Banks struggle to recruit personnel for digital transformation

Banks are focusing on digital transformation and automation, which has led to increasing demand for IT and data personnel, according to a report recently released by the recruitment service provider Navigos Group.

 

Banks need high-quality human resources, yet it can be difficult and costly to find qualified staff due to market competition.

Digital transformation has been undertaken by large banks in the past three to five years. Due to competition and the pandemic, numerous banks have expanded their digital transformation over the past two years.

Searches by banks for mid- and high-level positions related to digital banking and digital transformation occupied half of bank jobs from the second half of 2021 to mid-2022.

Some positions that are always in high demand for digital transformation include product owner, project manager, business analyst, solution architect, software developer, application development, data analysis, digital marketing, and digital sales.

Candidates in banking’s digital transformation field are limited in terms of quantity and quality. There is a shortage of candidates who have experience utilising advanced technology and many candidates do not satisfy the needs of banks.

It is always difficult to find qualified candidates, not only in banks, but also in other industries such as finance, e-commerce, healthcare, and education.

Since domestic candidates fall short of the standards for adopting cutting-edge technology products and solutions for digital transformation, a substantial amount of cost is spent searching for candidates abroad.

Banks are now able to look for applicants and contact them directly thanks to the development of social networks and information technologies.

Regardless of the candidate’s prior experience, banks need people with relevant mindsets and abilities to adapt to the new strategy since their needs for transformation and company development are changing.

In an environment where hiring competition is increasing and both the quality and number of candidates are limited, banks use a variety of channels to attract potential candidates.

They are conducting employer branding programmes, using domestic and international headhunting services and conducting talent roadshow activities to search for mid-level and senior-level candidates as well as overseas Vietnamese, along with using RPO services (Recruitment Process Outsourcing) to attract candidates with potential for digital transformation.

The salary range of the jobs in the digital transformation sector may be 20 – 30 per cent higher than jobs in other sectors.

Banks have always struggled to recruit and retain IT candidates due to their countless job options. It leads to competition between companies in the market to attract candidates and forces banks to offer higher salaries, bonuses, and social welfare policies.

Candidates who are foreigners or overseas Vietnamese often take up key positions or become leaders in IT, data or digital sales and marketing.

The strength of these candidates is that having worked in developed markets around the world on digital transformation leads to methodical mindsets and to be customer-centered.

In the hiring process, banks frequently favour applicants from leading nations in banking, finance, and digital transformation, especially those from the US and Europe. 

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