Key steps financial services organizations should take to attract and develop talent

By deploying best practices in attracting high-caliber candidates, upskilling employees with training opportunities, creating diverse and inclusive workplaces and designing smart succession programs to strengthen leadership pipelines, banks and credit unions can recruit and retain the best and the brightest.

This issue features the perspectives of financial services leaders and industry consultants on the cultivation of talent, an organization’s most valuable asset. I’m certain their expert recommendations and practices will provide benchmarks and inspiration for your own financial services organization. BAI contributing writer Dawn Wotapka examines the role that DEI policies and practices play in building a best-in-class workforce.

DEI can bring together individuals of diverse backgrounds to foster creativity and fresh perspectives. Employee engagement and retention increase, turnover decreases and innovation accelerates. The positive impacts fall to the bottom line.

However, on occasion, DEI can be treated as a one-off, check-the-box initiative that’s superficial and fails to produce a meaningful difference. “A comprehensive DEIB communication strategy is essential at all levels of an organization to inform and ensure that employees are aware of DEIB as a business objective,” said Diane Ashley, CEO of DTA Diversity Counts.

Based on her conversations with industry executives and consultants, Dawn compiled an invaluable list of 10 steps banks and credit unions should take to become a genuinely diverse and inclusive employer of choice.

Atop the list is this advice: “Start high and run deep.” In other words, for DEI policies and practices to become embedded in an organization’s culture and mission, the initiative must originate at the top, preferably from the CEO. Otherwise, employees perceive the commitment to diversity and inclusion as insincere and a less-significant priority.

And here’s another important tip: organizations must avoid faking it. Kaitlin Trunell of Georgia United Credit Union says, “Although it’s important to strive for diverse representation, placing an emphasis on meeting numerical goals rather than achieving strategic goals could undermine the value of equity and inclusion for the organization.”

BAI contributing writer Katie Kuehner-Hebert describes in her article how tapping technology to enhance learning and upskilling helps attract new talent. Another benefit: it boosts engagement rates so that key players will stay and advance through the ranks.

Her article features Debbie Herd, senior vice president, director of talent development, at Comerica Bank. She defines upskilling as “transforming what someone is doing today in a different, nuanced or more comprehensive way tomorrow.” It’s done both internally and externally at the Dallas-based bank that has crafted an upskilling roadmap.

An internal way to upskill Comerica employees is to use the company’s learning technology. For example, internal courses can include knowledge and proficiency checks that ask employees to confirm their understanding of the topics.

Externally, the bank deploys technology platforms that provide upskilling resources that are especially effective for technical roles, according to Herd. For example, the Risk Management Association provides proficiency skill assessments for underwriters. BAI provides role-based courses that combine compliance and professional development for a more efficient and effective experience for learners.

At Valley Bank in Wayne, New Jersey, technology for upskilling employees has been “truly instrumental,” says Sabine Salvatore, senior vice president, director of learning and development.

The last few years have accelerated the learning strategy of the bank, which leverages several technology platforms focused on supporting the learner, Salvatore says. “We feel that our associates are our greatest assets, and we are highly focused on continuing to offer them learning and development opportunities to deepen their sense of belonging here at Valley Bank.”

I conducted a Q&A with Huntington Bank’s Chief Human Resources Officer Raj Syal and Chief Talent Officer Nicole Kneedler about what smart succession planning can bring to a financial services organization.

I asked them about the Columbus, Ohio-based bank’s best practices for identifying and nurturing potential leaders in the financial services industry. Syal says he and his team first look for leadership gaps or potential leadership gaps within the organization.

Huntington, he explains, uses a variety of assessment tools and talks to its business leaders in their succession planning. “Ultimately, we create a match-up. We make sure we are first looking within our organization.”

Kneedler says nurturing potential leaders requires taking smart, purposeful risks on internal talent. “We don’t need to check every single box on every single skill in a particular role. We need to assume some calculated risk within our internal talent so that we can give internal talent opportunities to grow and build their career.”

We hope you will find actionable insights on cultivating talent in this BAI Executive Report. Feel free to contact us with your thoughts on the challenges and rewards of upskilling employees, developing diverse and inclusive workplaces and crafting succession plans to maintain a well-stocked leadership pipeline.

Edmund Lawler is a contributing editor for BAI.

We offer insights on talent and professional development topics that can benefit financial institutions in the BAI Executive Report “Priorities in talent and professional development.”