Other parts of this series:
- Post-Brexit Banking Salaries, Millennial Interns – Talent & Organization Weekly News Update
- New Bank Dress Codes, Change Initiatives in Finance – Talent & Organization Weekly News Update
- Banks Ahead of Silicon Valley in Diversity, VR Learning for Future Workforce – Talent & Organization Weekly News Update
- Scaled Agile, Culture of Innovation – Talent & Organization Weekly News Update
- Advancing Workforce Equality, Video Screening in HR – Talent & Organization Weekly News Update
Here are the top news stories in talent and organization from this week.
Banks fare better at gender diversity than Silicon Valley
Last week, JPMorgan CEO Jamie Dixon told CNBC in an interview: “What I’m pretty proud to say is 30 percent of my direct reports are women. I’ve been trying to get the press to write a story about this for years.” Dimon said the women in these top positions “have unbelievable jobs,” including investment banking, mergers and acquisitions, equity capital markets, private banking and credit cards. Axios compared the most recent demographic data from six large banks (Bank of America, Citigroup, Goldman Sachs, JPM, Morgan Stanley and Wells Fargo) and five tech giants (Apple, Amazon, Facebook, Google and Microsoft) and confirmed America’s top banks have higher percentage of female employees (48.4 percent) than the tech giants (33.2 percent).
Five ways to attract millennials to financial careers
The majority of the employees at banks and credit unions are over the age of 40, writes Lisa Joyce for The Financial Brand, and an aging workforce can have a big impact on a financial institution’s competitive position. She recommends five strategies for recruiting more millennials: 1) Mimic the agility of startups, 2) Highlight your social values, 3) Enhance the compensation packages, 4) Update technology, 5) Speed up the meeting process. “Banks need to attract younger customers to survive. Think about how you will cultivate the brand and create the culture you need to attract and retain the younger employees as well,” Joyce concludes.
How to sell insurance to younger customers
Insurers need to give younger customers the tools to make purchasing insurance quick and personal, according to an article in the Insurance Thought Leadership. With a population of 16.2 million in the U.K. alone, millennials now account for the largest generation in Western history, presenting insurers with a great, and significantly under-tapped market opportunity. But, a recent Gallup survey found that 69 percent of millennials said they are actively disengaged with or indifferent about their insurance provider. Traditional companies need to learn from insurtech startups and create faster, no-hassle processes and policies, as well as making millennial customers “feel connected to the product/service that they buy.”
Insurers need to close the digital skills gap
Building on the theme above, in order for digital insurers to meet the expectations of millennial customers, this article in Digital Insurance talks about the need for “knowledgeable, skilled people to build and manage sophisticated applications, algorithms and analytics.” But according to a recent CompTIA survey, nearly half (46 percent) of insurers report that a technology skills gap has grown over the last two years. Insurers need to offer more internships and apprenticeships; offer and support certifications and credentials; and develop better assessment methods for evaluating the skills of job candidates to close the widening skills gap, writes Joe McKendrick.
Virtual reality learning for the future workforce
One way that banks and insurers can help their workforce meet the increasing digital demands of younger customers is to improve learning methods for employees. Accenture has developed a new virtual reality learning tool that combines the best aspects of simulations, role-plays, real-world classrooms and online teaching. The 3-D animation begins with captivating animation, representing various scenarios tailored to an organization’s specific needs. The customized learning experiences deeply immerse financial services employees in real-life situations, creating opportunity for increased discovery, engagement and knowledge retention.
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