A pinstripe suit and a job on Wall Street are historically regarded as markers of success for many college grads. But these days, the banking sector may not hold the same shine as the cutting edge world of tech. Compounded by the nationwide skills shortage, banks and other institutions that make up the financial services industry sometimes struggle with attracting and retaining top talent.
Reputation damage is one hurdle, according to PwC. Between the financial crisis of 2008 and negative headlines about ethical missteps, finserv has been wrestling with an image problem. It’s affecting the recruitment of the next generation of workers to finserv—and giving the edge to industries like tech.
: 32 percent landed jobs in the technology sector, followed by 24 percent in consulting, and 17 percent in financial services.This recruitment problem presents some serious challenges. For one, the finserv sector is realizing that workforce talent—a combination of skills and personal experiences—plays a significant role in an organization’s ability to innovate.
But the digital transformation movement is sparking a fresh wave of innovation, pushing the finserv firms to demonstrate how their organizations make a difference, including via new types of offerings for customers. In-house retraining and upskilling is the primary tactic for finserv CEOs to close the skills gap within their organizations, PwC researchers found. Banks can leverage in-house development as a recruiting tool since training and career progression are top workplace benefits desired by millennial job seekers.
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