Win the race for tech talent in financial services

Finding tech talent is slow and expensive.

Employees hold power, especially in industries like finance where experience and knowledge are critical to an organization’s success. As a result, even small changes in employee attitudes can have a significant impact on organizations.

For example, the financial services industry consistently claims the largest share of employed workers. In the year By 2021, 94 percent of workers said they were engaged. A year later, this number has decreased significantly. While the overall number is higher, this lack of engagement combined with the ability of workers to easily find another position has created a market where better workers are either happy in their current jobs with no plans to move or choose where to go next. next to.

Securing skilled technology talent requires a cost-effective approach. First, financial firms must invest time and money in recruiting top-level talent. From job ads to interviews and onboarding, the process is slow and expensive. Banks should consider the ongoing costs of full-time employees. According to data from Talent.com, the median salary for a fintech worker was $129,859. Even at the low end, workers still pay more than $92,000. At the highest level, the price can be close to 200,000 dollars.

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With the help of the right partner, however, banks can bridge the gap between internal teams and essential professionals without breaking the budget. CDW’s Amplified™ support services, for example, can help organizations:

• Increasing professional staff. Banks can increase staff with industry experts as needed. From completing specific projects to strengthening teams for long-term engagement, tapping into an existing pool of talented technologists can help bridge the gap between what financial firms have and what they need.
• C-suite security talent. As security and data governance are now top priorities for financial institutions, there is a growing need for management-level planning and oversight of security, regulatory and compliance efforts. You can get help finding C-suite talent, such as physical and virtual CISOs, to create and deploy effective security strategies.
• Ad-hoc support services. Companies can meet critical needs or complete key tasks without the time or cost investment that comes with hiring full-time employees. Customization comes standard; Banks can get what they need right away and get back to business.

It’s the people who drive the tech in financial services.

The future of finance is human. While solutions such as artificial intelligence and machine learning can provide banking benefits, fraud detection and transaction data analysis, effective implementation depends on trained and dedicated employees.

A shortage of top talent, combined with the cost of recruiting, onboarding and compensating these expert staff, can make the fight for finance staff a losing proposition. With Amplified™ services from CDW, banks can get the skills they need, when they need them.

This is part of the article. BiztechS Equality blog series. Please join the conversation on Twitter using #Finance Tech Hashtag.