It’s no secret technology is fundamentally disrupting financial services.
Fintech is changing how customers access financial services and interact with providers, while startups are meeting rising customer expectations with unparalleled speed and flexibility. To stay a step ahead of competition, business leaders need to embrace a reimagined future of work – one that prioritises employee well-being, fosters innovation, and builds a foundation for operational resilience.
The rapid growth of Fintech, as well as rising competition among banks and other institutions, make it challenging to attract and retain talent. According to research by Deloitte Access Economics and RMIT Online, Australia needs 156,000 new technology workers by 2025 to keep pace with the rapid transformation of businesses. Meanwhile, Labour Market figures estimate the number of job ads online has increased 71.6 per cent in the last year and there are more than 10,500 vacancies for professional in business, finance and HR resources.
As business leaders look towards building a future-ready workforce, they need to have robust recruiting processes, a competitive employee experience, and a culture of continuous learning. Notably, according to KPMG’s New Reality for Financial Services report, the way businesses innovate, adopt new ways of working, and transform themselves will be a determinant of future success.
Whether it’s through workflow tools, artificial intelligence (AI), mobile access or a range of other human capital management (HCM) software, technology will empower employees and organisations alike. Not surprisingly, LinkedIn’s Future of Talent report suggests 89 per cent of Australian businesses agree that human resources will play a greater role in the post-COVID world and will help to streamline business and hire more efficiently.
The following should be top-of-mind for any organisation looking to ensure its workforce is future-ready.
Mind the Talent Gap
To hire effectively, especially when it comes to attracting top millennial and Gen Z talent, organisations need to use modern technologies, including collaboration software, workflow tools, and AI-fueled applications that deliver best-in-class candidate experiences. By creating a great candidate experience, you’re sending a message about what it would be like to work for your organisation.
In addition, the role of AI in talent management should not be underestimated. According to Ceridian’s 2021 Executive Survey, Australian business decision-makers are already recognising the role AI will play in shaping and supporting their workforce, with 57 per cent planning to use AI tools for talent management.
Competitive Employee Experiences Win
Financial service companies are competing for candidates with leading brands across every industry. Learn what motivates your people and empower them to do their best work in support of your organisation’s goals and vision. Help your employees see how their performance aligns with business goals and measure employee engagement consistently.
The role of people and culture is critical, especially in a hybrid working world. It’s time to replace traditional approaches of workforce management and provide a “consumerised” experience that puts employees front and centre. This will help to fuel results that not only empower the internal culture of a business, but also improve business performance.
Additionally, a company’s investment in technology is key to the employer brand and can either deter or entice top talent. Organisations that integrate innovative technologies into the recruitment process or offer employee-facing mobile apps, will signal to prospective candidates that the organisation invests in a modern employee experience.
Industry disruption is putting pressure on financial services organisations to evolve the ways in which they operate and meet clients’ needs. It’s more important than ever for organisations to evolve their people-centric processes alongside those of their customers. Firms that integrate emerging technologies to support their workforce can increase efficiency, improve the client experience, and are better equipped to compete in the new digital world.
Technology Tackles Complexity
Today’s financial services workforce is more mobile than ever. At the same time, tax laws and regulations are growing increasingly complex. Together, they create a strong need for employers to be vigilant when it comes to pay accuracy.
Ceridian’s Future of Work survey indicates that 23 per cent of Australian businesses don’t have sufficient HCM technology in place to deal with the demands of the business. Leaders can help protect the bottom line with cloud automation software that can be configured to improve pay accuracy and reduce compliance risk across payroll, time, and HR. Recognising its value is a critical step to ensure businesses can foster a workplace where employees thrive.
Now is the time for leaders to rethink how things have always been done. The pace of change is accelerating, and companies who succeed will be those who have prepared their workforce for the future. From recruiting through an employee’s journey, modern technology plays an essential role helping organisations stay competitive and move faster for the future of work.