By Julieann Thurlow
As our industry faces an onslaught of new regulations, tough economic conditions and increased competition for market share, there’s no denying that the future is challenging. But there’s also another future we have to prepare for: the future of work.
In the months and years ahead, bankers can expect to face big, existential questions about how we work, which new tools we can use to help us work smarter, not harder, and how we continue to keep relationship banking alive in an increasingly digitized world.
And, of course, to be successful, banks must compete in the war for talent. To ensure our viability in the future, we need to recruit and retain high performing employees. After all, a bank’s success is really all about our people — they are the ones who uphold our values and deliver on our promises to our customers, our communities and our shareholders.
What most consumers, job seekers and students don’t realize is that banking opportunities are much more than what they see at a branch. One of the best selling points for banking as a career are the many different career paths that exist. Banks don’t just need lenders and customer service reps — we need marketers, IT gurus, credit analysts, financial professionals, investment advisors, cybersecurity experts, HR professionals, compliance practitioners and risk management whizzes, and so much more.
Bankers can expect to face big, existential questions about how we work, which new tools we can use to help us work smarter, not harder, and how we continue to keep relationship banking alive in an increasingly digitized world.
Banking is a noble profession — it offers the opportunity to truly be a part of the local community and to give back, whether by providing access to the credit that powers local economies, boosting financial literacy or providing philanthropic support.
As bank leaders, we can help spread the word about what a rewarding career one can have in the banking industry. It’s also our job to think more expansively about where and how to find top talent. Are we recruiting outside of our own personal and professional networks? Does our workforce truly reflect the communities we serve? Are we carefully crafting job descriptions, and perhaps questioning some of our own presumptions about the type of background, experience and education required to do these jobs? And do we always ensure that there is a diverse slate of candidates for open positions?
Remember: Your next star employee might not come from the banking world at all. Banking can be learned. At Reading Cooperative Bank, we’ve had some great hires that have come to us from technology, finance, nonprofit and many other varied backgrounds. They’ve been able to bring fresh perspectives and help us out with process and project management based on their outside experiences. And diversity of age, background and perspectives is ever more important as we consider meeting the needs of diverse communities and the next generation of bank customers.
Wherever you find your next great recruit, ABA has robust training, community building and professional development opportunities to help them succeed — from the premier education offered at the ABA Stonier Graduate School of Banking to ABA’s numerous schools, conferences and webinars in a wide range of disciplines. And of course, ABA’s newly updated Frontline Compliance Training suite continues to be available to all member banks for free — because when it comes to banking, compliance is everyone’s job.
Happy hiring!
ABA Chair Julieann Thurlow is president and CEO of Reading Cooperative Bank in Reading, Massachusetts.
