Overcoming the Talent Gap

One of the biggest takeaways from the recent Commercial Payments International Middle Market B2B Payment Summit we attended was the talent gap that middle market companies are facing. Community banks are also facing this widening talent gap in the market and can struggle to attract and retain top talent.

National Center for the Middle Market Reports:

50% of financial service companies

self-report a digital skill gap.

Community banks serve as a crucial partner for small and mid-sized businesses seeking financial services. Despite the critical role they play in the economy, many community banks struggle to compete with larger financial institutions and emerging tech companies in attracting and retaining top talent.

While the talent gap sounds daunting, there are strategies that can help bridge this divide, all of which S.S. Scale can help companies enact:

Robust Training and Development Programs: to attract and retain talent, focus on offering comprehensive training and development programs, like mentorship opportunities, skill-building workshops, and clear pathways for career progression.

Embrace Technological Advancements: leverage technology to enhance your competitive edge -- investing in digital transformation, adopting innovative tools and platforms, and prioritizing data analytics can help streamline processes, improve efficiency, and attract tech-savvy professionals.

Find Trusted Partners: collaborate with external consultants and service providers who bring specialized expertise and support. These partners can offer insights into market trends, best practices, and innovative strategies. By leveraging their resources and networks, strategic partners can help fast track initiatives without having to hire additional staff.

Scale Advisory Services leverages our combined 30+ years of banking expertise with fluency in the latest technology to help community banks stay competitive with global behemoths. We’re passionate about optimizing technology to make products work for our partners, who in turn are able to pass value on to their clients. Our strategic advisory services help banks help their clients, setting community banks up to thrive in today's competitive landscape.