Heading Off a Resume Tsunami: A View from the Banking Sector
Act now to avoid a future retention problem or worry about it if and when it hits?
Brian Johnston, Principal, Deloitte Consulting LLP
Between the economic meltdown and the legislative restrictions on Troubled Assets Relief Program (TARP) recipients, many banks over the past year have focused almost exclusively on cost reduction. While operational efficiency will likely always be an important aspect of a bank’s business strategy, the landscape is gradually changing. TARP legislation is becoming less relevant and banks are starting to show signs of a renewed awareness around the need for top talent – the critical workers who drive performance and growth to achieve a competitive advantage.
We have seen some banks begin making investments again in workforce development and talent programs. It’s a lesson learned from the past market corrections: once the economy picks up, no one wants to have to scramble to find and keep those qualified and skilled workers needed to meet the demands of their business – because it may be too late.
Until recently, banks have been filling many of the gaps in their workforce with part time or contracted employees. For those critical workforce segments across all categories, now is the time to focus on:
- Defining critical workforce segments – identify those segments of highly skilled, highly trained individuals who drive a disproportionate percentage of revenue growth.
- Recruiting – keep the pipeline current and continue to identify top talent. Talented employees always have options, regardless of the market conditions.
- Retaining – people want more from work than a paycheck; many companies still regard retention programs simply as compensation and benefits - a cost of doing business. Retention efforts and reward programs can link to business value. Companies should consider how employees perceive these programs; how these perceptions vary by workforce segments and generations; and how such programs affect behavior and business performance. And that’s not all - learning programs, work experiences and culture can also impact employee retention.
To better position themselves as market leaders, banks should consider ways to take advantage of the talent opportunities in today’s environment. There are top performers in their organizations now and more out there looking for opportunity. A recruiting and retention strategy in place that aligns with the needs of their business will likely prepare them for the gradual shifts in the economic recovery.
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