New data finds more than half of all bank CEOs say that retaining and engaging employees remains their top priority
Despite news of layoffs by some of the nation’s most prominent brands, the labor market hasn’t shifted all that much. That’s according to new polling from Chief Executive magazine that finds top executives across the country grappling with a still tight labor market. In the banking sector, 54% of CEOs report that retaining and engaging employees remains their top priority. So, how are banks and credit unions meeting the challenge to grow their talent and their teams? Smart organizations upskill and nurture, which means looking for opportunities to train talent from within, before going outside their organizations for new team members.
“We feel that our associates are our greatest assets,” says Sabine Salvatore, senior vice president, director of learning and development at Valley Bank, in highlights from the BAI Executive Report on talent and professional development in banking. “We are highly focused on continuing to offer them learning and development opportunities to deepen their sense of belonging here.” For successful banks, internal culture is a core component of this effort. In fact, nurturing team members from inside is so instrumental that Comerica Bank has developed an “upskilling roadmap” that spans how the bank attracts new talent externally and retains and trains staff internally.
For banking leaders who think that automation is going to solve their staffing issues, a new analysis shows staffing needs actually ramp up with new technologies. The reality is that most successful institutions implementing AI are simultaneously securing staff and training teams to guide the technology deployment. The analysis finds that the top banks “winning the AI race” have an in-house staff of experts. “Capital One and JPMorgan both secured a significant mass of AI-related talent relative to their total number of employees,” according to reporting from Insider Intelligence. “That’s something FIs will need to prioritize if they want to keep up.”
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.