By Business & Finance ManpowerGroup advises financial and banking institutions that the current economic environment of uncertainty, growing talent shortages and quickly-evolving workforce needs make it imperative to have a robust workforce strategy in place that accelerates execution of business strategy.
Alarmingly, 76% of global financial companies are operating without a fully implemented workforce strategy, a recent survey by ManpowerGroup Solutions’ Strategic Workforce Consulting (SWC) business found.
In addition, more than half of financial firm respondents reported that HR functions play no role or a limited role in implementing business strategy. This is despite ManpowerGroup’s global Talent Shortage Survey showing that accounting and finance professionals have ranked among the top 10 hardest jobs to fill for each of the past eight years.
“Any company’s business strategy must carefully consider the workforce implications, as that business strategy is immaterial without the talented people available to execute it,” said Scott Ahlstrand, SWC global practice leader.
“A holistic workforce strategy takes into account important external factors that affect current and future talent sources, including demographic shifts, the rise of emerging markets and ever-evolving technology. Without adequate planning, companies will discover all too late that ‘on-demand’ talent will simply no longer be available.”
ManpowerGroup Solutions’ new insights paper, ‘Why Financial Institutions need a Workforce Strategy’ released today, outlines talent management strategies HR functions can use to develop and maximise their employees’ human potential. At a time when companies’ business strategies are rapidly shifting, attracting the best talent and keeping up with changing business models – and technology – poses an ever-bigger challenge.
In the aftermath of the global financial crisis, talent demands in the industry have shifted faster than supply can keep pace as sweeping regulatory reform has taken place. Not only do financial firms need to source highly technical talent to fill critical new risk and compliance analysis roles, but they continue to seek talent with cross-functional capabilities who can broadly collaborate across the organisation. The evolution of mobile banking is also creating new types of jobs as transactions are increasingly completed online.
Banking and financial institutions that leverage technology, and a range of flexible work models that incorporate full-time workers, contingent workers and remote or virtual talent with in-demand skills will have a competitive advantage.
“In today’s environment, a company’s workforce strategy becomes the frame of reference for all decisions around work models, people practices and talent sources,” added Ahlstrand.
“This not only protects an organisation’s investment in the business strategy but the workforce strategy often brings the business strategy into clearer focus and can help accelerate its achievement.”
