How banks are preparing for a wave of boomer retirements

StonehamBank in Massachusetts recently began checking in with newer hires around the first anniversary of their start date.

A human resources staffer chats with the employee to assess what’s going well, what could be better, and what other roles the person might be interested in trying. The $687 million-asset bank had previously gleaned a lot of this information from exit interviews with departing or retiring employees. So the thinking was: wouldn’t it make sense to ask current workers the same questions?

StonehamBank, which is based in the Boston suburbs, hopes not only to improve employee retention and engagement, but also to cultivate the next generation of leaders. CEO Ed Doherty recalled that his predecessor, now-board chair Janice Houghton, wore every hat in the bank over her 50-year career. For his own part, Doherty worked in commercial banking, sales and marketing prior to his tenure as CEO. He wants the next generation of community bankers to be similarly well-rounded.