Top 6 HR Trends: Implications for the Community Banking Sector

Aug 6
In today's rapidly evolving financial landscape, community banks face unique challenges and opportunities in managing their workforce.

To stay competitive and ensure long-term success, it is essential for HR managers to stay informed about the latest trends and data shaping employee recruitment and retention. From the rise of remote work and the growing importance of employee well-being, to the increasing focus on diversity, equity, and inclusion, these trends highlight the need for strategic HR practices. Additionally, advancements in HR technology, the emphasis on continuous learning and development, and the critical role of soft skills are transforming how community banks attract, develop, and retain talent.

Let's explore these top six HR trends and their implications for the community banking sector.

Top 6 HR Trends & Data

1. Remote Work and Flexible Schedules  
Trend: The COVID-19 pandemic has accelerated the adoption of remote work and flexible schedules. Many employees now expect these options as a standard part of their employment. 

Data: According to a 2023 survey by Gallup, 45% of full-time employees in the U.S. work partly or fully remotely. This trend is expected to continue as organizations recognize the benefits of flexibility in attracting and retaining talent.  

2. Emphasis on Employee Well-Being  
Trend: There is a growing focus on employee well-being, including mental health support and work-life balance initiatives. Employers are investing in wellness programs to enhance overall employee satisfaction and productivity.  

Data: The Global Wellness Institute reports that workplace wellness is a $48 billion industry, reflecting the increasing importance placed on employee health and well-being.  

3. Diversity, Equity, and Inclusion (DEI)  
Trend: Organizations are prioritizing diversity, equity, and inclusion to create more inclusive workplaces. This trend is driven by the recognition that diverse teams lead to better decision-making and innovation.  

Data: A McKinsey report from 2022 found that companies in the top quartile for ethnic and cultural diversity on executive teams were 36% more likely to outperform on profitability.  

4. Continuous Learning and Development  
Trend: Continuous learning and professional development are becoming essential as the pace of technological change accelerates. Organizations are investing in upskilling and reskilling programs to ensure their workforce remains competitive.   

Data: LinkedIn's 2023 Workplace Learning Report shows that 64% of learning and development (L&D) professionals say L&D has shifted from a "nice to have" to a "need to have" in the past year. 

5. Use of HR Technology and Analytics  
Trend: HR departments are increasingly leveraging technology and data analytics to make informed decisions about talent management, recruitment, and employee engagement.   

Data: According to Deloitte’s 2023 Global Human Capital Trends report, 74% of organizations believe HR technology and analytics are critical for achieving business outcomes.   

6. Focus on Soft Skills Development  
Trend: With automation and AI handling more routine tasks, there is a growing emphasis on developing soft skills such as leadership, communication, and emotional intelligence.   

Data: The World Economic Forum's Future of Jobs Report 2023 highlights that the top skills needed by 2025 include critical thinking, problem-solving, and self-management.  

Looking for a deeper dive into your organizations HR approaches? Contact PCI today to learn how we elevate Human Resource Managers to tackle head-on some of these top trends and organizational priorities!
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