Challenges & difficulties now facing todays Managers within the Banking sector

The Czech Banking scene

remains a healthy sector in terms of its business results & outlook, albeit a competitive sector in a smallish territory within the EU marketplace. As Institutions find their niche on the market & develop a value added approach to its clients, whilst at the same time embrace new technology and look to become agile in a new banking world – it has presented greater challenges and burdens onto managers across all levels.

Having been an active recruiter within the Banking segment and communicating with managers both from a candidate or client point of view, I outline some of the topics affecting todays managers. Firstly, the Banking sector is one of the most regulated industries across business and has a vast array of compliance issues + the constant amendments and updates generated either internally or by external bodies – this area alone has become a significant part of a managers department agenda in ensuring his section and all team members are fully versed with the topics plus the manager needs to oversee potential changes to his sections policies, new processes, adherence and being fully compliant with all internal/external regulations.

Today’s managers

are having to adapt to rapid new technology developments in how they go about their work and work with their clients. Many managers themselves perhaps have seen many changes in technology and have had to become re-educated and re-tooled for a more modern workforce + being able to provide the right guidance and support to existing and new team members. In fact the new team members, perhaps already come with better tech savvy know-how and a manager may feel he/she needs to keep up with his own team let alone the banks strategy towards Fintech. The manager needs to be nimble and be ready to embrace change.

Today’s managers

more than ever have to focus on their staff/teams development & retention of his/her team. The workforce, while it is common knowledge that unemployment rates are at historic lows and the labor market is generally seen as “passive” – employees are ever more discerning about what their employer or direct manager is doing for them and generally their own self development and general job/employee satisfaction. Millennials joining a managers team means a whole new approach on how to deal and work with a new style of workforce. Managers need to work ever harder to ensure staff feel the right encouragement for them to be fully engaged. Managers need to provide structure, leadership & guidance and be good listeners, plus be able to empower people and provide trust in your team.

Right now

management staff are tasked with balancing their priorities to generate overall success. Managers need to understand how to engage change, and lead there business unit & have a collaborative approach with his staff in implementing and working constantly with change.

Tony Karas, National Key Account Manager