Finding and engaging the right talent to further the digital revolution in Financial Service is in turn revolutionizing the recruitment business.
We know search is becoming increasingly global – best person for the job, wherever they happen to be. But what is happening in Financial Services is many times more significant. The most sought-after resumes are likely to be totally lacking in terms of financial background.
As we shall see, the most appropriate human resources required in the banking transformation – including the top leadership – are much more likely to come from a background in Telco, Gaming, FMCG and IT, among others.
For this and other reasons, hiring managers in banks are increasingly disappointed with the results of their job ads, or worse, are looking for entirely the wrong people.
Because originally Banks were secure investments, low risk, offering high earnings. etc., people who chose to work in banks chose them for better salaries, low risk, stable jobs, where the hierarchy determined relationships and customers were assured.
The bank could do basically anything and the customers would still be around. So, the mass bulk of middle management is also resistant to change. And too many people are incapable of unlearning the old and learning a new way.
On the skill side, the shortage is more pronounced as you need totally different skills and it requires a totally different culture with people coming from totally a different work cultures. Many digital natives will not consider working in a bank even if they have an offer. So, it is harder to recruit them.
All companies which have grown were built by people who made things happen. In the past, banks & their people did not have to make things happen, their business just happened.
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