Other parts of this series:
- At FS firms, HR has a big role in enterprise agility… it may be up for grabs!
- For effective FS workplace and workforce transformation, HR must transform too!
- How FS can harness digital HR to drive enterprise agility
- Digital HR for FS – a 5-point approach
- Six operating models for digital HR at FS firms
As digital continues to disrupt the financial services (FS) sector, HR’s role in driving enterprise agility is becoming increasingly apparent. Digital HR—leveraging cloud, social, mobile and analytics—can transform the function and performance of HR to better serve employee needs, achieve business outcomes and drive organisational change.
Today, enterprise agility—the ability to anticipate, sense and rapidly respond to volatility and opportunity in the market—is paramount for FS organisations to remain relevant and competitive. HR can help organisations continuously adapt to changing market conditions with speed and scale, but to do so it must acquire a more strategic focus. Digital HR facilitates that shift, but it entails much more than just the introduction of new technology.
Digital HR removes the traditional administrative burden, introducing self-service and freeing HR up to do more high-value strategic tasks and add more value to the business. But that’s a high-level view. Success lies in the details. Becoming digital requires leadership alignment, a cultural shift, operating model changes, the introduction of new collaboration tools and, to deliver more strategic outputs, the meaningful use of data and analytics.
What does digital HR look like?
Digital HR changes how HR services are provided and consumed.
- Transforming HR service delivery. Mobile and collaboration tools, social media and continuously evolving technologies make it possible to engage employees on their terms and broaden the services HR can make available.
- Enabling HR to act through insight. HR can apply the techniques of individualised, targeted marketing to talent and workforce management. Through insight they can tailor services, channels, communications and experience to individuals (e.g., learning and development).
- Driving cultural and operational change beyond HR. HR can leverage the power of data and digital to empower employees and managers to access, leverage and perform activities previously performed by HR, and outside of their traditional cycles—e.g., everyday performance versus end of year performance management. Greater transparency and access to information and action encourages employees and managers to step up and own their information, their role and their development.
What are the key digital HR shifts?
- Innovation enabled through Cloud. Cloud and the wider infrastructure opportunities it offers enables advantages such as standardised processes, an improved user experience which is mobile enabled, and sets organisations up for ongoing innovation, laying a foundation for greater digital agility, creativity and responsiveness.
- An integrated digital roadmap. Digital HR recognises the increased range of tools available. They go beyond the traditional HR platform to include mobile, apps, collaboration, analytics, AI, chatbots, CRM and workforce enablement solutions, as well as specialist technologies in areas such as learning and recruitment.
- Insight driven through analytics. Data and analytics helps HR gain a better understanding of workforce trends, gaps and risks. This enables organisations to adopt a personalised approach to people interventions and inform planning and strategy for HR functions. In this way, HR can become focused on the future, rather than the past.
How can FS get started on digital HR? Join me next week as I explore key contexts and how to approach building an HR strategy for digital.
In the meantime, for more insight on HR for FS in a digital era, click through to: