The Coronavirus outbreak is destined to halt hiring in certain industries. Some industries are putting a hold to interviewing and hiring altogether, while others have just temporarily postponed their hiring efforts for a week or two as a precaution. However, banking institutions still need professionals during this difficult time. Here are four areas that banks need to keep in the back of their minds for the post-COVID-19 market.
With all the panic happening in the markets at this time, it is time to start ramping up the Special Assets Group at the bank. They might not be busy at this point, but having them in place or at least at the ready, will help your bank with the inevitable calm of the post-COVID-19 market. It will take some time for the markets to recover from this, but they will recover. We are America, and we always find a way to keep moving forward during times like this. At this time, there is no telling how long this bear market will last, but we will likely know more over the next few weeks.
We have ramped up our bench in the Special Assets area and are ready to help our clients with those professionals. Whether you need them on a contract basis or as a permanent member of your team, Johnson Search Group can help fill these critical roles during these difficult times.
Another area to turn your attention to is the SBA space. With the government just about completely opening all avenues for SBA loans, banks are going to need people that can sell them, as well as perform all the back-office operations to process, underwrite, close, fund, and service those loans. This is probably going to be more on a temporary basis; however, finding these professionals will be challenging for hiring managers. Banks will need to rely on experts in the SBA space to ensure they get the right talent immediately to help them service the businesses that need the funding. Our team at Johnson Search Group are experts in recruiting within the SBA space. We have a team dedicated to this market and will help you find the best talent for your team.
The third area banks should focus on is the mortgage space. We haven’t seen much in the new purchase/new construction metrics at this point. Still, with the declining stock market, people will be hunkering down and looking to capitalize on the low-interest rates to help them uncover a little extra to assist with the rest of their budgets. I am in the midst of this myself with refinancing my home mortgage. I am moving to a 15-year mortgage, and my payments are going down by a couple of hundred dollars per month. Banks are already experiencing this and will be seeing more of this with fewer governmental restrictions to help during this time of need. Banks will need the back office support roles, processors, closers, funders, underwriters, and other miscellaneous mortgage folks. Many of these are going to be contract positions to accommodate the growing demand at this time.
Another area I am discussing with my clients is commercial lending. This is coming from banks that have ramped up for a potential economic downturn and are ready to capitalize on the banks playing catch-up. We recruit heavily in this market and have a number of clients that tightened their belts in the last couple of years, so they can expand when the time is right. Just like the stock market, you buy when it is low and sell when it is high; these banks are preparing to get top tier candidates that can help them land new business.
Get some help for the post-COVID-19 market
The current situation can be scary due to the Coronavirus outbreak. However, hiring is not freezing in many markets within the banking and finance industry. Therefore, banks must prepare for the post-COVID-19 market now. If your team needs one of these banking professionals during all of this uncertainty, let’s have a conversation. My team and I can help you source the talent you need during all of these economic fluctuations. Reach out to me today. And if you’re searching for a new job during this madness, check out our job board for exclusive banking opportunities.