Rethinking workforce strategy, part of PwC’s 22nd CEO Survey trends series.
Ten years ago, only around 50% of financial services (FS) leaders saw skills shortages as a threat to their growth prospects. Now it’s nearly 80%. These shortages are not only putting mounting pressure on costs, but also impairing FS organisations’ ability to innovate and meet customer expectations. And as industry disruption accelerates and traditional talent strategies struggle to keep pace, the shortages could get even worse.
How then can your business secure the talent it needs to compete?
Our 2019 CEO Survey talent trends report highlights how pushing your business to the forefront of innovation and reasserting your vital role within communities and economies can help make you a magnet for talent.
The report also highlights the importance of putting contract, contingent, joint venture and other forms of partnership and independent talent at the centre of workforce strategies as traditional sources of talent run short, highly specialised new areas emerge (e.g. cyber security intelligence gathering) and your business comes under mounting pressure to curb fixed costs.
Cutting across this talent rethink is the need for effective data analytics to enable your business to anticipate future talent needs and create a compelling people experience. Priorities include ensuring you have people within your HR team with the necessary data modelling skills, as well as the ability to interpret data and understand its business implications.
“As industry disruption accelerates, the talent gaps could get even worse. Your business therefore risks being competitively side-lined if it doesn’t take decisive action now.”
People and Organization, Senior Manager, PwC United Kingdom
Tel: +44 7483 407 436
EMEA Financial Services People and Organization Leader, Partner
Tel: +44 (0)20 7804 4957
Joint Global Leader, People and Organization, Principal, PwC United States
Tel: +1 (646) 471 2377
Lara De Vido
Financial Services Marketing, Senior Manager, PwC United States
ASEAN People and Organization Leader, Partner, PwC Singapore
Tel: +65 6 236 7998