Financial institutions need a talented workforce to accomplish strategic goals, such as planning and completing their digital transformation, creating a better user experience and leveraging emerging technologies.
But in an economic climate rife with continued growth and record low unemployment, how will financial institutions meet their workforce needs and attract qualified talent to the financial industry?
To find out how bankers plan to acquire and retain talent this year, CSI recently polled banking executives throughout the country, representing more than 200 financial institutions from across the asset-size spectrum. The resulting data was then analyzed and compiled into the 2020 Banking Priorities Executive Report, which provides valuable insight on hot topics in the industry.
Attracting Qualified Talent
We asked bankers about the specific methods they will use to attract talent, and the results indicated a focus on both digital and traditional strategies:
- Social Media Outreach: 57% of bankers plan to use social media outreach to connect with centennials and millennials. Since a job search often starts online with these groups, banks should maintain and update their social media pages and feature information about job opportunities.
- More Traditional Strategies: About one in three institutions will offer internships, recruit on college campuses and participate in regional and local job fairs to recruit their workforce.
Though digital strategies are becoming more popular, making personal connections during recruitment remains meaningful, according to David Albertazzi, research director for Aite Group. Albertazzi says: “Even though LinkedIn has become a valuable recruiting resource, it’s still important for banks to recruit on college campuses and provide internships. There’s no substitute for meeting candidates face-to-face and sharing enthusiasm for a career in financial services, especially if banks want to compete against emerging industries for the most qualified candidates.”
Retaining Talent in 2020
And what benefits will banks offer to retain talent in the coming year?
Direct Compensation: Most institutions (84%) will offer their employees a 401K match or other retirement plan, while 66% will use performance bonuses.
- Other Trending Benefits: To compete with emerging industries, around 40% of banks will offer employees a variety of non-traditional benefits, including tuition reimbursement, paid maternity or paternity leave and workplace wellness programs.
Download the Full Executive Report
For more information about talent acquisition and retention, as well as a comprehensive breakdown of the data from the survey, download the full Banking Priorities 2020 Executive Report.