Human capital management
ven now, the lingering impact of the pandemic dominates how we think about the workforce of tomorrow – what skills it needs and the way it operates. From more flexible working to the increased use of technology, Covid-19 reshaped financial workforces forever. But it isn’t the whole story. For if Covid exploded old certainties around how we work, new technology, and the skills needed to embrace it, are prodding industry along even faster. Consider the numbers. In 2017, the World Economic Forum declared the ‘lifespan’ of a skill was five years. By 2021, it had fallen to just two and a half. Certainly, Covid played its part here, thanks to the sudden shift to remote working, meaning employers and employees had to quickly renew their skillsets. But with new digital-related skills becoming increasingly important, banking is just one of the industries scrambling to react.
Talent in transition E
The sector is increasingly embracing – indeed relying on – digital technologies and data to operate. To do so, it needs people proficient in digital capabilities, data sourcing and analysis, and the use of artificial intelligence (AI), among myriad other skills. Banks are using them to enhance countless operations: from faster transactions to identifying fraud, developing tailored customer offerings to offering remote services.
In part, these challenges are exacerbated by the generational divide. Once again, the numbers are illuminating. In 2022, Infosys, an IT and consulting services provider, conducted a survey of managers at some of the leading European and US banks, and found they and their (presumably younger) staff were not aligned on which hard and soft skills were most important. The distinction between hard skills
With the skills gap in banking increasingly evident, growing from within is fast becoming the solution across the sector – hardly surprising given the falling number of potential candidates for roles. Andrew Tunnicliffe explores the mounting desire of the industry to support the up- and reskilling of its workforce, speaking with Lloyds Banking Group’s organisation and capability director Ben Auty, and the Swindon and Wiltshire Institute of Technology’s managing director Darran Marks.
Future Banking /
www.nsbanking.com Future Banking /
www.nsbanking.com
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