The banking world has undergone radical changes over the last few years, but is it enough to attract the next generation of candidates?
As volatility prevails across much of the industry, banks must revisit their talent acquisition strategies to ensure they’re prepared to navigate the coming transformations.
From the adoption of AI-enabled tech to the integration of stringent ESG standards, the banking sector’s future success will hinge on its ability to execute its change-management strategies. This is only possible with the right people on board.
Who are those ‘right’ people, and how can institutions improve their ability to source and, perhaps even more pressingly, retain them?
A cultural Overhaul
Gruelling hours, homogenous leadership, and deep-rooted toxicity are (needless to say) creating exclusionary environments. As the UK’s consumer duty act comes into force, a paradigm shift looks poised to take shape.
By placing a greater focus on the protection of the consumer’s interests, a profit-at-all-costs attitude (sacrificing the consumer’s needs), in theory, will not find room in tomorrow’s banking sector.
A rise in ESG’s popularity is partly responsible for shaping the way companies approach their value proposition. Adopting a stance that places social, environmental, and governance factors in full view of stakeholders is becoming less of a trend and more of a must.
The higher ESG standards of younger generations must be considered by employers wishing to attract promising talent. A strong employer value proposition is the edge in an environment that’s calling out for a breath of fresh air, a particularly useful tool when wage inflation starts to take its toll on resources.
Banking plays a critical role in addressing societal issues – it’s an aspect of the industry that’s often lost in the wake of scandal, but one that’s a mainstay nonetheless. Institutions will likely need to consider where they position their narrative when it comes to vocalising their impact.
Expanding the Talent Pool
The recruitment process has a large part to play in the removal of barriers to entry. Hiring managers will need to reimagine the potential of the hiring process and expand the talent pool to mitigate shortages.
The talent is out there, it’s a case of finding where. Bank of America’s cybersecurity initiative is a prime example of how meaningful, relevant partnerships can extend a hiring manager’s reach. By partnering with Liberty Science Center’s SciTech Scity, BOA can develop pilot programs that enhance cybersecurity training in high schools, enabling them to access (and prepare) a future generation of talent.
The Barclays Veteran Outreach Program is another great example, an initiative designed to tap into the extraordinary skillsets of ex-military personnel while supporting their unique needs.
Specialised recruiters will be a saving grace in the race for top talent. With access to global networks of top talent and up-to-date market insight, their reach and guidance can plug workforce gaps with exclusive, hard-to-reach talent, and they can do it quickly.
Training and Retaining Transferrable Skills
Formalised Risk Management Jobs, at least in their modern form, are relatively new, largely thanks to the consistent emergence of industry-changing technology (and the problems they bring).
Transferrable skillsets must be targeted when the demand for talent outweighs the number of available candidates – Banks have been doing this for as long as we can remember.
Herein lies one of the biggest challenges facing the sector today: talent retention. While targeting transferrable skills is a great way to fill roles, measures must be put in place to ensure they remain filled. This typically requires businesses to invest in training, upskilling, and opportunities that enable growth and progression.
Risk is evolutionary by its very nature. How can businesses hope to navigate it if their employees aren’t equipped to evolve alongside it?
Aside from formal training, encouraging people to seek avenues for mentorship can enrich their working experience, especially if you substantiate your encouragement by introducing an in-house mutual mentorship scheme.
At Broadgate, we’re privileged enough to talk to many of the best Risk Management professionals in the business. We’re eager to connect them with forward-thinking innovators, and we’re equipped to help employers enhance their value proposition.
If you would like to know more about our community-led recruitment solutions, our commitment to diversity, our recent B Corp accreditation, or our mission, reach out to the team today, we’re here to help.