Company insight
Build a financial services workforce for the future
In financial services, finding and keeping the right talent is an essential ingredient for a business to be successful – be it a large bank or a new market entrant. Yet that feat has never been harder to accomplish. Future Banking explores how Workday can help financial institutions to overcome that challenge.
providers – accepts that finding the right people is a priority. Yet the search for talent not only faces acute challenges in the short term, but will also have to deal with greater challenges in the future. Not only do organisations need to find people with specialist skills, they must also address future labour shortages, keep tight control of costs, and find ways to boost productivity. Those that fail to do so will find themselves lacking critical skills, facing spiralling costs and losing revenue to poor productivity. Skills are the new currency. They will determine whether leaders can build agile, growth-oriented businesses while digitalisation, evolving consumer needs, new market entrants and changing regulatory requirements are reshaping the industry.
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very part of the financial services sector – banks, asset managers, insurers, speciality service
becoming more difficult to manage, as it involves a diverse mix of full-time employees, part-timers, contractors and gig workers.
Homing in on skills is the key to finding the right people within this mix. After all, rapid digitalisation – plus the fact that many revenue streams now derive from products and services that did not exist a few years ago – is exacerbating the skills gap. Indeed a recent global survey by Workday – which provides cloud-based software for enterprise resource planning, human capital management and financial management – found that investing in a future-ready workforce enables organisations to benefit from the increased digital revenue growth that comes with greater agility. Workday’s solutions aim to provide organisations with a focused and data- driven approach to training and development: utilising data to drive skills
“Skills are the new currency. They will determine whether leaders can build agile, growth-oriented businesses…”
Developing a skills-based strategy, based on analytics, planning and engagement, can support organisational excellence by enabling businesses to become more skills-centric, so attracting and retaining the right people.
Addressing the skills shortage In any kind of talent market, there is one perennial challenge: more vacancies for skilled jobs than there are people with the skills to fill them. Not only does scarcity create a skills gap, but the workforce required to fill that gap is
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development can go a long way to closing the skills gap. Using Workday, organisations can benefit from a skills platform that provides a single source of truth about the capabilities of employees, and their potential learning journeys. Using machine learning and connected applications, it can help employers generate meaningful insights that inform useful actions in the area of skills development. “Workday has come along at such a great time because it allows our employees, through one or two clicks, to go into the
system and identify which skills they have, and which skills they aspire to build over time,” explains Karen Collins, chief talent officer at Bank of Montreal. “The system then links into our learning system, allowing people to access courses – online, digital, or classroom courses – that they can register for with the click of a button. That’s how Workday is helping us overcome our skills challenge.”
Driving workplace skills Data – whether generated internally or sourced externally – is the lifeblood of any modern organisation. This is as true in the development of the workforce as it is in any other facet of a business, as it provides the framework for creating a more inclusive, engaging, and productive working environment – and equipping employees with the right skills. When properly collated and managed, meanwhile, data can provide the baselines, benchmarks and insights that help an organisation to not only plan a programme of skills development, but also measure its success and make adjustments as needs change. For an organisation with a large workforce, and a diverse skills requirement, that task will inevitably be complex, and any manual processes will slow down the gathering, analysis and effective use of data. That is problematic when rapid change is needed, such as when roles are redefined or new positions emerge. Investment in people analytics and workforce planning can help to ensure that data is on hand at the right time, and inform an agile decision-making process. A key step is to have one secure data hub to house all an organisation’s data, as it addresses all concerns around data
Future Banking /
www.nsbanking.com
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