The latest research for PwC has pinpointed a new field of growth for the financial services sector, according to a recent press release: a need for new talent and effective talent management.
The report found that customer expectations are steadily changing. Technology has shifted many financial activities to online or mobile channels, where banks have relatively little experience. About half of the financial CEOs that PwC surveyed reported that customer attitudes in the industry needed to change, moving away from widespread “significant disillusionment” that has made many wary of financial institutions.
Such a common reaction shows great potential for new branding initiatives and employee service training methods to set financial service companies apart from the pack. Strategies focused on building reputation and customer engagement can prove especially beneficial in this type of environment.
PwC suggests that companies can reach such benefits by revolutionizing their organizational culture, but talent management must also deal with internal challenges. The hostile attitude toward the sector has seeped into the job market, pushing potential employees to other segments of the financial industry. A global survey from the company indicates that 20 percent of the college graduates entering the workforce would not consider a job in financial services primarily because of its current image. As a result, only one third of CEOs surveyed in 2012 believed they had access to the talent needed to execute strategies through 2015.
The suggested solution is a complete overhaul of talent management, with new efforts in employee engagement, reputation building and employee value. Some signs remain positive, especially among leadership. For example, 40 percent of financial services CEOs are changing the way they establish executive rewards to help improve their images. But deeper efforts to change entire company cultures are needed to draw in necessary employees. PwC advises companies to focus more than ever on accountability, expected behavior and linking behavior (rather than only profits) to reward packages.
PwC is not the only research firm to acknowledge the potential for new growth in talent management. An April 2013 report by Robert Half indicated that CFOs in general are focused on retaining talent. Around 38 percent of those surveyed said retaining key employees was the biggest staffing project for 2013, and 27 percent said that maintaining productivity was another key goal. Other primary objectives noted by the CFOs included recruiting top new performers and increasing morale among current employees.
Robert Half’s advice echoed PwC in many areas, including steps like “recognize outstanding work” in all areas, not only profits, or “maintain an open-door policy” to improve morale. The company also suggested providing as much in-house training and professional development opportunities to employees as possible to build internal talent, mentoring employees until they were ready to fill key positions.
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