Banks must shift tech talent strategy from retention to efficiency

Banks must shift their talent strategy from retention to productivity as the financial services industry struggles to keep up with demand for technology-focused employees.  Training and retaining tech talent will be key for banks in 2022, with 54% of respondents of one survey listing staffing and retention as pressing needs, according to customer engagement firm Engageware. Banks should look to increase productivity and efficiency for remaining talent, CEO Bill Clark tells Bank Automation News in this episode of “The Buzz” podcast.  “What can banks and credit unions do to attract and retain the talent?,” Clark asks. “I do not think people can plan to win that. They should try to attract and retain as many people as they can. But to plan to be fully staffed with the capabilities that you want, I think is difficult.” “Emphasis needs to shift from thinking you're going to be fully staffed all the time with the best people to getting the most productivity out of the people you have,” Clark adds.  Clark also outlines the need to eliminate “silver bullet” approaches to digitization and automation at financial institutions, telling BAN that “you have to think about the sum total of interactions that your customers want to have with you, and how to optimize your operations to serve them well in the most efficient way possible.” Listen as Clark discusses tech talent, digital transformation and more in this podcast.