Fi­nan­cial ser­vices to in­crease head­count in com­ing year

Financial Mirror (Cyprus) - - FRONT PAGE -

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

pri­or­i­ties

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.

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