Banks: Strategies to address your talent pipeline

Banks of all sizes are finding themselves in a unique situation. While leaders are seeing tremendous growth and optimism about the future of the industry, they also continue to see a lack of talent to fill the jobs that will be created as a result of this potential growth. If your company is facing this dilemma, consider these strategies to begin addressing your talent pipeline.

Make a positive impression on younger generations

Many employees in banking are reaching retirement age and there aren’t a lot of young people lining up to take their place. This is due in part to their perception of working in the industry. Like other so-called ‘boring’ industries, banking as an industry has been stereotyped as traditional and innovation-poor. When in reality, many of the tools and processes of the past are being replaced with advanced technology like mobile banking, online payment tools, new ATM technologies and virtual currencies. It is the responsibility of companies throughout the industry to make sure younger generations understand the exciting innovations being implemented in modern banking.

One way you can get started is by getting involved in your local school district. Consider sending guest speakers to classrooms and offering tours of your local facility or newest branch. It is not a bad idea to start talking with students as early as middle school age about the opportunities available in the banking industry. These efforts play on the younger generations’ infatuation with technology and provide awareness to the potential that exists for technologically advanced individuals. It also helps if you make an effort to educate the parents as they have a significant influence over their children’s career path.

Offer internships

Students often have trouble finding jobs in their field post-graduation due to lack of experience. This is a great opportunity for banks to step in and offer internships for students to gain hands-on industry experience. Not only will it benefit the individuals involved, but it allows banks to educate potential employees in the exact skills their company needs to create a workforce that sustains growth.

Encourage recruitment among your employees

The full responsibility of recruitment shouldn’t fall on just your human resources team as there are likely recruiters in every area of your organization. Not only does this save on potential costs of other recruiting tactics, but employees often refer some of the best hires because they don’t want to associate themselves with a candidate that will reflect poorly on them.

So how do you create the desire among your employees to start sharing how much they enjoy working for your company? Begin by being transparent with them about how important new talent is for your organization’s growth and by sharing your brand story in an authentic, engaging way. They’re more likely to become ambassadors once they realize how their individual actions can help the company overall. It obviously doesn’t hurt if you also include some sort of bonus or incentive for successful referrals.

Summary

There are a number of strategies like the ones above that can help positively impact the industry’s perception and ultimately grow your organization’s talent pool. However, you must continue to be creative and look for recruitment opportunities that are unique to your company. After all, no one else has a deeper understanding of your organization’s strengths and culture.

For more information on assessing talent management strategies to support your company’s growth, contact Carrie Cox using the information below.