The financial crisis left the business world with a fundamentally different competitive and regulatory environment. Forward-looking financial services organisations recognise that a different set of skills, smart deployment of talent and the realignment of compensation structures are critical for adapting to the new reality of a post-crisis world.
As tough market conditions diminish the opportunities for short-term trading returns, successful firms will look at how to attract and nurture people with the mindset and ideas to develop lasting relationships, work within tougher risk and compliance demands and create value over the long-term.
A particular challenge is how to reward people when compensation policies are facing a tighter rein. It is therefore important to establish sound underlying principles for remuneration, including risk-adjusted incentives and some deferral of compensation, while allowing sufficient flexibility to take account of evolving strategies and particular types of commercial operation.
Ultimately, the commitment and behaviour of the people within your organisation will be critical in rebuilding the trust of consumers, markets and governments, without which investment, growth and profitability will not recover.
PwC is helping financial services organisations to develop the capabilities they need respond to changing regulatory requirements and challenging market conditions. Our dedicated financial services human resources team works closely with clients to ensure that key aspects of talent management, including recruitment, retention and reward, reflect and support the overall strategy of the business.
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|Dec 2013||Smarter incentives: Turning the regulatory shake-up to your advantage|
|Apr 2013||Seizing back the people agenda|
|Feb 2013||What motivates financial services executives? The psychology of incentives|
|Aug 2012||Ending the endless reorganisation: Building an adaptable financial services operating model|
|Apr 2012||Millennials at work: Reshaping the workplace in financial services|