Complexities, ambiguities, competing priorities and shifting demands make up the new global marketplace of financial services.
Survival and success within this environment demand people who are creative, digitally savvy and can adapt quickly to constant change.
According to the 19th Annual Global CEO Survey, 70% of financial services CEOs see the limited availability of skills as a threat to growth and competitiveness. But, less than 30% are changing their focus on the skills and adaptability of their people.
Does this lack of action demonstrate that financial service companies aren’t willing to explore alternatives to their tried and true strategies?
Disruption As An Opportunity
This survey covers in detail this conundrum for financial services business leaders and makes its own recommendations. It concludes that a new mindset is required as much as a new skillset.
“… we believe it’s time to go back to basics in determining what talent your business needs and how it can be hired, built, motivated and retained within the constraints on skills availability and financial resources.” – Jon Terry, Global Financial Services, HR Consulting Leader, PwC
“Even with all the new technology, people skills are actually more important now. Whether it’s providing day-to-day services in our bank branches or managing our data analytics, it’s all about people. So the risk is, can we hire, retain, and develop the top talent and, frankly, will they be happy working here?” – Brian Moynihan. Chief Executive Officer of Bank of America Corporation US
There are significant opportunities ahead for reinvigorating growth and re-engaging with customers, employees and society as a whole. Implementing effective people practices is one of the keys to achieving this.
Key Talent Findings in The Financial Services Industry
Shifting demands, competing priorities:
Adjusting to the new talent realities in financial services
19th Annual Global CEO Survey/February 2016
[Based on a survey of 1,409 CEOs in 83 countries and a range of industries in the last quarter of 2015, and face-to-face interviews with 33 CEOs.]
If you are looking to replace or upgrade your staff, please contact Robert Pestreich for a complimentary consultation.