NEW YORK - October 8, 2019 – PwC’s Fit to compete: Accelerating digital workforce transformation in financial services report, which is part of our New world, New skills series, highlights the need for digital upskilling across FS sectors (insurance, banking and capital markets, and asset management) and in different regions across the globe.
FS firms are modernising their technology systems, boosting innovation, automating to drive down costs and adapting the user experience to meet the rapidly changing expectations of their customers. Yet no amount of digital investment can help them fully attain their new financial and productivity goals when the workforce is stuck in analogue.
“There is a great opportunity right now for a number of companies to control the narrative, direct the message, and communicate both inside and outside their organization on how they’re thinking about the future of work and where they stand on upskilling,” said Bhushan Sethi, Joint Global Leader, People and Organisation.
With banks and funds no longer holding an edge in graduate recruiting, a sharper focus on employee experience and the organisation’s professed purpose is required. The technical skills, data analytics proficiency and design thinking that FS firms need right now all call for highly skilled people. These individuals, whether long-standing employees or new recruits, tend to be impatient with legacy infrastructure and increasingly want to work for companies that incorporate high-tech values — companies that are agile and digital.
While no one region has solved the problems of finding and training skilled workers; each region has their own areas of focus such as: increased investing in startups and training of skilled workers in the Asia-Pacific region, upskilling the existing workforce in North America, and Europe’s strong technical education system.
Six Foundational Steps to Workforce Transformation
In the early years of digital workforce transformation, development costs will be high. The ROI might not be as compelling as it will be in later years. Managing these expectations with key stakeholders is an important part of the process. Our research found the six steps that are common among all FS organizations as they transition from an analog to a digital workforce.
Notes to editors:
PwC’s 2019 Global CEO Survey conducted in September and October of 2018, analysed 1,378 chief executives in more than 90 territories regarding the global business climate in 2019. The survey drills down on CEO insights in top-of-mind areas such as: Growth, Data and Analytics, and Artificial Intelligence.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with over 276,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
© 2019 PwC. All rights reserved