Successfully managing the transformation to digital is a top priority for financial services executives. According to Mercer’s research, demand for full-time financial services employees will contract in the coming years due to automation and the rise of on-demand workers from external talent pools. The remaining in-house positions will be refocused to new tasks that require specific technical and analytical expertise and more relational and problem-solving skills.
Financial services companies will need employees who understand the role of technology in modern life, have the ability to work with data, be willing to take risks and know how to protect their employers from growing cyber threats. Yet the technology skills needed for the move to digital are not currently embedded in the personnel of most financial services organizations
To competitively position themselves for the future of work, financial services companies must learn how to lead the way to digital. They must do so without relying on compensation as the chief motivator, which is not as influential in financial services as it once was. Mercer believes that there is significant opportunity for the players that can curate a compelling employee value proposition (EVP). They must define a strong purpose, communicate how employees contribute to that purpose and demonstrate opportunities for engaging work and growth. Some of our clients are already starting to consider career pathways informed by analytics that identify which jobs will be eliminated by automation, the skills required for new jobs, and the best online training programs for these new positions.
As financial services employers develop their future employee engagement strategies, they would do well to learn from what their tech counterparts have done to entice talented workers. Our research has revealed three key differentiators, and four key actions that financial services companies can take to win over talented professionals and set them up to thrive.