How to Tackle The Industry's Biggest Talent Shortage
Consumer banks compete with fintech firms, technology companies, and payment providers for cash, customer transactions, revenue, profit and now, technical talent.
As banks try to offer more value-add services to remain competitive, they encounter enormous challenges in creating a world-class consumer banking experience requiring them to recruit next-gen technical skills.
We partnered with Josh Bersin to collect and analyze the top labor market insights consumer banks should include in their efforts to grow and retain the talent needed to materialize their strategies.
The consumer banking industry in the United States boasts a substantial talent pool comprising more than 1,367,000 individuals who earn an average of $127,618 per job. However, the industry faces a pressing concern regarding an upcoming retirement wave, as nearly 324,000 employees in the industry are over the age of 55.
Banking is undergoing a significant industry reinvention and the challenge is a shortage of the necessary skills to successfully drive this transformation.
Consumer banking accounts for only 13% of the total unique job postings for tech talent and throughout 2023, a staggering 2,746,417 unique job postings on next-gen tech roles were made by 87,994 employers across different industries, highlighting the immense demand for this talent.
Uncover additional labor market insights to fuel your recruiting strategy.
