7 priorities for tomorrow’s financial services workforce

  • Rebuild trust and establish employer brand.
  • Develop dynamic workforce supply and demand models.
  • Maximize the potential of digital talent exchanges.
  • Tackle the skill gap by influencing academic curricula and modernizing corporate learning.
  • Digitize the workplace.
  • Integrate human capital analytics into priority business decisions.
  • Redesign jobs and compensation models.

 

Source: ICAS

While financial services organizations recognize they need to reinvent their service delivery models, culture, and learning and development strategies, they also exist within a highly regulated, risk-averse environment, so with any kind of transformation compliance and security remain key considerations.

 

Where 88% of millennials would prefer a collaborative work culture to a competitive one, the workplace remains largely hierarchical. Some 74% want flexible work schedules, yet most banks and insurers are rigid about working hours.

  • 72% of FS CEOs see the limited availability of skills as a threat to growth, on a par with concerns over the speed of technological change (73%) and ahead of changing customer behavior (69%) and competition from new market entrants (59%).
  • 71% of FS CEOs have changed their people strategy to reflect the skills and employment structures they need for the future, but only 25% to a significant extent.
  • Only 10% of FS CEOs are using data analytics to a great extent to find, develop, and keep people.
  • Nearly a fifth of FS CEOs (19%) believe that technology has completely reshaped competition in their industry over the past five years, and a further 44% believe that it has had a significant impact.
  • Only 53% of FS CEOs believe their organizations have strong digital skills.
  • 41% of FS CEOs strongly agree that they’re considering the impact of AI on future skills needs.
  • Building the organization of the future, where agility plays a central role, will have a huge impact in the financial services industry.
  • With FS organizations facing tough competition from industries like technology, new approaches to hiring and development are needed.
  • Wednesday is the most popular time to learn at work.

Want to get the full story?

Sign up to read this section.

Please complete this required field.
Phone number must be a valid number.
Thank you for submitting this form.

You can unsubscribe at any time. Personal information may be collected, used and disclosed in accordance with our privacy policy. Please note that if you do not provide express consent, we may, in limited circumstances, continue to provide communications to you under implied consent provisions of applicable anti-spam legislation.