Banks compete against a slew of entities to retain top employees

Banks nationwide have seen a flurry of business activity during the pandemic. That goes from seven-day workweeks in the April-May 2020 PPP loan surge to more recently working with the rush of homebuyers in the booming residential market.

All that work has rapidly changed how banks find and retain employees, according to a new report from Bank Director magazine. More than 40% of banks, the survey found, have increased payrolls so far in 2021, with respondents identifying commercial and mortgage lending as key growth areas, followed by technology. One core challenge in employment: staving off the growth in non-bank financial services entities and fintech companies also seeking new employees.