“Many financial institutions simply do not have the bench strength to fill open positions through promotion, this is creating a critical knowledge gap as the most-well-trained generation of banking professionals exits the profession."
ORLANDO, Fla. (PRWEB) January 08, 2019
With the surging retirement of baby boomers, the banking and financial services industry is witnessing an unprecedented crisis of talent. To deal with today’s dearth of highly qualified leaders and executives, Park Avenue Group has launched Master Bank Advisors, which provides experienced professionals on a contract or consultancy basis to their clients.
“Many financial institutions simply do not have the bench strength to fill open positions through promotion,” observes Stacy Stevens, CEO of the Park Avenue Group, a leader in search and recruitment for the banking industry. “This is creating a critical knowledge gap as the most-well-trained generation of banking professionals exits the profession.”
For 2018 and beyond, banks must contend with multiple challenges tied to regulations, disruptive models and technologies, new competitors, and a changing customer base while pursuing new strategies for sustainable growth. “To manage and capitalize on these emerging challenges and opportunities, they need top professionals who can effectively balance long-term goals with short-term performance pressures,” says Stevens, “but competition for these individuals is fierce in today’s candidate-driven marketplace.”
With a wealth of highly qualified contacts developed over 20 years in the business, the Park Avenue Group has identified a trend that is beginning to change the way banks hire and may ease the candidate shortage. “Potential candidates are seeking different ways of engagement, which may mean working on a contract or consulting basis,” says Stevens. “This trend is being driven from the employee side rather than by management, and it includes exceptional candidates at the top of their game who want the variety and flexibility that come with interim assignments.”
These professionals do not come solely from the ranks of those approaching retirement, believes Stevens. “Although a large number of baby boomers are definitely on the brink of retirement, there are many others who are looking for change depending on their preferences or life circumstances. People in both groups are banking leaders with invaluable expertise and unparalleled experience, and these are the people who are invited to become Master Bank Advisors.
Master Bank Advisors have the unique skill sets required to provide consultancy, temp or interim service at the most critical levels of leadership, including SVP, EVP and C-Suite. “They have been extensively screened and qualified, and are currently or recently in a bank executive or leadership role,” says Stevens. “In many cases, we have a well-established history of successful partnership with them as both clients and candidates.”
Banks and other financial institutions must reorient and redirect their approach to hiring, Stevens advises. “As they look to their long-term workforce strategy, they have to become more agile, more forward thinking and more open to new ways of securing the talent they need. Our goal is to help them find outstanding leaders who have the experience and knowledge to tackle the challenges ahead.”
# # #
About Park Avenue Group: Founded in 1998, the Park Avenue Group is one of the nation's leading executive search firms specializing in banking and finance and medical devices. As a strategic business partner for both clients and candidates, the Park Avenue Group is a valuable resource for companies in their quest to build solid organizations by attracting and recruiting top performing professionals.