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Shaping The Adaptive Financial Services Workforce

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The adaptive, innovative workforce will be financial services firms’ greatest differentiator. Read more.

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Shaping The Adaptive Financial Services Workforce

  1. 1. SHAPING THE ADAPTIVE FINANCIAL SERVICES WORKFORCE
  2. 2. Copyright © 2018 Accenture. All rights reserved. 2 Shared economies. Technology advances. Changing demographics. What made a company successful a decade, a year, or even a week ago, will not make it successful tomorrow. Only agile businesses succeed in a changing world. And an agile business requires an agile workforce. FORD MOTOR COMPANY WOULD NOT EXIST TODAY WERE IT STILL MAKING THE MODEL T…
  3. 3. Copyright © 2018 Accenture. All rights reserved. 3 Ford understood that success required a people-first strategy—a lesson that resonates today for financial services organizations. The assembly line was a marvelous innovation, but Ford’s strategy covered more than just the way work was done. He began offering a daily wage nearly double the norm, and reduced the workday to eight hours. Ultimately, he reduced employee turnover and created an entire market for himself. …NOR WAS THE ASSEMBLY LINE HENRY FORD’S GREATEST INNOVATION
  4. 4. Copyright © 2018 Accenture. All rights reserved. 4 Able to easily, rapidly and effectively respond to change: • Available on demand. • Uses flexible organizational structures (e.g. project-oriented working groups). • Mixes and matches internal and external talent pools. • Clear visibility into each employee’s true capability and skills. • Heightened employee experience. • Culture of iterative development and failing fast. • Turns continuous training and learning into a core competency. • Led through data-driven insights and optimized through powerful digital HR suites. THE ADAPTIVE WORKFORCE DEFINED
  5. 5. Copyright © 2018 Accenture. All rights reserved. 5 AN ADAPTIVE FINANCIAL SERVICES ORGANIZATION PUTS PEOPLE FIRST, ENABLED BY TECHNOLOGY TO AMPLIFY WORKERS EVERYWHERE BUILD A WORKFORCE SHAPED BY INSIGHTS EXPAND THE CONCEPT OF A WORKFORCE PREPARE EXISTING WORKERS FOR THE DIGITAL FUTURE
  6. 6. Copyright © 2018 Accenture. All rights reserved. 6 BUILD A WORKFORCE SHAPED BY INSIGHTS PREDICTIVE INTELLIGENCE, POWERFUL INSIGHTS C-suite executives need to be able to predict their future workforce needs today. Technology plays a key role. There is no “finish line” or “small-scale pilot” for predictive workforce intelligence. But done correctly and scaled across the organization, predictive intelligence is the first step to creating a workforce that can shape itself to a changing world.
  7. 7. Copyright © 2018 Accenture. All rights reserved. 7 EXPAND THE CONCEPT OF A WORKFORCE EXPANDED WORKFORCE, UNLIMITED POSSIBILITY As predictive intelligence helps companies chart their future workforce, boundary-less access to talent and new models of employment help them source it. The “one role, one worker” approach gives way to more fluid and task-based ways of approaching work. The term “employee” will encompass a broad spectrum spanning internal to external, human to machine, and short-term gigs to full-time work.
  8. 8. Copyright © 2018 Accenture. All rights reserved. 8 PREPARE EXISTING WORKERS FOR THE DIGITAL FUTURE RESKILLING FOR SUSTAINABLE OUTCOMES Reskilling will help a company best utilize its existing workers to sustain desired business outcomes in a digital world. More needs to be done in most organizations to create breakthrough advantage with existing workers. Financial services organizations need to consider new ways to engage, mobilize, reskill and energize the extended, multi- generational workforce.
  9. 9. Deployed intelligently, automation can lift the entire business, and workforce, to unprecedented heights. 76% of FS organizations plan to use AI to automate tasks to a large or very large extent in the next three years. However, more than two-thirds of financial services CXOs expect net job gains as a result of implementation of intelligent technologies in their companies over the next three years. AUTOMATION AS A CATALYST FOR A NEW SOCIAL CONTRACT Copyright © 2018 Accenture. All rights reserved. 9 SourceAccenture Reworking the Revolution Survey, 2018, https://www.accenture.com/gb-en/company-reworking-the- revolution-future-workforcet-amazon/
  10. 10. Copyright © 2018 Accenture. All rights reserved. 10 Reconnaissance: Survey the business to understand which competences to buy, build and automate. Recruitment: Tap new sources of skills such as digital talent marketplaces. Retention: Leverage big data, AI and advanced analytics to shift from mass management to personalized workforce experiences. Reskilling: Equip the workforce with the skills for a digital age. Release: Manage the social impact of new modes of work, preparing the organization and the workforce for a world where many of today’s jobs no longer exist. THE LIFECYCLE OF AN ADAPTIVE WORKFORCE
  11. 11. Copyright © 2018 Accenture. All rights reserved. 11 To create a path to greater productivity, adaptability and innovation: • Take stock of change gaps and use technology to predict tomorrow. • Align the business vision with the workforce / talent strategy. • Realign organizational culture and behaviors. • Expand the concept of a workforce. • Extend the employee experience beyond traditional boundaries. • Cultivate development and reskilling as currency. • Build a strong risk and governance foundation. HUMAN INGENUITY + TECHNOLOGY = INNOVATION
  12. 12. A WISE MAN ADAPTS HIMSELF TO CIRCUMSTANCES, AS WATER SHAPES ITSELF TO THE VESSEL THAT CONTAINS IT.Chinese proverb SHAPING THEADAPTIVE FINANCIALSERVICES ORGANIZATION OF THE FUTURE @AccentureIns Follow us on LinkedIn Learn more about shaping an agile workforce in our full report: Copyright © 2017 Accenture. All rights reserved. 12

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