Didn’t catch the latest E&Y Banker of the Future Report? #TL;DR?
Here are your four Talent To-Do’s.
E&Y’s recent report, “Transforming Talent – the Banker of the Future” is long because it’s packed with rich information and is not to be missed! For the time poor, here’s a recap of the key points from the report and a quick “To-Do” list for the savvy manager.
Understand the expectations of the new generations of bankers – also known as Gen Y!
As E&Y points out, Gen Y will constitute 72 % of the global workforce by 2025. Their career objectives and attitudes toward work will shape the workplaces of the future. Understanding their strengths and expectations is the first step to success.
To-Do #1: Learn how to get the best out of Millennials. Embrace their collaborative and entrepreneurial natures. Balance their strengths with those of other generations and let their tech savvy skills lead digital change and innovation in the workplace.
Assess technology’s impact on the workforce
Believe that robots will be running the city in less than 10 years? E&Y tells us to “stop the scare mongering, and start strategizing!” Its not just about reducing staff where automation can replaces them. The challenge is to transform and up-skill for new roles, which is much more complex.
To-Do #2: Start imagining three to five years ahead. Ask yourself, what will be the three most important skills to add valuable human intervention? Begin grooming those skills now.
Change Culture to Encourage Diversity of Thought
Financial performance will be driven by an internal culture of innovation, in which everyone has a role to play. Diversity of thought arises from a variety of background and experience. As they say, “the whole is greater than the sum of its parts” – meaning that the way you combine people into teams is when magic happens.
To-Do #3: Encourage diversity in the workplace. Promote gender equality and foster a supportive, flexible work culture. Think about how to create a great team. For example, for each creative person, a linear thinker balances out the equation – someone needs to make sure the trains run on time and someone needs to create!
Nurture and Empower a Collaborative Workforce
While innovation is key, don’t let “intrapreneurism” divide your teams. Remain united with common vision, values and goals, and ensure that the right processes are in place to bring out the best in your teams.
To-Do #4: Rethink your HR life cycle and adopt fresh approaches at each stage to attract, nurture and retain talent. Try new things – crowd source solutions in the organization, implement an internal hackathon, and harness the power of “test and learn” in your organization.
So, what to you need to remember? In the FinTech transformation, be mindful of the three powerful change agents: process, product and people.