ManpowerGroup: Most Financial Institutions Lack Workforce Strategy


Milwaukee — Oct. 21

ManpowerGroup advises financial and banking institutions that the current economic environment of uncertainty, growing talent shortages and evolving workforce needs make it imperative to have a robust workforce strategy in place that accelerates execution of business strategy.

However, 76 percent of global financial companies are operating without a fully implemented workforce strategy, a recent survey by ManpowerGroup Solutions’ Strategic Workforce Consulting business found. In addition, more than half of financial firm respondents reported that human resources functions play no role or a limited role in implementing business strategy. That is despite ManpowerGroup’s global Talent Shortage Survey showing that accounting and finance professionals have ranked among the top 10 hardest jobs to fill for each of the past eight years.

ManpowerGroup Solutions’ new insights paper, “Why Financial Institutions Need a Workforce Strategy,” released on Monday, outlines talent management strategies human resources functions can use to develop and maximize their employees’ human potential. At a time when companies’ business strategies are shifting, attracting the best talent and keeping up with changing business models — and technology — poses an ever-bigger challenge.

In the aftermath of the global financial crisis, talent demands in the industry have shifted faster than supply can keep pace as sweeping regulatory reform has taken place. Not only do financial firms need to source highly technical talent to fill critical new risk and compliance analysis roles, but they continue to seek talent with cross-functional capabilities who can broadly collaborate across the organization. The evolution of mobile banking is also creating new types of jobs as transactions are increasingly completed online.

Banking and financial institutions that leverage technology, and a range of flexible work models that incorporate full-time workers, contingent workers and remote or virtual talent with in-demand skills will have a competitive advantage, according to the firm’s survey.

Source: ManpowerGroup