We recently heard of a regulatory team that during a safety and soundness exam played “Management Bingo.” They took senior executive’s business cards, put them in a bowl and picked one. The CEO (if he was not picked) had to quickly tell or show an action plan for the succession of the executive that was chosen. If the CEO were chosen (and they put two cards in if the CEO was also President), then the Board would have to show a plan.
A new study by PwC shows what most community banks already know – it is difficult to hire and retain quality employees that can help drive innovation. Banks are not the primary choice for the top graduates for a variety of reasons, and as such, community banks will continue to struggle to obtain the talent they need to compete. 80% of the financial services polled report having trouble hiring and retaining the people they need for new product development. Only 12% said hiring wasn’t an issue.