The 2022 KPMG State of Banking Survey features insights from 100 senior executives. This article shares the findings related to talent.
Attract and retain qualified talent in a competitive market.
Retaining employees in the face of the “Great Resignation” tops the list of the key issues on the talent front. What are the biggest talent issues banks are facing?
Retention/the “Great Resignation”
Adapting to the future of work
Competition for technology-capable talent
Training and upskilling
Lack of diverse talent
Addressing the challenge of enhancing technology capabilities of a bank’s staff will require teamwork among board members and management as well as a sizable investment of time and money.
Forrester issued a report in November 2021 predicting banks will “spend lavishly on tech, talent, and ﬁntech,’’ as they seek growth. “Banks are going to run into a severe shortage of the digital skills they need, and they have to compete with tech firms looking for people with the same skills.’’
While shortages of qualified people can be attributed to an overall shortage in the workforce pool, it may also be the result of some banks being hesitant to offer the level of compensation being demanded. Banks that have not already done so should determine if they are being unrealistic when making an offer.
When attempting to fulfill the bank’s tech hiring needs it is important to keep in mind the critical issues surrounding DEI (diversity, equity and inclusion), according to Torrente. He also emphasized that attracting talent that reflects the demographics that make up the clients an institution serves – or hopes to serve – must be a stated priority of any bank.
Aside from needing to follow the relevant regulations, creating and following through on a substantive DEI program is the right thing to do from a societal perspective - and it makes good business sense.