Financial services to increase headcount in coming year
Financial services (FS) CEOs have hiring back on their minds with more than half (56%) planning to take on extra staff in the coming year, according to the PwC report, ‘Remoulding your workforce for a new marketplace’. CEOs are looking to increase their headcount by at least 5%. The insurance industry is especially bullish with 40% planning to expand their workforce by more than 5% – compared to around 30% among banks and asset managers.
Gamers, government relations and social media are on the top of the ‘most wanted’ list, according to the PwC survey.
With continual scrutiny from governments, including additional regulations, more than 40% of FS CEOs believe their relationship with government has deteriorated over the past five years – notably more than customers and clients (18%).
According to the report, re-engaging with society and reputation building among FS organisations continues to be key focus areas. In all, 70% of industry leaders recognise the need to satisfy societal needs while balancing the interests of all stakeholders.
Millennials on the move – PwC research show that hardly 10% of FS millennials are planning to stay in their current role for the long-term. Organisations will need to refine and customise traditional one-size fits all employee engagement models around the needs of individual employees.
Flexibility wanted – Increased urbanisation in growth markets, notably India and China, have not only created infrastructure demands, but also heightened focus on work-life balance. Employees are expecting greater flexibility in how and where work is carried out.
Sophisticated automation – Computerised
will shift to devising solutions for more complex needs such as pensions and mortgages. Automation has also reached high value areas like trading, credit analysis and insurance underwriting.
SLOW TO RESPOND
Nearly 60% of FS CEOs see the limited availability of skills as impeding growth, yet barely a quarter of respondents have initiated changes to their talent strategy and only 35% believe HR is prepared to make necessary changes.
The report suggests FS organisations are restricted by the sheer scale of required changes.
Others may find it difficult to respond to talent trends and challenges and amend HR strategies accordingly.