Labor Market Insights: Consumer Banking

Global Workforce Intelligence (GWI) Project Consumer Banking Solving the Tech Talent Challenge Labor Market Insights series factbookAs the Global Workforce Intelligence (GWI) Project financial services industry-specific research report found, banks face tremendous pressure to transform for the future. Unfortunately, investing in new technology alone won’t give these organizations the edge they need to compete. In fact, an ongoing (and growing) talent shortage of critical tech skills poses the greatest challenge to the industry. Identifying the problem was important, but so, too, was finding the right strategic solution.

In the first entry in the brand-new Labor Market Insights series, Consumer Banking: Solving the Tech Talent Challenge expands the revolutionary GWI Project industry research. This research analyzes an additional massive data set and extends the GWI Project research conversation to tactical talent next steps that solve the core problems. 

In collaboration with Lightcast, The Josh Bersin Company team leverages the Lightcast database of more than 1 billion current and historical job postings and career profiles, collected daily from more than 50,000 online sources, and augmented with data from government sources, such as the U.S. Census Bureau, to provide a complete view the workforce. Findings from Consumer Banking: Solving the Tech Talent Challenge include:  

  • A significant amount of tech talent attrition from banks, despite concerted, effective recruiting efforts 
  • Consumer banking’s pattern of posting a single tech role on as many as 16 job sites, compared to the national average of just 2 sites when compared to all other industries 
  • The impact of industry convergence on the competition for critical talent and core skills of the future 
  • A need for a systemic HR approach that focuses not only on attracting the right talent to consumer banks but also on actively working to retain them after hiring 
  • ….and more 

To discover more about the talent drain plaguing consumer banks, the real-world application of labor market insights on business strategy & talent planning, and the systemic solutions HR leaders can implement, access the complete GWI Project research collection, including this new report, via a Corporate Membership. Submit the form below to learn more about becoming a Corporate Member: 

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