A COMPARISON BETWEEN THE LABOR MARKET TRENDS IN THE EUROPEAN AND ITALIAN BANKING SECTORS: THE IMPACT OF DIGITAL TRANSFORMATION AND THE RELATED NEED FOR INVESTING IN THE HUMAN FACTOR

In the last thirteen years, the population of bankers in the Euro area has fallen by half a million. In Italy, the phenomenon of setbacks has been similarly dramatic, with a reduction of 70 thousand of jobs in the same period. The rationalization process taking place in the banks of the Euro area has also implied a continuous decrease in the number of branches. The driver of contraction in the banking industry's labor size and territorial presence is to be found in the change in work organization, business model, and corporate strategy consequently to the digital transformation. Banks are concerned with planning constant reductions in the workforce over time, but not with reconverting staff or updating their competencies. The digital competition requires investments in architectures and processes, but for real digital sustainability, it is nonetheless crucial to invest in the adequate sizing of the human factor and related skilling paths.