（Original article in Japanese was published for FinTech Journal on May. 9, 2024）
https://www.sbbit.jp/article/fj/139586

The article discusses the shift in Japan’s financial industry towards mid-career hiring due to technological advancements, employee turnover, and the evolving demands of the market. For the first time in 2024, major banks are expected to hire more mid-career professionals than new graduates. This change is driven by the declining popularity of financial institutions as employers, with a notable drop in their ranking among job seekers. Additionally, the resignation rate of young employees has risen due to factors such as tough sales quotas, a conservative workplace culture, dissatisfaction with career advancement, and poor working conditions.

The growing demand for “digital talent” in areas such as fintech, data analysis, and IT is also a significant factor in the surge of mid-career hiring. Despite the increased demand, many organizations struggle to define the necessary skills and identify the gaps in their workforce, which has resulted in fierce competition for specialists.

To address the skill shortage, financial institutions must focus on five essential skill areas (SHIME) as CFTE defined: soft skills, hard skills (technical expertise), industry knowledge, innovative mindsets, and practical experience. The article emphasizes that soft skills, such as communication and collaboration, are particularly lacking. It also highlights the need for financial institutions to expand mid-career hiring and rethink their recruitment strategies to meet the evolving needs of the industry, particularly in the wake of rapid advancements like generative AI.

In conclusion, Japan’s financial institutions are increasingly relying on mid-career hiring to fill critical roles, while also exploring long-term solutions like partnerships with fintech firms and developing internal talent through secondments to build essential skills for the future.

Some of the discussion covered in Roundtable at Japan FinTech Festival
“Developing talent & building capacity to fill the talent gap” (2024-03-06)