The banking sector has undergone major shifts in the past few years. The takeover of Credit Suisse by UBS, considerable redundancies at major financial institutions and ongoing cost-cutting have made the job market increasingly competitive.
Consequently, there is a growing number of experienced and skilled professionals actively seeking new positions, making it even harder for applicants to make themselves stand out from the crowd. Given the large number of qualified candidates for each available position, banks can now afford to be particularly picky when employing new staff.
Building a strong skills profile
A successful career in banking requires a combination of sound professional qualifications, distinct communications skills, adaptability and a passion for the financial sector. Here, a solid base of expert knowledge forms the foundations. On top of this comes an in-depth knowledge of financial markets, risk management, financial instruments and investment strategies. Qualifications such as a CFA or CAIA certificate highlight not only professional skills, but also a commitment to lifelong learning. Someone who regularly undertakes further professional training and who follows developments in the financial sector remains competitive in the long term.
Alongside professional expertise, clear and convincing communication skills are essential. Successful bankers are able to convey complex financial concepts intelligibly; they can build strong relationships with colleagues, clients and stakeholders; and they can put their ideas across with confidence. Excellent communications skills promote trust, strengthen partnerships, and make handling challenging market situations easier.
Equally essential is adaptability. The banking sector is constantly developing in response to new regulations, geopolitical shifts and technological innovations. The ability to react quickly and independently to changes in the financial world, to develop new skills, and to be solution-minded is crucial, and sorts the wheat from the chaff. Flexibility has long since no longer been an option, rather a precondition in a dynamic environment that demands resilience and a willingness to rise to new challenges.
A passion for banking and financial markets is also a key factor. The most successful professionals are those who analyse market developments with enthusiasm, who recognise investment opportunities, and who provide their clients with advice. This intrinsic motivation encourages commitment and a willingness to be successful in a dynamic environment.
Getting top talent on board
In order to secure top talent, financial institutions have to adopt a strong strategic position and convey a clear image of success. Talented professionals are drawn to banks that demonstrate leadership, stability, and a clear strategy for the future. Applicants are targeting institutions that they perceive as being ‘on course’ and that offer them long-term prospects.
Differentiation from fellow applicants also plays an important role. Outstanding candidates are drawn to banks that set themselves apart from their competitors and that offer unique development opportunities. Banks which position themselves as agile, entrepreneurial partners, and which offer their employees creative leeway and the freedom to make decisions are especially attractive for ambitious professionals. In order to be perceived as a first-choice employer, it is crucial to demonstrate success.
Create an inspiring working environment
Onboarding talent is only the first step; equally important is retaining top professionals in the long term. An inspirational and motivating working environment contributes to employees being committed in the long term. Through the promotion of cooperation, innovation and recognition of achievements, banks can create a positive working atmosphere that encourages employees to tap their full potential. The provision of learning, development and career opportunities also increases motivation and commitment among employees.
The performance of the bank itself has a considerable influence on employees’ commitment. Top talent wants to be part of a successful team. When employees have the feeling that they are working in a dynamic, successful environment, their loyalty towards the business increases considerably.
In a competitive market, it’s the best who win
In the constantly shifting banking landscape, the relationship between supply and demand has changed in favour of financial institutions. Today, banks are in a better position to pick out the specific candidates who fulfil their requirements. The real challenge is finding people who combine professional expertise, good communications skills, adaptability, and a passion for financial markets. Only those institutions that create a motivating environment, that demonstrate a clear strategy, and that cultivate a good reputation will be able to attract top talents and retain them in the long term.
