Company insight Banking on HR tech
Working cultures are changing, and fast. Employers that fail to keep up could quite simply fail, warn Neil Pickering and Remi Malenfant of UKG, a leading global provider of human capital management, payroll, HR service delivery, and workforce management solutions. Digital transformation, in turn, could make today’s banks the employers of tomorrow.
oronavirus is changing how businesses work in countless ways. Recent research from UKG’s (Ultimate Kronos Group) think tank found that 86% of UK workers have been enjoying the benefits of new technologies since the start of the global pandemic – and that 38% were fearful that their organisation will go back to the “old way” of doing things as the pandemic eases. At the same time, it found that 87% of UK decision-makers believed digital transformation projects were sped up as a result of the pandemic. Asked whether change management was one of the biggest barriers to digital transformation in the banking sector today, Neil Pickering, industry and customer insight manager for EMEA at UKG, is adamant: “We wish it was something of the past, but I don’t think it ever will be. We’ve helped countless organisations modernise their workforce management technology and brought them into the future of work. With any change at a company, adoption is the key to success, and those who have successfully executed on change management have seen positive impacts on employee engagement and their bottom line.”
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Neil Pickering, industry and company insight manager, UKG
says Remi Malenfant, director of HR innovation and customer experience at UKG. “Often, we see employers invest in modern technology for their customers and bypass consideration for employees. Empowering employees with self-service access to information – just as banks have done for their customers – can deliver similar levels of satisfaction and experience.”
Shining example With increased levels of remote working expected to be the norm, for businesses to continue to operate and be successful they must work to understand and consider the needs of its employees, Pickering believes. “Businesses have come to the realisation now, as a result of Covid-19 and all the changes that brought, that employees really are the lifeblood of an organisation and a key to their success,” he says.
Remi Malenfant, director of HR
innovation and customer experience, UKG
“Employees are no longer there to do one particular role – expectations are higher in the modern world and employers need to be much more cognisant of what those employees need, personally, to bring their best selves to the workplace.”
UKG, fortunately, has a very clear vision of what good HR is. “I really think banks need to shift their perspective to see employees as the see their customers,”
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In Pickering’s view, as businesses adapted their operating models they also adapted staffing and role-based responsibilities not only to survive –
but also to thrive during a unique time. That change requires immense flexibility from employees as they see their working location, role and schedules change to match customer demand. As employees learned to be more flexible, meanwhile, employers have had to be more open to the individual needs of those working for them. “Employees are no longer there just to do one particular role – expectations are higher in the modern world of work and employers need to be much more cognisant of what those employees need, personally, to bring their best selves to the workplace,” Malenfant says. Doing that, however, can be complex. Determining how best to meet the needs of a business, its customers and its workforce can be a challenge – one that specialists like UKG can assist with. Malenfant says he’s sure a lot of organisations realise that investing in employee experience has a direct impact on the overall performance of the company. But if they haven’t, they only need to draw on the experience of the pandemic. “I saw a recent French survey,” he notes, “that showed that employers who spent a lot of time defining their employee experience strategy were more resilient last year.” Coronavirus aside, the importance of engaging with staff has never been clearer – and doing so in a world of shifting work cultures makes it even more imperative. After all, banking has changed significantly in the past decade or so. The services and tools banks use are unrecognisable from those of yesteryear. Often, customers will
Future Banking /
www.nsbanking.com
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