The Need for Banks to Better Recruit and Hire Millennials and Gen Z Employees
- March 28, 2023
- Posted by: Admin
- Category: Uncategorized
Millennials and Gen Z today comprise 20.67% and 21.75% of the U.S. population, respectively. With boomers retiring, Millennials and Gen Z will soon make up the majority of the U.S. workforce. Millennials and Gen Z have different perspectives on their career and how to succeed in the workplace compared to previous generations. This presents new recruitment challenges for banks and financial institutions.
Today, leading banks are focusing on building data-driven customer experiences that are powered by AI. Similarly, they need to enhance the employee experience to hire and retain Millennials and Gen Z employees.
Banking analytics solutions can provide insights into effectively hiring and managing this new generation of employees. Let’s look at what matters to Millennials and Gen Z and how data-driven platforms can help companies attract top talent in the future.
Offering Personalized Career Experience
To appeal to a new generation of employees, banks and financial institutions need to provide personalized career experiences. While salary and incentives still matter, other vital factors are flexible working hours, perks and benefits, and work-life balance.
Workforce analytics can help identify where new talent is and how it can best be recruited. Research shows that Gen Z prefers developing a variety of different skills rather than sticking to a single specialization. By collecting internal and external data, you can create a personalized job profile for new employees and define a corresponding development plan that satisfies your new employee and delivers top performance to the organization.
Building Diversity in the Workplace
Diversity and inclusion are critical factors for Millennials and Gen Z when deciding whether or not to join an organization
A Harvard Business Review survey revealed that companies with greater diversity are 70% more likely to capture more markets than those with a lack of diversity. Predictive people analytics is just what banks need to infuse new life into their Diversity, Equity, and Inclusion (DE&I) projects.
For starters, it can help banks collect diversity metrics and understand the overall makeup of their workforce. These insights will help pinpoint any gaps that need to be filled and assist you in developing plans to build a more diverse workforce.
Providing Training for Career Development
Another factor differentiating Millennials and Gen Z from the boomers’ workforce is that they continually seek learning opportunities to enhance their skills and breadth of experience. They want entrepreneurial opportunities and will remain loyal to the company that can offer this.
Using big data in banking can help gauge the effectiveness of training and development programs in your institutions. Banks can define the strengths and weaknesses of their workforce capabilities and identify the right functional and technical training an employee needs to be effective.
The best banks and financial institutions use AI and data analytics platforms to analyze and redesign their workforce options, engage their workforces in long-term productive relationships, enhance the employee experience, and align the organization’s value with individuals’ needs. Should you?