The beginning of a new decade poses many new opportunities as well as challenges for businesses that operate in the banking sector. While the issue of Brexit still remains relatively unsolved, there is much to be optimistic about when it comes to progressing in a widely saturated market.
Notably, the rise of innovation and the introduction of a new generation of employees in the workplace will give leaders a chance to maintain their operations at the highest level for the foreseeable future.
Of course, with so many new hires entering the workplace, it is crucial that leaders consider how best to integrate these employees and ensure that they are prepared and engaged with their roles for the years to come.
With this in mind, we have identified five key areas to consider when hiring new candidates in banking this year:
1 Commercial Skills
We have previously discussed how commercial skills are an essential attribute for any employee in banking to have, as they are crucial in developing financial awareness and communication skills, among others.
When it comes to new hires, and in particular graduates, it is essential to ensure that they possess the commercial skills necessary to hit the ground running.
While a new employee may have all of the necessary qualifications in order to succeed within their role, do they really know how the business works? Developing the commercial skills of employees from day one will ultimately immerse them within the company and give them the best opportunity to succeed in line with specific goals and KPIs.
2 Management Development
Introducing new hires to the management skills they will need later on in their careers can be particularly rewarding for leaders in the banking sector, as typical management goes beyond merely overseeing others, accounting for external factors including client service and credit skills.
It is never too early to consider how your new hires will develop throughout their time at your business. Introducing skills training based on management capabilities will equip them for future roles as early as possible.
3 Onboarding
Taking the time to successfully onboard new hires will allow them to complement and match their skills with the specific values and cultural context of the business. It will also enable them to collaborate with other employees, thus ensuring a seamless integration into their new surroundings.
Onboarding is also particularly important in the banking sector as new legislation and technologies are continually influencing change to essential processes. A well-thought-out strategy is crucial in retaining talent, as individuals will feel welcomed and supported from the beginning of their careers.
4 Compliance
The ever-growing uncertainty surrounding Brexit and the economy continues to pose problems for banking corporations of all sizes. This, of course, means that new hires need to be brought up to speed with the various compliance rules and regulations to which the business adheres.
Failure to account for specific compliance requirements when integrating new hires can prove to be extremely costly for banking businesses, as previous examples have proven.
5 Client Service Skills
The quality of client service skills among an entire workforce can make or break a company. The service skills of employees will set the first impression of the business for prospective customers, ultimately making or breaking a working relationship. This, of course, is incredibly important as the banking sector is now more saturated than ever - helped by the rise of Fintech.
As a critical factor in securing repeat business, it is essential that your new hires understand how you engage with your clients and how meetings are typically conducted in order to work in line with the values of the company.
2024 signals the beginning of an era of open, digitally-focused banking. With this in mind, leading businesses will need to ensure that their new hires are up to speed in what promises to be a demanding period for all.
In receiving adequate training on the five areas listed above, new hires will be able to fully immerse themselves within the long term goals and contexts of a business.