Other parts of this series:
- Putting a ‘just-in-time’ workforce at the center of strategic planning
- Predictive intelligence and powerful insights: a winning combination
- Making the most of machine capital
- How FS firms can benefit from boundaryless access to talent
- New skills and roles for the adaptive workforce
- Barriers to the adaptive workforce
- How to address the new normal: A 7-step C-suite checklist
Today’s top FS leaders are looking at how to build a workplace ecosystem for a digital world. They are leveraging digital platforms, automation and analytics to create a future workforce that meets the needs of today and tomorrow while adhering to strict regulatory requirements and risk standards.
In my previous post, I talked about why financial services (FS) firms need to design and build an adaptive workforce. The C-suite, working closely with human resources (HR), must take the lead in reshaping the enterprise and its culture for a digital world.
No one-size-fits-all approach to this imperative will work for every bank or insurer, but the common thread will be a focus on using tech to amplify workers’ potential.
From investing in predictive intelligence and labor-as-a-service platforms such as WorkMarket, to reskilling the workforce and augmenting talent with artificial intelligence (AI) and automation, forward-thinking FS leaders should today be building the foundation for an adaptive, scalable workforce.
Predictive intelligence, powerful insights
To support sustainable growth, C-suite executives must be able to predict their future workforce needs. Predictive intelligence not only provides an understanding of future workforce requirements, it also guides strategic workforce planning up to 18 months out. These insights provide a valuable map for enterprise transformations and answer key strategic questions:
- How will you deliver your next product or service?
- Do you have the workforce to enact your growth agenda in a way that beats your competition?
- How are you prioritizing and nurturing your people during this transformation?
Having reliable data-driven insights that guide an organization into the future will require constant investment—for data and insight gathering, continuous adjustments to workforce modeling, and breaking down siloed business systems as well as the capabilities and skills to drive this.
Executed correctly, and scaled across the organization, predictive intelligence is the first step to creating a workforce that can successfully adapt to the world as it changes. Consider this Accenture insurance client in India. It leveraged analytics to identify the employee characteristics—including demographics, competency factors, and recruitment sources— that correlated with retention and high performance.
This translated into a drastic improvement in average workplace performance for new hires’ first nine months:
- Premium revenue up by 114 percent
- Policies written up 111 percent
- Retention up 68 percent
- Time to fill a position down from 108 to 60 days
In my next post in this series, I’ll look at the role of AI and machines in the adaptive workforce.
To learn more, download our full report: Shaping the Adaptive Financial Services Organization of the Future. Then, take a look at our report on: Shaping the Agile Workforce.