Savings banks – staff and skills shortage
In times of demographic change and digital transformation, savings banks are faced with crucial challenges in recruitment, such as the shortage of skilled workers.
Demographics cause staff shortage
Long-term demographic developments can be predicted with a high degree of precision. As early as 1950, the UN predicted the global population for the year 2000 with an error rate of less than 3.5%. For around 20 years, HR experts have been warning about the shortage of skilled workers due to demographic trends.
But just like in the boiling frog metaphor, in which the frog does not jump out of the saucepan when the water is heated slowly, the issue was ignored. In the meantime, the “war for talent” has escalated and is developing into a “war for hands”.
Whereas in recent decades, savings banks were primarily concerned with accelerating staff reductions, today these need to be slowed down, properly controlled and possibly even reversed. To this end, financial institutions are addressing topics such as employer branding impact, improved recruitment processes and even artificial intelligence in employee selection. However, these initiatives are not enough in themselves and will not help to ensure that the savings banks are properly staffed.
Society is changing due to many factors: demographics, digitalization, sustainability, changing values, and megatrends. They have an impact on all areas, for example on neo-ecology, gender roles or new work concepts. This is why an integrated approach to HR management is essential. This approach must be regularly reviewed and adjusted in order to be effective and appropriate.
