Attracting & Retaining Gen Z Talent in Banking

Financial services sector is already showing significant appeal to Gen Z for a career

As the banking sector leverages new tools and technologies, like generative AI to transform customer experiences, it’s clear there’s an industrywide need for new talent to meet these emergent roles. Making up 27% of the workforce by 2025, Gen Z stands ready for the challenge. “As more and more Baby Boomers leave the workforce, the need for future talent in the global banking sector is clearer than ever,” according to EY’s article on Gen Z recruiting in banking. “But how many Gen Zers dream of working in a bank?” As it turns out, more than you might think.

New data finds that the banking industry has noteworthy appeal for Gen Z. “In a recent survey of graduates, finance comes out on top as the most desirable career,” according to American Banker. “It has replaced healthcare and medicine as the top-ranked profession in terms of career prospects.” Even more, it has “leapfrogged up the list” from its position as the fifth most popular career path in 2021. Finance is so appealing, it now outruns STEM and tech jobs. That’s good news for banking, given that 70% of senior executives report recruiting and retaining top professionals is a major challenge.

But don’t think that just because there is ample opportunity in banking that Gen Z will automatically come (and stay). “Sharpening the narrative around purpose and social impact is particularly important for banks appealing to Gen Z talent, as this cohort gravitates toward organizations they view as authentic or trustworthy,” finds EY. In fact, the company’s research shows that 63% of Gen Z feel it is very or extremely important to work for a company that shares their values. This reality demonstrates the importance of addressing brand challenges and showing up with purpose.

Three statistics about finance and Gen Z

In addition to technology skills that are essential in an era of digital disruption, the most diverse population in history brings something even more essential to financial institutions. “They offer fresh perspectives that align with an increasingly diverse customer base in banks,” according to EY. So, while this generation’s technical skills will be important to developing mobile apps and AI-based banking tools, their perspective provides even more value in branch consultation. Who better to relate to the financial strain facing the generation than someone who also has that lived experience?

For more insights into how Gen Z is shaping the future of the financial services, download Adrenaline’s Gen Z banking report. If you’re a banking leader prioritizing growth, get in touch with the banking and credit union experts at Adrenaline. And don’t forget to subscribe to Believe in Banking to stay up to date with the latest news impacting the banking and credit union industries.