Why FIs are barely keeping up with staff shortages in a COVID world

When more than four million Americans quit their jobs, it caused ripple effects all through the labor market. Banks and credit unions of all sizes have felt the impact, but there are solutions that help attract talent and hold onto current employees.

The summer of 2021 rang in some poignant themes for people everywhere: freedom, mask-less fun and a greater trust in society again. But this understandable return to normalcy also brought unexpected results — all summer people have been quitting their jobs to enjoy the freedom as they continued to receive unemployment support introduced during Covid-19.

This made it difficult for all employers across the United States — financial institutions included — who were already struggling to attract and keep employees. “Now Hiring” signs have flooded small towns and big cities alike.

The data is stark: nearly four million people quit their jobs in June 2021, which brought the number of job openings in the United States to 10.1 million that month, according to the U.S. Bureau of Labor Statistics.

People have higher expectations from their job in the modern world than they used to. BankRate, in an August 2021 survey, found that more than one out of two Americans (55%) admit in the next year that they’re somewhat or very likely to look for a new job.

 

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