paper in a webinar of the Bangladesh Institute of Bank Management (BIBM) titled the Impact of Banks' Branding on Attraction and Retention of Employees of Banks in Bangladesh on Monday.
BIBM associate professor and director (Training) Mohammed Sohail Mustafa, assistant professor Rexona Yesmin, and lecturer Anila Ali conducted the survey. A total of 147 respondents from 44 banks participated in it.
The paper said strict enforcement of 'Equal Opportunity Law' and 'Equal Pay Act' will make the banking sector more lucrative and pleasant to the current and upcoming workforces.
The paper recommended that creating training opportunities for growth and advancement of employees, empowering environment, room for creativity and innovation, and regular mentoring and coaching will ensure growth and retention of employees.
It said good and timely promotion opportunities will work as a motivational factor for them to continue working for the organisation.
"CSR events also heighten the brand value of the specific bank. Sponsorship to an event, providing scholarships to poor and meritorious students, promoting the social safety-net programme of the Bangladesh Bank (BB), and on-campus recruitment drive also enrich the brand value of the bank."
The paper suggested that besides the conventional electronic and print media, banks need to be visible in social media to promote their products and services.
BB Executive Director Md. Shah Alam urged the researchers to include non-bank financial institutions in their survey.
Managing Director of Bangladesh Krishi Bank Md. Ali Hossain Prodhania said there are cross sections of stakeholders in the banking industry, which cannot recognise one unified branding.
Managing Director and CEO of Trust Bank Ltd Faruq Mainuddin Ahmed said new generation bankers are prone to jumping (from one bank to another), and they tend to build career within the shortest possible time.
He opined that sometimes mere gimmick is considered branding, but (actually) it is not branding. Branding is not for short term, it should be for long-term performance of a certain bank.
Managing Director and Country Officer of Citibank NA Bangladesh N Rajashekaran said a bank would be considered a bank of good brand, which runs its operation mostly digitally.
He added that internal policy of a certain bank is the determinant of its branding.
Professor Dr. Md. Mizanur Rahman, Chairman of Department of Marketing of Dhaka University, BB Deputy Governor S M Moniruzzaman, and Dr. Muzaffer Ahmad Chair Professor at BIBM Barkat-e-Khuda, among other, spoke in the webinar.
