Financial Services CEOs and business leaders have ranked the importance of people, culture and talent in their top priorities. In the past year this has strengthened and changes have accelerated.
Low unemployment and high rates of employee turnover are driving more focus on culture, engagement and attracting and retaining talent. In addition, hybrid working is forcing a real-time re-evaluation about how and where work gets done and changes in technology and customer behaviour are requiring new skills. Leaders, sitting at the crucible, are facing continued pressure to turn strategy into action, create vibrant cultures and deliver sustainably high standards of performance and behaviours.
The financial services industry must therefore continue to challenge itself to innovate. Our report explores five clear themes and predictions for 2030 from a people and culture perspective, along with suggested actions that organisations can start taking now to prepare for the future.
Themes and predictions for 2030
Five themes and 15 predictions for people and culture in the Financial Services sector.
1. Purpose: Make it personal
Why would someone want to work for a particular organisation and leader? What is it about the day-to-day work that would be personally meaningful and fulfilling?
- Purpose will be driven by lived experience, not lofty sentiment.
- Stakeholders will expect ‘proof of purchase’, not just ‘proof of purpose’.
- More will be expected and less will be overlooked.
2. Culture: Manage it, don't just mention it
What are the underlying values and behaviours that are driving how an organisation’s people think and act and how can these be shaped to create safe, stimulating and successful workplaces?
- It will be driven from the top and proven from below.
- Culture will be about ‘performance with a warm edge’.
- Financial Services organisations will simply need to do the right thing – and do it intentionally and well.
3. Ways of Working: Do the right thing, don’t just do the thing right
What are the ways that employees can do their best work, both individually and in collaboration with others, to deliver the right products and services for customers at the right time?
- From (fr)agile to agile at scale.
- Connection will be purposeful, creative and enabled through new technology.
- The death of lagging productivity measures.
4. Digitalisation: Put people first to be digital first
How can an organisation transform its approach to technology, people and processes to deliver digital experiences that produce better experiences for customers and employees and lower risks and costs?
- Customers will expect a seamless integration between the digital and the human across the value chain.
- Digital talent will be more trans-border and transient.
- ‘It’s about the people, stupid’.
Skilling for the Future: Some things old, some things new, some things borrowed…
What are the technical, behavioural and leadership capabilities required to be successful in the future and how are these found and/or built?
- Don’t throw the old out with the new
- Market leaders will collaborate through partnerships and cross-skilling
- Learning will be fun, transferable and recognised
Download the report
To find out more and understand some practical steps your organisation can take right now to pave the way to 2030 and beyond, download our report and contact us to arrange a time to connect.