Pub. 11 2023 Issue 3

The Edulogue: Are You Experiencing a Skills Gap?

The biggest issue concerning financial firms is the talent shortage of qualified professionals, such as financial analysts and client managers.

No matter how financial organizations improve their products and services, human assets will continue to be a critical investment to stay on top of competitors, remain relevant among rising fintech firms and drive innovation.

Moves to bridge the skills gap in the financial industry include embracing and adapting technology, diversifying and expanding talent options, and reskilling and upskilling financial services.

With banks losing talent due to the great resignation, it is critical to view talent retention and attraction as an opportunity to reassess their recruiting process. Breaking away from the standard recruiting model allows organizations to get a fresh perspective on how the company can improve on all levels, from how management is run to how services can be better sold to their prospective customers. HR teams should not place financial acumen as a top skill for new recruits but instead search for potential candidates based on readiness to learn and the soft skills that are necessary in the diversifying world of finance. 

Employees who can provide financial knowledge that is accurate and of value will be paramount for professionals at all levels. Now more than ever, training managers will play a pivotal role in keeping their teams sharp on the industry’s key topics. Pertinent subjects in the financial services’ continuing education will range from maintaining and leveling up job knowledge proficiencies to understanding critical topics emerging in the digital space — especially with the popularity of retail investing and mobile investment apps that are available at anyone’s fingertips.

Successful companies realize that adapting to more robust training programs will set their employees up for continued success. When employees feel that the training mandated by their company is reciprocal — that the training provided will benefit them in their current role and in the future — it incentivizes them to continue to learn, grow and remain with their companies.

Utah Bankers Association and its training partners are committed to providing training programs that are budget friendly, address current trends and issues and meet the needs of employees at all levels of the organizations we serve. BankTalentHQ provides you with up-to-date information on current hiring and training trends and a platform to post job openings.