With the advent of the great resignation, employee burnout, and heightened turnover rates, the industry faces a daunting challenge: attracting and retaining a workforce that is not only skilled but also diverse and resilient.

The Talent Deficit Dilemma

Financial institutions are grappling with a critical talent deficit. The departure of seasoned C-suite executives and a lack of succession planning have left significant gaps in leadership. Young professionals, often deterred by the stress of customer service roles, are seeking careers outside traditional banking environments.

This situation is compounded by the reluctance of some boards to embrace the infusion of younger talent, fearing potential conflict with established practices.

Pioneering Initiatives: Case Studies

Suncoast Credit Union’s LEAP

Suncoast Credit Union in Tampa, Florida, offers a beacon of hope with its Leadership Excellence Achievement Program (LEAP), launched in 2012. Darlene Johnson, the EVP and Chief Growth Officer, outlines the program’s success: training 180 employees, advancing 111 into managerial roles, and achieving a leadership demographic where 54% are under 40 and diverse. This program exemplifies a proactive approach to leadership development, emphasizing mentorship and internal growth.

Alliant Credit Union’s ERGs

Alliant Credit Union in Chicago demonstrates the power of Employee Resource Groups (ERGs) in fostering diversity. With groups focused on various demographics, including women, LGBTQ, Asian, Hispanic, and African American communities, Alliant’s ERGs are driving inclusivity and offering pathways for career advancement. These initiatives, according to Meredith Ritchie, not only increase visibility for marginalized groups but also serve as a springboard for leadership roles.

Spokane Teachers Credit Union’s Community Engagement

Spokane Teachers Credit Union extends its diversity and inclusion efforts to the community. By actively participating in local organizations, they not only contribute to societal growth but also enrich their workforce with diverse experiences and perspectives, as highlighted by Lindsey Myhre, the EVP and CFO.

Addressing the Challenges of a Changing Workforce

The shift towards more inclusive and progressive talent sourcing strategies is not without its challenges. Financial institutions must balance the integration of young talent with the expertise of seasoned professionals, ensuring a harmonious and productive work environment. The key lies in recognizing the value of diversity in fostering innovation and resilience.

Conclusion

The ability to attract and retain a diverse and skilled workforce is paramount. The initiatives by Suncoast Credit Union, Alliant Credit Union, and Spokane Teachers Credit Union serve as exemplary models of how embracing change and fostering inclusivity can lead to a more dynamic and robust workforce.

These strategies offer a roadmap for success, ensuring that financial institutions remain competitive and resilient in the face of change.

The Anderson Search Group is built on the belief that superior service, a passion for quality, and highly professional deployment bring value to our clientele in the commercial banking arenas. We are conscientious, incisive, and ready to exceed your expectations. Contact us today.