Keeping pace with digital transformation is as much about talent as technology – people, rather than systems, drive innovation and realise its full commercial potential. Workforce pressures are heightened by the disruptive impact of cost pressures, regulatory change, competition from new entrants and the overhaul of business models.
The big risk is in underestimating how far the rethinking of talent strategies and workforce planning needs to go to keep your company competitive in today’s fast-changing marketplace, or in responding too slowly.
Drawing on the findings from PwC’s 21st CEO Survey and our wide-ranging work with clients, this report looks at how financial services (FS) organisations are shaping their workforce strategies for the digital age, the challenges FS organisations face and how they can get up to speed.
Digital transformation can’t succeed without workforce transformation. FS organisations face urgent questions about what kind of talent, technology and interaction between the two will enable them to keep pace with disruption. Sustaining competitive relevance also requires the ability to appeal to a broader array of talent and remain agile in the face of rapidly changing customer expectations.
Meeting these challenges demands a bigger leap than many FS organisations have so far been prepared to make. Yet businesses that move further and faster than the pack by fully appreciating the landscape and instituting the five ways to accelerate workforce transformation have an opportunity to sharpen innovation, carve out new revenue streams and create a more compelling experience for both customers and employees.