Four Letters. Infinite Potential.

Act Now to Avoid a Future Talent Crisis

By: Charles Shanley, SPHR, CFS
Executive Vice President
JMFA Recruitment Services

Prior to the country’s economic downturn, many financial institutions maintained formal staff development and leadership training programs that enabled management to recognize potential among existing staff members and develop the skills necessary to nurture professional growth. 

However, over the past several years many institutions struggled to keep up with ever-changing regulatory expectations and security concerns. As a result, a large portion of human resources and financial allocations were refocused on compliance training initiatives, along with technology and fraud prevention investments. 

High talent demand vs. short supply
Now, as Baby Boomers exit the industry through retirement, there is a realization and growing concern that the employee roster for many institutions doesn’t contain the bench strength necessary to build strong leadership and secure future new business opportunities. 

Over the past several months, I have heard this from clients who are contemplating the specific skills and leadership characteristics they expect to need in the coming years to meet the demands of the changing industry environment. Many see the lack of these skills exhibited by existing employees, as well as outside job candidates, as a challenge to their long-term strength.

This concern is reinforced by a recent survey of hiring decision makers conducted by Harris Poll. Forty-eight percent of respondents from U.S. companies reported they don’t see enough qualified candidates for open positions and many expect this to get worse as the economy continues to improve.

The problem these days is people with some of the most highly sought-after expertise and leadership characteristics can demand higher compensation and are either happy in their current organization or are holding out for an opportunity to step into a more senior leadership role. 

And whether it’s because current leaders didn’t see the importance of preparing, coaching and mentoring younger employees and managers – or because the increased cost of doing business made it difficult for smaller organizations to survive and grow – the lack of internal leadership talent waiting in the wings could prove challenging for many institutions for the foreseeable future.

Prepare to build long-term internal strengths
Let’s face it. In the current environment the most cost-effective way to get the skills needed to lead your organization to a successful future is to create an internal process that identifies, trains and prepares today’s key staff members to become tomorrow’s leaders. And while this requires time and resources to put into place and manage, the rewards are worth the investment. 

Following are some tips to help you get the process started in your institution:
1. Create and introduce a professional development plan that begins during a new employee’s on-boarding process and progresses as the employee grows within the organization.
2. Build benchmarking into the process to gauge areas where customized training opportunities might be beneficial, or to determine whether or not an employee is a match for a certain job.
3. Utilize assessments to identify leadership characteristics among employees early on to further develop and provide additional experiences that will increase skills and breadth of knowledge.
4. Put in place performance-based and competitive salaries, along with appealing benefits.
5. Create a positive environment throughout the organization that inspires employees to high performance.
6. Establish a referral bonus system for staff to receive compensation for any new employees they refer that are hired for open positions.
7. Take advantage of opportunities to hire strong, qualified candidates even if there is not a specific need at the time. Otherwise, when an opportunity arises, the candidate may not be available.

Benefits of pro-active planning and in-house training
A well-managed, in-house training program is more cost-effective than bringing new talent into the organization every time an opening occurs. Plus, an established succession plan can identify potential stars and weed out staff members that don’t possess the necessary skills and leadership qualities. 

Other benefits of developing internal talent include:
existing personnel already know the institution, its account holders and community;
promoting from within boosts employee morale; 
building internal bench strength keeps talent in the organization when there is a lack of potential candidates in the marketplace; and
avoiding competition with larger institutions in attracting/affording the best talent.

What’s more, investing in professional development for current staff will increase employee retention and can be a major selling point for your recruiting efforts in the future.

Create a company-wide succession plan to achieve your desired results
Losing long-term leadership or highly-skilled personnel is not a matter of “if” but “when.” By creating a company-wide succession plan – along with coaching and mentoring internal employees who show promise and interest in growing their skills – you can avoid the pitfalls of waiting until there is an empty position to fill. If you lack some of the essential skills or leadership characteristics within your organization, a professional recruiter can help you find the talent you need to be successful as long-time leaders retire and competition for top performers increases.

In today’s competitive market, having a full complement of highly trained, motivated employees is an essential element for successfully implementing strategic initiatives and meeting performance goals. This is true whether the institution is a new charter or a well-established one that had been serving its community for years. 


100% 12 months 14 years 20 years 2020 2020 vision 40 years abusive abusiveness Academy account holder account holder retention account holder strategies account holder strategies; growth strategies; account holders accountability Achieve achievements Advancements Advice Agreement agreements alerts Americans analysis analytic Analytics announcement ask the expert Assistance ATMs Attendees attorneys attracting talent auto loans Automation B2B Balance Bank Bank of Pacific Banking banking services banks banks and credit unions batching Benefit best practices board governance board member board of directors Bob Layendecker bottom line branch equipment branch profitability brand loyalty branding Bryan Hanks budget budgets bundling business business culture business environment business practices business processes business strategies calendar card processing cardholders career advice Career Goal CARES Act caring case studies Case Study cash CDC CEO CEO onboarding certainty CFPB Challenges change charitable Checklist Cher Cheryl Lawson Choose Chris Karstens civil litigation claim clarity class action class-action lawsuit Classroom clients Cloud Cohron collections CommFirst Federal Credit Union commitment committed Communication communications communities community community banks Community Outreach Referral Program Competition Competitive Complaint Compliance compliance examinations compliance risks compliant condition conduct Conferences confidence connection Consistency Consistent consultant Consultation consultative consulting Consumer Consumer FInancial Protection Bureau consumer protection Consumer-focused Consumers Contactless Contactless cards Contingency Contingency Pricing contingency-based contingency-based fees Contract Contract Analysis Contract Negotiation contract negotiations contract negotiator Contract Optimizer Contract Renegotiations contract review contract staffing Contracts Convenience core processor contracts Cornerstone Credit Union League coronavirus corporate culture corporate governance cost costs Courtesy Pay COVID-19 CPE credits Credit Card credit card contracts credit card processing credit cards credit report Credit Union Credit Union Vendor Management credit unions crisis Crissandra Fry CSS culture customer customer experience customer service customers CUVM cyber security Damian Data Data Analytics database Deal debit debit card contracts debit cards Debt deceptive Decisions Demand Letters Department of Labor Deposit deposits Development Dick Miller digital digital wallet directors Disclosed disclosures discounts Discussion Dodd-Frank Act dollars donation Donna Sumrall Dynamic earnings Economic economic recovery economy Education efficiency studies election Email Emergencies Emergency employed employee employee retention employees EMV migration enchancing productivity enforce enforcement Engagement environment Errors evaluation Evolve examiners executive search Expectations Expense expense management expense reduction expenses Experience Experiences Expert expert negotiations expertise Experts expire Facilitators families family FastTrack FDIC Federal Reserve Federal Reserve Board fee Feedback fees Field Consultant Financial Financial Institution financial institutions financial integrity financial security financial services financial stability Financial Worry FinTech fit Fixed limits Fixed-limit Floyd's Forum Forrester Franklin First Federal Credit Union Free Analysis full disclosure Fully Fully Disclosed fully disclosed overdraft program fund funds future Gen Z Generating Income generating leads generation Generation Z Gift Gil Johnson global Goals governance government government agencies Greenwood Credit Union Grow growth guidance Gym Halloween Hammond Happiness health Heartland Tri-State Bank hiring HKW Holiday Holidays Houston Area Food Bank Houston Livestock Show and Rodeo HR HR policies Hubur human capital human resources Implementation implementing important Improved improved efficiencies improved results Inc. incentives income income enhancement Industry Innovate Innovative in-person Institution interest rates interests internet banking services interview strategies interview tips IT contracts Jackson Jai Jai Darden James Jamone Moore Jan Southern Jennifer Peoples Jennifer Simmons Jessica Pickett Jim Griffis Jimmy Nguyen JMFA JMFA Academy JMFA clients JMFA News JMFA Next Generation Overdraft Privilege JMFA team Joe Marsh John Cohron John M. Floyd John M. Floyd & Associates judicial justification Kelli Silvernale NCUA Kelly Flynn Kennedy knowledge law lawsuits Lawyer leaders leadership Learn Learning Legal legal risk legislative lending program Lesson leverage Limit Limits Literacy litigation litigators lives loans local Long Term Long-Term lost revenue Maggie Thompson Maintenance manage Managed management management experience Mark Roe marketing marketplace Mary Soergel MasterCard matrices Matrix Matrix-based measurable measurable results meeting Member Members mergers Midwest Region Millennial Millennials mindset minimalism minimalist Mississippi Missouri mobile Mobile Banking mobile phone app Model monetary Money Morrison & Foerster Partner mortgages Most Valuable Provider NAFCU NCUA Needs negative balance Negative Settlement Negotiate Negotiating negotiating contracts negotiator Net Operating Analysis New Decade new revenue New Year New Year's Next Generation JMFA Overdraft Privilege NOA Non-Compliant non-disclosed non-interest Non-Interest Income North Carolina NSF NSF fees Obrea Poindexter OCC Officer Oliver Ireland onboarding Online operational Opportunities Opportunity Opt-In organization Organizational Health Outcomes outsourcing Overdraft overdraft compliance overdraft coverage overdraft fees overdraft practices Overdraft Privilege overdraft privilege program overdraft program Overdraft programs overdraft protection programs Overdraft Protection Service overdraft service overdraft services overdraft strategy overdrafts overdrawn Overspending pandemic Part 2 Partner partnership Paul McFarland paycheck emergency payday loans payment cards Payments Penalties Pennsylvania performance personnel physical distancing plan planning Plus4 Credit Union podcast Podcasts policies policies and procedures Policy POS Positive Swipe post-pandemic practice practices Press Release Privilege Manager CRM proactive problem-solving procedure Procedures process process improvement Processing product profitability Productivity Products Professional Profitability Improvement Program Program Management programs prohibited project staffing Promotions Proposals Provider providers PwC Quality quantity Reactive reality Reassess Recruitment Services recruitment strategies reduce expenses refer referral Reg E regional director regulation Regulation E regulations regulators regulatory relationship Relationships reliability remote Renegotiate Renewal Reporting Reputation resolutions Resources Results Retail retail operations Retaining Employees Retention Retirement revenue revenue enhancement review Richard Miller risk risks ROI Ron Jennings Roy Roy Seifert Rules Ryan Armstrong safety Sales Salesforce Satisfaction savings Scrutiny secrets Security senate Senior Relationship Manager service service agreements service contracts service delivery Services Sessions settlement shareholders Sheila Bridges Shopping social distancing Social Events social media socially distanced Software Solution South Carolina specialization speed Spending staff staff development staff spotlight staff training staffing staffing gaps staffing studies staffing study stakeholders standard Statistics stimulus payments Strategic Planning strategic vision Strategies Strategy streamline Stressful study succeed Success success factors successful Succession plan succession planning Support survey Susan Prell system talent team team members technology technology costs technology upgrades technology utilization temporary staff term terms Text Third-Party Expert third-party providers third-party vendor contracts third-party vendors threat three Tim Strandquist Time Tools Tools and Resources Tracking Trainer training transaction transactions Transparency Transparent Travel Treats trend trends Trey Martin Trust turnkey UDAAP uncertain times unemployment unfair updates Upgrades Value Variable Variable Limits Vendor vendor agreements vendor contract negotiations vendor contracts vendor management services vendor performance vendors video violation Virginia VISA volunteer Walker Washington Washington D.C. Washington Savings Bank Webinars weeks well-rounded Westmoreland Community FCU Whitney & Company Wish list women work work ethic Workshops YouTube