What Talent Plans Say About Strategy
AUGUST 15, 2024
By: Tyler Brown
Technology, Risk, and Cybersecurity
Staffing challenges at banks with less than $100 billion in assets appear to have eased, according to research by Bank Director, as financial institutions (FIs) shrink or put off hiring. They’re looking to cut costs as they anticipate economic instability, normalize staffing levels as aggressive hiring during the pandemic left them overstaffed, and match the number of branch-based roles to demand among a shift to digital banking.
Respondents overall plan to net hire for commercial and business lending despite worries about the economy as they look for stable, diverse, long-run sources of revenue. And with tighter margins due to higher deposit costs, growth of the loan portfolio most likely will come from expanding the business and taking market share from competitors. Bankers are keeping that long-term view in mind.
Despite the hiring slowdown, why would bankers still make a push in cost centers?
Organizations need to keep their hiring priorities straight — and that depends on management holistically revisiting a bank’s underpinnings. It’s easy to ignore cost centers in favor of growing revenue-generating parts of the business.
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