Jan 05 2023

Win the Fight for Tech Talent in Financial Services

Banks are pitted against each other in the battle for top tech workers. Here’s how to gain a competitive edge.

The struggle to find tech talent in financial services is very real. Banks have cited a lack of tech skills in job candidates as one of their top challenges for the post-pandemic era.

That’s why the fight to onboard and keep talent is heating up. Workers are no longer satisfied with the status quo; instead, they’re looking for employment options with companies that offer work-life balance and take sustainability initiatives seriously. Consider that 70 percent of workers now prioritize flexible working hours, 68 percent want flexible working locations, and 51 percent want to work for organizations with a focus on sustainability and corporate responsibility.

The result is a state of unrest as financial services firms realize that they need to come out swinging if they want to emerge victorious. Still, there is also the sense that many financial services firms, particularly smaller ones, will struggle in this fight regardless of what they do.

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Finding Tech Talent Is Slow and Costly

Workers hold power, especially in industries such as finance where experience and expertise are critical for corporate success. As a result, even small changes in employee outlook can have significant impacts on organizations.

For example, the financial services industry has consistently claimed the highest share of engaged employees. In 2021, 94 percent of workers said they were engaged. A year later, that number has fallen significantly. While the overall number remains high, this lack of engagement combined with workers’ ability to easily find work elsewhere, has created a market where the best staffers are either happy in their current jobs with no plans to move or have their pick of where to head next.

Securing skilled tech talent requires a costly, multistep approach. First, financial firms need to spend time and money recruiting top-tier talent. From job advertisements to interviews and onboarding, the process is slow and expensive. Banks also must consider the ongoing cost of full-time employees. According to data from Talent.com, the average salary of a fintech employee was $129,859. Even on the lower end of the spectrum, workers still cost more than $92,000; on the high end, the cost can be close to $200,000.

DISCOVER:The biggest tech trends shaping IT decisions in 2023.

With help from the right partner, however, banks can bridge the gap between internal teams and necessary expertise without breaking the budget. CDW’s Amplified™ Support Services, for example, can help organizations with:

  • Expert staff augmentation. Banks can augment staff with industry experts as needed. From completing specific projects to bolstering teams for longer-term engagements, dipping into a pre-existing pool of talented technology professionals can help financial firms bridge the gap between where they are and where they need to be.
  • C-suite security talent. With security and data governance now a top priority for financial institutions, there’s a growing need for management-level planning and oversight of security, regulatory and compliance efforts. You can get help finding C-suite talent, such as in-person and virtual CISOs, to create and deploy effective security strategies.
  • Ad-hoc support services. Firms can address critical needs or complete key tasks without the time or cost investment that comes with finding full-time employees. Customization comes standard; banks can get what they need immediately and get back to business.

In Financial Services, It’s People Who Drive Tech

The future of finance is human. While solutions such as artificial intelligence and machine learning offer banking benefits, fraud detection and transaction data analysis, effective implementation depends on skilled and committed staff.

Shortages in top talent combined with the cost of recruiting, onboarding and compensating these expert employees, however, can make the fight for financial staff a losing proposition. With Amplified™ Services from CDW, banks can get the skills they need, when they need them.

This article is part of BizTech's EquITy blog series. Please join the discussion on Twitter by using the #FinanceTech hashtag.

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