Nebraska banks of all sizes are facing an increasing amount of compliance challenges that can come with steep costs. Stepping in to aid member banks, the Nebraska Bankers Association collaborated with Zelle Human Resource Solutions to create resourceHIVE, a subscription-based solution for varying complexities.
Challenges = Innovation
When Stephen Stull’s family decided to purchase Farmers State Bank in Dodge (now Nebraska Bank) it was a singular location with 12 employees and a management portfolio of $43 million. Twelve years later the bank has grown to nine locations, 62 employees, and over $430 million in managed assets.
The steep growth has meant more reporting challenges, especially as the bank inched over the 50-employee mark.
“We needed help,” said Stull, the bank’s chairman and CEO.
That’s when bank leadership contacted Zelle Human Resource Solutions. Zelle, which grew out of Nebraska-based Union Bank, stepped up, helping the growing community bank complete the Equal Employment Opportunity Commission (EEOC) report, updating the employee handbook, and standardizing job descriptions and pay.
At the same time, Sull was chairman of the Nebraska Bankers Association.
“I said, it’d be nice if we had a virtual HR person, similar to the virtual compliance officer program the NBA is a part of,” he said.
With that, the NBA got to work with Zelle to build what NBA President Richard Baier described as “a retainer model” that has tiers.
Accessible to All
Baier said association members across the board have expressed human resource challenges similar to Nebraska Bank.
“Larger institutions said they would like to have a fallback in case there are very specific issues that their HR teams aren’t comfortable answering,” Baier said.
On the other end of the spectrum, small community banks often don’t have an employee whose sole job is human resources.
“They may have an individual on staff that has three of four different roles, and quite frankly they don’t have time to keep up with the newest rules and regulations,” Baier said.
Banks with less than 50 employees also face fewer compliance requirements that may require an HR professional, making hiring a full-time HR employee cost-prohibitive.
At the base level, resourceHIVE can help small banks with some of the basic HR tasks, such as drafting policies, job descriptions, and exit interviews.
Larger banks can subscribe to the higher service tiers, which include help navigating through the Family Medical Leave Act (FMLA), the Americans with Disabilities Act (ADA), and worker’s compensation.
Regardless of the tier, banks have access to human resource experts, staffed through Zelle through a live chat feature.
The subscription became available for banks in early January, and more information can be found at thehivehr.com.
“I would encourage banks across the state, as well as other businesses, to begin to think about this shared services model,” Baier said. “You gain access to a highly professional, highly skilled staff member that you might not be able to afford otherwise.”
