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Is there community bank opportunity hidden in the massive tech layoffs in 2022?

Posted by Jeff Grobaski | Apr 3, 2023 6:38:24 PM

Can Community Banks Capitalize On Available Talent?

As community banks continue to face the pressure of digital transformation, the recent layoffs of over 200,000 tech employees in the past 15 months present a unique opportunity. With so much tech talent now available, community banks have the potential to tap into this pool of professionals and improve their digital capabilities.

Community banks have traditionally relied on in-house IT staff or outsourced their technology needs to third-party vendors. However, with the acceleration of digital transformation and the increasing demand for digital services, community banks must prioritize their technology investments to remain competitive. The recent layoffs in the tech industry have created an opportunity for community banks to acquire top tech talent that may have previously been out of reach due to competition from larger companies. By leveraging this talent, community banks can develop digital solutions that can improve the customer experience, increase operational efficiency, and expand their service offerings.

At the same time, community banks must also recognize that attracting and retaining tech talent requires a different approach than traditional banking roles. Offering competitive salaries, flexible work arrangements, and opportunities for growth and development can help community banks compete with larger companies for top talent. How will these financials institutions pivot their recruitment and retainment process?

Balancing the need to transform and the demand for experienced talent is no easy feat. Community banks must capitalize on the available talent pool to remain competitive and meet the evolving needs of their customer. By prioritizin in technology and talent, community banks can thrive in an increasingly digital world.

 

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Topics: banking opportunities, financial institutions, News

Written by Jeff Grobaski

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