Like almost everyone else, banks are definitely hurting right now. It’s not every day that you see national banks freeze most of their hiring plans.
We’re all feeling a pit in our stomachs looking at what comes next. Nobody really knows how this pandemic is going to end, when the economy is going to rebound, or how hard it will crash.
That’s leading to a lot of deep short-term cuts and “survival mode” measures to ensure organizations can stay afloat.
However, there are a few things that banks need to keep in mind when it comes to their talent strategy.
Sooner or Later, the Market Will Rebound
Right now we’re all focused on wondering how bad this is going to get or how long it will last. It’s easy to fall prey to pessimism and focus on cutting losses rather than leaving opportunity for growth.
However, we know that the economy is going to bounce back sooner or later. And when things start picking up, banks are going to fall into one of two categories – those that flourish and those that stagnate.
The difference between the two is largely going to come down to who cut what during the downturn.
Customers Aren’t Going to Patiently Wait for You to Recruit Everyone Again
Here at Qualigence, our motto is “It’s All About the People.” We say that for a reason – we know that a business’ success comes down to its people. In good times and bad, our performance comes down to whether we have the right people on our team.
We know that unfortunately a lot of businesses are having to let good people go right now. That’s just how it goes during a downturn. However, we also need to think toward the future when it comes to recruiting.
If we want to hire people 3-6 months from now, we need to be building talent pipelines for them right now. If banks are too slow recruiting talent when the recovery kicks in, their competitors are going to leave them in the dust.
As a business that’s partnered with Fortune 500 and community banks alike for over 20 years, we saw a lot of banks make this mistake in 2010 and 2011 as the Great Recession winded down. We have to take time today to plan for the future.
Your Short-Term Cuts Can’t Hamstring Your Long-Term Plans
It’s natural to want to aggressively cut our losses right now. Many of us remember 2008 all too well and are trying to make cuts now so that we’re not in deeper trouble later on. However, banks have to stick to a long-term plan as well.
Your long-term strategy is will totally depend on the size and unique nature of your bank, but it will always include a people strategy. When we’re ready to go from hibernation to expansion, who will we need on our team? How long will it take to hire them? What will happen if our hiring efforts are significantly slower than we anticipate?
These are all questions to keep in mind as we navigate this crisis.
Who Will You Need at Your Bank?
It would be nice if we could press a button and instantly hire all the people we need. Unfortunately, we need to be looking two steps ahead with any talent strategy. Sure, the economy sucks now…but is your talent strategy accounting for the inevitable rebound?
If you want to learn more about pipelining talent for banks, give us a call today at (734) 432-6300 or visit our page with tips on the subject.