Banks seek talent for on-tap CXO hiring

livemint.com:

Punjab National Bank (PNB), Union Bank of India and Central Bank of India are among those looking for consultants. Although banks have their internal cadres, some of these specialized roles require domain expertise that is not always readily available within the workforce. These roles include chief technology officer, chief financial officer, chief risk officer, chief digital officer, chief information security officer and chief economic adviser.

Banks are selecting consultants beforehand, ensuring they can tap these consultants when the need for specialized talents arises. While banks have the final say in whom they hire from those shortlisted by consultants, their involvement leads to quicker hiring for critical positions, a senior public sector banker said on the condition of anonymity. “While we have a talent pool in our bank and the public sector banking at large, we lack people in some domains like technology, making it essential to hire from the market.

Our bankers have been dealing in finances for several years, but it is difficult for them to quickly garner knowledge in tech and digital to head a vertical," the banker said. Meanwhile, PNB wants empanelled consultants to aid in hiring domain experts. According to a document seen by Mint, the bank wants consultants to coordinate with it and prepare job specifications for various positions, undertake salary surveys and finalize the compensation structure.