Solving the Tech Talent Challenge in Consumer Banking
Consumer banking is facing a significant challenge in today’s digital age: a concerning shortage of next-generation tech skills. As banks must digitally transform and meet changing consumer demand for digital experiences, a lack of tech talent with the required skills is hindering their progress. In our latest report with Josh Bersin, we explore this challenge and offer recommendations for how consumer banks can address their tech talent shortage and gain a competitive advantage for the future.
The future of consumer banking relies on next-gen tech skills.
Customers today expect seamless mobile and online-first services. This, along with fierce competition for tech talent, the emergence of new technologies, and “pacesetter” banks leading the charge of innovation, all contribute to the need for consumer banks to operationalize labor market insights.
One of the key problems faced by consumer banks is the upcoming retirement wave, with nearly a quarter of employees in the industry over the age of 55. Additionally, the circulation of talent within consumer banking has led to recycled knowledge, negatively impacting efforts to digitally transform. Curious to see how talent flows in and out of the consumer banking industry? Access the full report for these insights.
Skills prioritized by consumer banks are largely non-technical and don’t boost salary prospects.
While non-technical skills are important, it is crucial for banks to recognize and prioritize the forward-looking skills that will drive their digital transformation. They should also consider the “salary-boosting” skills that are important to many technologists. Even though consumer banks currently pay 19.5% above average compensation, technologists are looking to industries that offer better opportunities for both skills development and salary advancement. So, what are the top software skills consumer banks request in job postings, and how do they stack up with the competition? Download the report to see top skills.
Consumer banks can leverage labor market insights to meet the changing demands of today’s digital age.
To address this challenge, it is crucial that companies integrate recruiting, retention, development, pay, goal-setting, and leadership into systemic talent strategies. For example, an enhanced focus on career pathways can help meet changing skill demands. By upskilling their existing workforce, banks will save money on recruitment as well as provide employees with visibility into their growth potential within the organization.
