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Labor shortage hits banking sector

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Financial institutions are among the sectors being affected by the continuing shortage of skilled labor in Hungary. This is particularly true for IT, consultancy and sales specialists, according to a report by economic daily Világgazdaság.

There is growing competition among banks to attract IT developers, data management specialists and call center operators, László Bek-Balla, HR director of Erste Bank, told the daily. The problems are also echoed by K&H Bank, which, despite being an attractive brand on the market, is struggling to fill IT specialist positions, while finding it hard to recruit controlling, credit and private banking consultants.

Information technology is similarly the most critical area for CIB Bank in terms of labor shortages, the report notes. Recruiting salespeople, financial analysts and risk management specialists is also a challenge for CIB Bank, in areas that are expanding.

Besides looking for new means to hire specialists, banks are paying special attention to keeping employee satisfaction high. Apart from bonuses and allowances, they are focusing on building community within the company.

Before the financial crisis, the Hungarian banking sector employed about 44,000 people. Last year this figure had fallen to about 38,000, Világgazdaság notes.

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