The Future of Banking: Talent Management, Training, and Retention Issues

Addressing the talent gap in the financial services industry has been a growing concern among banks large and small. How do banks find and cultivate the next generation of bankers? During the latest installment of RMA's Credit Risk Management Audio Conference Series, Annette Alonzo, chief human resources officer, Frost Bank, George Buchanan, executive vice president, Credit Risk Management, Regions Bank, and Debbie Herd, Ph.D., SVP, director, Talent Management and Learning, Comerica Bank shared their bank's strategies for proactively seeking and retaining top young talent.

Alonzo discussed employee engagement and how her bank has revamped its performance program after learning about employee dissatisfaction with performance reviews and the alignment between goals and rewards. Through an employee satisfaction survey, the bank learned that employees wanted to receive more feedback throughout the year to ensure they were on track for attaining their goals. In addition, her bank is evaluating the rewards system to appropriately engage employees and retain them in the long term.

Herd shared that succession management is an important element of her bank's risk appetite strategy. She indicated that her bank's robust succession program enables them to effectively complete a talent assessment of their team and create action plans for selected employees in order to identify and develop emerging leaders and retain the talent within their organization.

Buchanan outlined strategies that his bank uses for attracting and retaining talent in commercial banking. Through on-campus recruiting, his bank spreads the word about its leadership development program to attract young talent, as well as its internship program for college students.

All three professionals acknowledged the challenge of getting young people interested in the industry. Herd's bank includes a broader array of majors in their recruiting process, such as liberal arts, and puts young people on campus to better relate to students. Buchanan's bank has been building strong relationships with college recruiters, professors, and universities and encourages them to spend time talking about banking in the classrooms. Alonzo's bank sends alumni to campuses for recruiting and invites students to participate in corporate banking panels to spark interest in commercial banking. Her bank also creates partnerships with universities and has a summer internship program to engage young people.

As Buchanan aptly stated, human capital management is everyone's responsibility in the organization—not just human resources. Recruiting new talent and developing existing associates in the fundamentals of credit and lending is essential to weathering future downturns in the economic cycle.

Join us for the next installment of the Credit Risk Management Audio Conference Series on June 12, Business Continuity Challenges and Strategies.

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