Other parts of this series:
- The future of work is here: Is your workforce ready?
- How intelligent technologies are reshaping the future of work
- What new jobs will people do in the future?
- The Future Workforce is everyone’s business
- How to build a strong employer brand
- What happens when a bank becomes more than a bank?
- How financial services firms are preparing for the future of work
Three case studies of banks and insurers rotating to the new world of work
In this final post, I’ll wrap up my series on the future of work with three case studies of how Accenture is helping organizations prepare for tomorrow and beyond.
Case study 1: helping a European bank develop next-gen IT talent
Accenture has a long-standing relationship with large European bank—a diversified financial group that offers retail banking, asset management, private banking and wholesale banking services to customers in over 30 countries.
A few years ago, Accenture embarked on a project to replace the bank’s core technology infrastructure. But change is constant and banks are always evolving. At present, Accenture is helping the bank rotate its IT function to “the new”. Its leaders realized that in the future, IT professionals are going to do things completely differently from how they work today. They’re going to use new technologies and learn new ways of working—and we need to see if the bank’s workforce is ready for that future. Accenture is conducting exercises to gauge workforce readiness and to determine how many new people are needed with the required skills.
Once we’ve helped the bank develop its next-generation IT talent, the next step is to show new and prospective employees that it’s the best place to develop their skills—an employer brand they can trust.
Case study 2: helping an Asian insurer scale up core talents
Accenture also helped an Asian insurer to develop and scale up core talents. The insurer used an analytics-based talent management system to compare basic talent components—knowledge, skill, competency and experience—with relevant job requirements to assess compatibility.
As a result, the insurer established a career path with a planned division transfer and development plan that was based on an employee’s own profile and skills. In the process, the insurer cut costs and made it easier to allocate the right person to the right job.
Case study 3: how another European bank transformed its HR function
We’ve also helped a major commercial bank in Europe to expand its HR capability and to make its recruitment, succession planning and review processes more efficient and effective.
How did we do that?
The bank embarked on a two-year HR transformation program to achieve significant people, process and technology change. We helped it design a new HR operating model with a new competency framework, organization structure and role profiles.
We used a shared service center to centralize transactional and high-volume activity. Using SaaS SuccessFactors technology, we implemented a new structure and process for talent management and recruitment.
Are you ready for the future of work?
Financial services (FS) organizations in the future are going to be completely different businesses and they need to prepare their workforces for that shift. To do this, firms need the tools and skills to help them reimagine and reshape work, the workplace and the workforce. For me, the most exciting part of my work is to help businesses transform by:
- Finding new ways to use digital to speed up transformation,
- Designing and implementing strategic change programs,
- Aligning culture and talent management, and
- Infusing new ways of working where people and digital intersect.
How will you empower your future workforce? Here is some reading material to help you on your journey:
- Reimagining HR in Financial Services
- Future Workforce Survey 2018: Banking and Insurance
- Financial Services Change Survey 2017
To reimagine the future of work together, get in touch with me here.