PROVIDENCE – The Rhode Island Bankers Association is embarking on a three-year outreach initiative to educate and recruit a diversified workforce.
Known as “Bank Forward: A Campaign Dedicated to Diversifying Rhode Island’s Banking Workforce,” the effort follows the the RI bankers association foundation, the nonprofit created earlier this year.
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During a gathering Wednesday at Citizens Bank headquarters, the association announced the plan before breaking off into community workshops with more than 20 participating member banks and local nonprofits in attendance to gather ideas and offer feedback related to career readiness and outreach efforts.
Beginning with $200,000 in seed funding provided by association members, they hope to tackle historical imbalances while addressing a workforce shortage industry experts say will get worse in the coming years.
A 2019 J.D. Power study found that the average age of a financial advisor is 55 and 20% of industry professionals were 65 or older. While details are not yet finalized, Citizens Bank president Keith Kelly said Thursday that Bank Forward will include mentoring and educational programs, internships and community outreach, all aimed toward building a sustainable pipeline of workforce talent.
“We recognize there is a lack of diversity [in the industry] and potential in lower income communities,” he said. “So, we are really trying to educate people on what a career in the financial services sector looks like and what career paths are available to them.”
The partnership launched a website and social media accounts in conjunction with the announcement where visitors can sign up for updates on events and employment opportunities.
“We encourage other partners and stakeholders to participate and support this program, in order to strengthen the financial workforce of the future,” said Carmen Diaz-Jusino, strategic initiative officer for economic security at the R.I. Foundation.
“Our community partners are already doing a great job,” said Kelly. “But we recognize there is a challenge facing the banking industry. We felt this was an opportunity to get ahead of this by helping these under served communities. We think this initiative is a great way to launch that.”
Rhode Island banks employed more than 9,600 people who earned more than $589 million in taxable income in 2021. Kelly hopes the effort will help fast-track more career paths for minorities who feel a career in banking was is of reach. This will set up the future banking sector labor pool “by supporting community partners across the state who are committed to ensuring that Rhode Islanders from all walks of life have access to the training and opportunities needed to build successful careers in banking and financial services,” he said.
“We want to reach them on multiple levels. And give them opportunities for real world experience,” he added. “And let people know that even if you come in as a teller that does not mean you are not going to be able to advance further than that.”
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com
