December 01, 2005

The banking industry has a reputation for having pockets deep enough to attract and retain IT talent, but banks often are accused of being too cautious when pursuing innovative technology projects. As a result, some banks may need more than attractive salaries to retain the best IT talent.

"Often, conservative companies are perceived as uninnovative," says Ekaterina Walsh, research director for Boston-based research firm Aite Group. "Compensation packages are not enough [to attract IT talent]. Banks need to emphasize how they are embracing technology and investing in technology innovations."

A recent online survey of 146 IT professionals by InformationWeek Research, a CMP Media property, reveals that 69 percent are either actively or somewhat actively looking for a new job at another employer. Among those looking for a new job, 50 percent cite a desire for more-interesting work.

"IT workers love to solve problems and create something new from nothing," Walsh adds. "Whether they sponsor labs or feature brainstorming sessions for upcoming strategies or projects, banks need to prove they have the creative landscape for their IT teams' needs." --D.M.A.M.