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Several CEOs hitting the magic age of 63 have chosen to sell their institutions, suggesting a dearth of younger executives waiting in the wings.
December 9 -
Subpar mentoring programs for recruits new to the banking industry could be the reason institutions are finding it hard to keep new talent.
January 6 -
With the mass exit of Baby Boomers looming, make sure succession planning goes far deeper than the C-suite.
December 29
To manage the growing challenges of cyber threats, regulations, disruptors and other issues that will only grow more complex in the coming years, banks need a steady flow of innovative and well-trained talent.
Yet there are indications of a rupture in the pipeline that has supplied new employees to the industry for generations. What once inspired young adults about a career in banking is losing its luster. This is especially troublesome with baby boomers starting to retire.
A recent
Going up against such forces feels daunting. But I believe if we all play our part, we can make banking a more popular career choice, and in so doing, help secure the industry's future.
As institutions and individuals, we should take every opportunity to help restore banking's reputation. There is a good chance your bank does much for the community through sponsorships and charitable contributions. But does your institution effectively advertise the positive effect it is having on the community? Does it do enough to tell the story of how its day-to-day activities help build businesses and make families' dreams come true?
The Deloitte study found that many young people have a misperception about what it is that banks do. Too often, they associate banks with the headline-grabbing scandals, rather than the vital, community-building work that is the reality of 99.9% of banking. Take the time to talk to a local reporter about important projects your bank has financed in your community. Speak to a high school business class about what banks and bankers do. Restoring our reputation is good for recruiting as well as your customer base.
On a more direct level, inspire young people to choose banking and help them reach that career goal. Hire interns. If you already do, hire more. Become a mentor. If you don't have time for a mentor relationship, have lunch or coffee with a young person who is interested in banking.
The Risk Management Association is committed to addressing the talent gap by making both information and funds available to help usher the next generation of banking professionals into the industry.
We recently launched a
Mentoring, internship program or simply speaking to students about your job may not seem like high priorities for an executive. But I highly recommend that you put engagement with potential hires on your priority list. There is plenty of talent out there. It is our job to sell them on what's great about banking, and in turn secure a prosperous future for the industry.
Bill Githens is CEO of The Risk Management Association.