Other parts of this series:
- Reinventing the financial services workplace to attract digital natives
- Rebranding the financial services workplace to attract millennials
- Beyond the one-size-fits-all EVP
- Creating digital workplace experiences that resonate with employees
- Agile new ways of working for connected employees
- Giving employees ownership over learning and development
- Reinventing performance management by making it personalized
- The role of wellness programs in creating a healthy workplace
In my first post in this series, I highlighted the reality that most banks and insurers are struggling to attract the millennial talent they need to thrive in an era of digital change and disruption. Unless they turn this situation around, financial services companies risk trailing the latest technology trends and losing touch with the needs of the next generation of customers.
Yet banks and insurers have plenty to offer talented millennials when it comes to career options and opportunities for personal growth. As the industry reshapes itself in response to new technologies, consumer behaviors and regulatory imperatives, banks and insurers are funding massive innovation projects.
That means they can offer young professionals the opportunity to play a leading role in a business that is going through unprecedented change. However, most financial services companies need to do a better job of communicating this opportunity and of tapping into new sources of digital talent that is up for the challenge.
One element of this lies in looking outside the usual job fairs and university programs to recruit young talent. Many leading financial services companies are, for example, creating closer links with FinTech companies and digital startup incubators to find fresh sources of talent.
Some sponsor hackathons or invest in digital ventures through innovation funds, all to find the next-generation of digital talent. They are also looking at using digital channels such as their website and social media presence to market themselves more effectively to young professionals with rare technology skills or high proficiency in digital skills.
Creating separate structures where digital talent can thrive is a good starting point, but financial services firms must also consider how they will integrate digital talent and millennials into the mainstream of their businesses. This process is all about employee-centricity.
Just as organizations have tried to become more customer-centric by building their structures, products and services around the needs of their customers, so too must they build employee value propositions based on the needs of their employees. This means thinking about how their processes, technologies, ways of working, and the whole employee experience can address the needs of a diverse set of employees.
To attract top talent with a profile and skills base outside the traditional financial services industry, banks and insurers must understand what these employees care about. Furthermore, they must design personalized experiences that speak to digital professionals’ values, aspirations and interests.
I’ll continue with this theme in my next post, looking at how segmenting the workforce can help financial services companies offer experiences and value propositions that resonate with employees.