A big shift is ongoing within the financial services industry — one where talent aligns with the new wave of technology helping to automate most banking processes.
Leaders in financial organizations already anticipate sweeping change brought by automation, though the pace of implementation may be slowed by the pace of regulatory change. This outlook on banks' digital transformation is captured in EY's latest ViewPoints publication for the Bank Governance Leadership Network.
While it may take some time for new financial technologies to be deemed compliant, financial service providers do have an opportunity to prepare for their inevitable change by taking advantage of automation elsewhere — in managing their evolving workforce. Yet, this evolution is not driven only by new efficiencies in automation. Today's workforce is more dynamic and pursues greater flexibility in their careers, leaving employers to find a way to handle more development from within and greater turnover.
By tapping into the latest workforce management solutions, financial institutions can already begin using automation for greater efficiency in managing the immediate workforce shifts in preparation for the change in financial operations yet to come.
Changing Employees and Changing Roles
Compared to previous generations, today's younger workers have shorter tenures in any given role. While many workers used to hold onto their job for around ten years, now they begin to seek shifts in around three to five years. But moving on from any role doesn't always mean leaving their employer. Many look for opportunities to grow within their organization, though not necessarily within any specific department.
With the onset of process automation, this shorter employee tenure is not necessarily a setback for employers — as long as they have a way to handle their transitions efficiently. The quickening pace of employee mobility within organizations needs quicker systems for on-boarding new employees and for managing changes to employee records in line with their new roles. A lot of this responsibility would fall on HR professionals, but the latest cloud-based workforce management solutions offer huge efficiencies that speed the on-boarding process along, aid in the processing of electing benefits and building employee records, and lift the burdens on HR.
Banking on Employee Retention
Seeing as employees seek greater flexibility for growth and mobility, employers still have it in their power to hold on to the talent they trust while enabling their growth and transition within their organization. Comprehensive workforce solutions that help HR automate many of their processes also provide people managers with greater opportunities to invest time and effort into employee development and engagement, not just daily administrative tasks.
When menial tasks like scheduling, approving time-off requests, and performance reviews are accelerated through stronger workforce management automation, managers have more time to offer employees greater encouragement for developing in their current roles, pursuing new roles outside of their department and fighting stagnation in their work.
Begin Your Path to Automation Today
While the regulatory jury may out on the automation impacting processes around mortgages, estates, or other central services of financial institutions, now is an especially great time to anticipate the future need for tech-savvy talent while simultaneously boosting the performance and growth of banks' current employee base. The benefits of workforce management automation hold great promise, especially for the ongoing conversation around drawing in talent necessary for the technologically advanced institutions of tomorrow, so gear up for change today.