Lessons from Digital Leader Banks on Closing the Talent Gap

iscover how digital leader banks excel in closing the talent gap

Lessons from Digital Leader Banks on Closing the Talent Gap

iscover how digital leader banks excel in closing the talent gap

Lessons from Digital Leader Banks on Closing the Talent Gap
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IN TODAY’S RAPIDLY EVOLVING  digital landscape, banks face the critical challenge of acquiring and retaining top digital talent. As highlighted by the case of DBS Bank, digital leader organizations prioritize the development of existing talent and the recruitment of new talent. This approach stands in stark contrast to digital laggards, who often resort to hiring consultants and struggle with talent retention due to their traditional organizational structures.

To become a technology leader, DBS Bank wanted to own and run its technology, migrating from an outsourced model during its transformation to an insourced model. This effort requires a larger in-house IT team that can take on the new responsibilities.

DBS Bank’s commitment to growing its own talent is emblematic of  broader shift towards building future-ready workforces. By fostering a culture of continuous learning and investing in skills development, companies can create environments that attract top talent and drive business success. The establishment of initiatives like the DBS Academy underscores the importance of providing employees with the tools and resources they need to thrive in an increasingly digital world.

Moreover, digitally mature organizations are better positioned to recruit and retain top talent, thanks to their focus on training and reskilling programs. Studies have shown that employees in digitally mature organizations are more satisfied with training and development opportunities compared to their counterparts in laggard organizations. This satisfaction stems from the recognition that investing in employee growth is essential for staying competitive in today’s dynamic market.

Digital leader organizations emphasize the development of existing talent and recruitment of new talent. By comparison, digital laggards are more likely to hire consultants (See Figure 20). Many of them regard the financial investment required in digital skills development risky because of the high mobility of digital talent. Most also find it quite difficult to recruit and retain such talent, given their traditional, hierarchical organizations. However, this belief is symptomatic of a narrow view of digital skills development.

One notable example of successful talent development is DBS Bank’s DBS Academy. Launched in 2015, the DBS Academy serves as a learning center dedicated to building the talent pool of the future. With a wide range of courses, including digital master classes and leadership development programs, the academy equips employees with the skills needed to drive digital transformation. By aligning its initiatives with government initiatives like the SkillsFuture program, DBS Bank demonstrates its commitment to nurturing talent at all levels.

In addition to formal training programs, digitally maturing companies embrace a holistic approach to talent development. Events like hackathons, corporate accelerators, and innovation labs provide employees with hands-on experience and opportunities to interact with the broader digital ecosystem. Internal digital academies, such as the DBS Academy, play a crucial role in upskilling employees and attracting new talent.

When comparing digital leader banks to their laggard counterparts, several key differences emerge in workforce management. Digital leaders excel in identifying skills gaps aligned with corporate strategy objectives, building strong people leaders with requisite digital skills, and linking leadership compensation with people development efforts. By prioritizing talent acquisition, development, and retention, digital leaders create high-performing teams capable of driving innovation and growth.

The lessons from digital leader banks underscore the importance of investing in talent development to achieve digital transformation success. By prioritizing skills development, fostering a culture of continuous learning, and aligning initiatives with organizational objectives, banks can close the talent gap and position themselves for long-term success in the digital era.

To learn more about how digital leader banks are closing the talent gap, download our white paper:Closing the Digital Skills Gap in the Middle East Banking Industry.

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