Attracting and Retaining Talent: A Top Challenge for Financial Institutions in 2023
Written by: John Spillane, Donna Thaxter, and George DeMello
Many community banks and credit unions have been grappling with talent acquisition and retention this year. A recent BAI series on key issues for banks in 2023 highlighted this challenge and identified work-life balance as one of the top considerations for many prospective and existing employees.
One intriguing factor often associated with success in attracting and keeping employees is adopting a hybrid workforce model. The workforce landscape is evolving, and organizations have had to make crucial decisions regarding embracing or eliminating hybrid work arrangements. In a May 2023 article by Credit Union Times titled "Hybrid is the Winning Work Arrangement, Now Let's Get It Fixed," the importance of crafting and implementing a successful hybrid strategy that fits the organization and its employee’s needs becomes evident. It's worth noting that this strategy varies from one financial institution to another, and managing hybrid teams has proven to be a complex endeavor. HR Leaders can partner with their organization’s managers to provide support for navigating these challenges. For example, how to leverage new and existing tools and technologies to enhance communication, collaboration, productivity, and accountability within their teams.
Proactive planning is essential for organizations opting to bring employees back to the office. In essence, addressing the talent acquisition and retention challenges in the financial sector in 2023 and beyond hinges on finding the proper equilibrium between traditional and hybrid work models.
SCA can partner with you to optimize your approach to implementing a hybrid workforce strategy. Our team of diverse consultants brings a wealth of experience in leadership development, change management, technology, and operational optimization. Reach out to us today to learn more about how SCA can assist you in developing a hybrid workforce plan that suits your institution’s needs.
