In its report, The Power to Perform: Human capital 2020 and beyond, PwC states that workforce demands in Financial Services (FS) are being transformed and with it the talent FS organisations need to succeed, where they come from and what they want from their careers.
And with this comes the need for …
- New skills
- An innovative and agile mind-set
- And new ways of attracting, motivating and organising your people
By 2020, the make-up of the FS workforce and how it’s recruited, organised and rewarded will look very different from today. In turn, the role and function of HR will have been overhauled.
How can you ensure you have the human capital you need to succeed?
The digitised workplace fuels productivity
By 2020, the bulk of routine transactional tasks will have been automated. Robotics and artificial intelligence (AI) will also have taken on an increasing number of high value functions in areas such as trading, underwriting and financial advice. The challenge isn’t just ensuring you have the right systems in place, but judging what role your people will play as they’re increasingly required to work alongside AI. Realising the potential requires a rethink of job roles, accountabilities, skills and mind-set.
Engaging with talent you need to succeed
The expectations of your workforce, and the people you need to attract, keep changing. Seeking to attract, motivate and retain people through an employee value proposition built solely around financial reward is no longer sustainable. People want to work for organisations that inspire trust and reflect their values. The businesses out in front are aligning what they stand for as an organisation with changing stakeholder expectations in key areas including diversity, agility, ways of working and delivering value to society.
The way forward
In The power to perform: Human capital 2020 and beyond, we set out seven key priorities for ensuring your workforce strategy and how it’s executed are fit for the future:
Priority one
- Build trust and purpose
- Rebuild trust and redefine employer brand to attract and retain tomorrow’s workforce
Priority two
- Plan for the workforce of the future
- Develop dynamic workforce supply/demand models to prepare for the workforce of the future
Priority three
- Create digital ‘talent exchanges’
- Maximise the potential of digital ‘talent exchanges’ to promote a better match between talent ‘buyers’ and ‘sellers’
Priority four
- Rethink skill development
- Influence redesign of academic curricula and modernise corporate learning & development to build an adaptive workforce
Priority five
- Digitise work
- Digitise the workplace to fuel increased workforce productivity
Priority six
- Embed human capital analytics
- Integrate human capital data analytics in priority business decisions
Priority seven
- Redesign compensation models
- Redesign jobs and compensation models to reward contribution to business value Redesign job framework (capabilities, roles and pay) to take account of new business models and disruptive technology.
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