Global banking structures are being impacted in two key ways. First, banks are redeploying talent from surplus to shortage areas, mostly to save on costs. As firms have pivoted to a digital-first model for services, talent needed to be deployed and transferred to other shortages. Secondly, banks are upskilling their existing teams to continue to provide more relevant, agile financial services, grow their offerings, and plan for future needs.
What’s the common denominator here? It’s people.
Few, if any, sectors are immune to the human capital challenge. Finance firms are struggling with the worst talent shortage on record, which poses a serious risk of the sector falling behind in development. As more processes are becoming digital, streamlined, or automated, banks need to shift the way they approach skilled people in order to effectively plan for and manage future needs.
So, the question remains; at a time when people and skillsets are in higher demand than ever, how do firms attract and retain the crème de la crème, the top 10 percent of the market?