- There is currently a trend for large banks to cut jobs, creating opportunities for community banks and credit unions to recruit top talent.
- Despite the perception that layoffs only target underperforming employees, they often result from the elimination of entire divisions, making it a good time to find highly skilled candidates.
Large banks are laying off thousands of workers, including Citigroup’s recent announcement to cut 20,000 jobs over the next two years. This trend among Wall Street banks has generated an opportunity for community banks and credit unions to recruit top talent. When companies downsize, they often eliminate entire divisions rather than just low performers, creating layoffs that result from jobs going away rather than employees underperforming. This situation allows smaller institutions to identify and hire skilled candidates. Community banks and credit unions should market their roles by crafting job descriptions that attract the right candidates and highlighting their businesses as good places to work. Furthermore, hiring managers should focus their efforts on recruiting and target specific candidates on social media platforms such as LinkedIn. They should also capitalize on referrals from existing employees who can recommend candidates based on knowledge of the company culture. To attract top-quality candidates, organizations must offer competitive compensation packages and may need to be more flexible with working arrangements. However, hiring managers should keep in mind non-compete clauses and any contractual obligations that may impact an employee’s ability to change roles. Finally, companies should approach these recruitment opportunities with sensitivity given the stressful nature of layoffs.