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.

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Demographic change

For decades, experts have been warning about the shortage of skilled workers due to demographic trends. This “war for talent” has now reached the point where it is developing into a “war for hands”.

Social change

Changes in society, be it through neo-ecology, the shift of gender roles, or new work concepts, require us to constantly adapt our HR strategies.

Demographic and social change is causing a shortage of skilled workers

“For savings banks, the most important and urgent challenge in current and future HR work is securing the right staff.”

Jörk Jarick, Senior Manager

Solutions for sustainable HR work

Despite many good approaches in employer branding and recruitment, a broader strategy is essential. This requires a defined loop of personnel planning, recruitment, retention and development. These measures must not only optimize the existing system – what’s required are disruptive structural changes.

Exemplary fields of action and future-proof approaches

If it is no longer possible to adequately fill all positions, adjustments must be made to the business strategy. In general, coping with demographic change cannot be the sole responsibility of the HR department. Banks must be aware of its strategic importance for the entire company, as the possible fields of action stretch far beyond traditional HR topics.

Automation & artificial intelligence

Artificial intelligence can help to further automate customer interactions, back-office activities, data analytics and advanced self-service terminals. Without neglecting the human factor, banks can then continue to offer high-quality services to their customers.

Cultural change

A sustainable realignment within the savings banks requires a rethink of the corporate culture. It is essential to involve both executives and employees in the change process and to develop shared values and convictions.