TD Bank seeks recruitment jump on workers who took a timeout
The American Banker article, “TD Bank seeks recruitment jump on workers who took a timeout," quoted Russell Reynolds Associates Consultant Chris Davis on the unrealistic expectations that some companies may have of new talent. The article is excerpted below.
Looking to dive back into the labor pool? TD Bank may be interested in making you a commercial banker.
The U.S. arm of Toronto-Dominion Bank is seeking out former banking or other professionals who have taken a career break of at least two years, perhaps to raise a child or care for an aging relative. Beginning early next year, the $305 billion-asset TD will enroll qualified candidates in a 16-week program to train them for jobs in its commercial bank.
Demand for talent has been a challenge for the banking industry broadly, and commercial bankers can be especially tough to come by. Once upon a time, banks enrolled droves of college grads into in-house credit training programs, but recessions, consolidation and cost-cutting measures have eaten away at many of those programs over the years.
The result is a generation of commercial bankers looking forward to retirement sometime in the next decade and a shortage of talent to replace them. A tight labor market has only added to the challenges — the August unemployment rate hovered around 3.7%, near a 50-year low.
Career re-entry programs targeted specifically toward external candidates are still somewhat novel in the banking industry, said Chris Davis, a consultant with the search firm Russell Reynolds Associates.
“There’s a general tendency for employers to want to find the plug-and-play solution, somebody who’s able to do that job and hit the ground running with no blips on the radar or challenges,” he said. “Even when our clients look to other sectors” — for example, hiring an information technology professional from another industry — “there’s always that concern that it’s not as plug-and-play.”
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