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V O L . X X V I I I N O. V I I A P R I L 4 , 2 0 2 2 16 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S "Twenty years ago, we never had tellers asking how they could become a lender," says Kennebec Savings Bank President and CEO Andrew Silsby, an industry veteran who started as a summer teller. "Now we're working really hard to line up those steps so that people can see how they can get to another path." at's very different from 28 years ago when he started. e bank was at 44 employees and nobody ever left, he says. Fourteen workers left last year, though Silsby considers it a positive that only two went to rival banks. e other 12 embarked on a career or life change, including one who opened a business and one who went into farming. e bank raised its base pay to $20 an hour last year, in effect giving 96 people raises. Currently at nine openings after filling seven, the bank reports that applications are only trickling in. "Five years ago," Silsby says, "we would regularly get anywhere from 30 to 40 applicants for an entry-level job. Now we're probably in the four to five range." After trying some career fairs this spring, he doesn't see much hope there either, finding himself "a little horrified" at attendees' casual attire and attitudes: "I would have put on a suit and tie, but person after person at these job fairs is showing up walking around the booths in pajamas," he says. "I'm not sure what I'm going to do when somebody shows up for work in pajamas." A northern New England footprint Bar Harbor Bank & Trust, the Downeast-based lender with more than 50 locations across Maine, New Hampshire and Vermont, is having an even bigger struggle as it seeks to staff up after losing close to 100 employees, mostly on the retail side, in 2021. "Most branches have been operating with smaller staffs as we have tried to hire new talent to replace staff who have left or retired" while also streamlining opera- tions, says spokesman Joseph Schmitt. Today, the bank is advertising for 30 positions, mostly entry-level retail openings. "In some of the more seasonal and rural areas across our footprint, it can be a bit more challenging," Schmitt says, "as there is a high demand for few potential candidates." Money talks While money isn't the only lure, bigger banks can afford to offer higher pay and benefits. Bank of America, for example, raised its minimum wage to $20 an hour in March. It also pledged to go to $25 an hour by 2025, well above what a lot of smaller banks can afford. "at's real money — $10 an hour over what we're offering now, and it's a big issue for us," says Machias Savings' Daley, whose bank currently has a pay scale starting at $15 an hour plus full health ben- efits and a performance-linked cash bonus. "Ours will increase over time, but that's scary for smaller institutions." BofA isn't the only bigger bank to use financial incentives as a recruitment tool. Maine market leader TD Bank pays a base starting salary of $18 an hour. Currently seeking to fill 17 openings in Maine, 36 in New Hampshire and five in Vermont, TD Bank recently introduced a $1,000 sign-on bonus and doubled what it pays for employee referrals. "We've always had an employee referral program, but with the challenges brought on by the pandemic, we said, 'We really need to put a huge emphasis on this,'" says Marc Sylvain, who oversees TD Bank's retail operations in northern New England. He notes that while the situation has improved over the last few months, TD's bonus and referral pro- grams are helping, and underscores that retention is as important as recruitment. He also finds that entry-level teller jobs are harder to recruit for than senior roles and sees geography as the biggest challenge. His message to potential applicants: "e teller role is a great place to get your feet wet in banking." Bangor Savings Bank, Maine's No. 2 bank in terms of market share, starts tellers at $18 an hour, but has a Living Wage initiative to ensure fair pay regardless of position, location or full- or part-time status. e bank currently employs over 130 tellers in Maine and New Hampshire, with 17 teller openings and an additional 25 summer float positions. "We are constantly recruiting for all positions, seek- ing terrific people who are passionate about serving customers and communities and want an organization where they can thrive," says Ryan Albert, who heads human resources and employee development. He also touts benefits including tuition reimbursement and volunteering opportunities. Just behind Bangor Savings in terms of market share and assets, Camden National Bank raised its starting wage from $15 to $17 last fall, which HR chief Heather Robinson reports is already having an impact. "It makes that early conversation a lot easier when applicants hear that, but will a $17 wage be enough in the long term? We'll have to figure that out." e bank also bumped up its employee referral bonus during the pandemic and added a parental leave benefit in 2021, "and we're constantly thinking of new things that we can add or tweak." Like many of its peers it's also open to hiring people from outside banking. "You definitely do not have to have banking experi- ence," she says, "but any core customer service experi- ence is very much welcome." Credit unions also challenged Like banks, credit unions face a tough time recruiting these days. "Recruiting and retaining the talent we need is a day-to-day challenge," says Vanessa Madore, who is president, chief operating officer and CEO-designate of Maine Savings Federal Credit Union in Hampden. She makes it a point to thank every new hire, includ- ing four tellers who started in mid-March. "e mere fact that people show up to work is a miracle unto itself right now, so the simplest, most sincere thing you can do is to recognize them, see them and appreciate them. at's as important on Day One and Day Two as it is in Year 30." » C O N T I N U E D F RO M P R E V I O U S PA G E The mere fact that people show up to work is a miracle unto itself right now, so the simplest, most sincere thing you can do is to recognize them, see them and appreciate them. — Vanessa Madore Maine Savings Federal Credit Union P H O T O / T I M G R E E N WAY Heather Robinson, chief HR officer at Camden National Bank, says the bank's $17 an hour minimum wage is already making an impact.

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