As some organizations in the financial services industry announce hiring freezes or layoffs, the same companies are also struggling to hire to fill a future skills gap.
In 2020, a report from The World Economic Forum (WEF) titled, “The Future of Jobs Report” gave us specific data about these shifting forces. It highlighted the impact of technology and automation on the industry, the increased adoption of artificial intelligence (AI) and machine learning, and the demand for new skills and competencies – including data analysis, digital literacy, and critical thinking.
In response to the rapid technological evolution in most industries, financial services organizations are increasingly focused on reskilling and upskilling their existing workforce, rather than relying solely on external hiring.
In a 2022 report from the Financial Services Skills Commission, 82% of financial services leaders say reskilling ensured employees were prepared for future roles because of investment in forecasting and building future skills. Additionally, 65% say reskilling reduced the need to hire externally, reducing contractor costs and redundancy costs. New technologies and automation will require new skills; reskilling and redeploying your current workforce can be the key to avoiding redundancies in the future.
Internal mobility is the process of facilitating the movement of employees within an organization to different roles, departments, or locations. Internal mobility programs allow employees to develop their skills and knowledge, gain new experiences, and take on new challenges without having to leave the company. Reskilling and redeployment are part of internal mobility, but there are other factors, including employee retention and inclusivity.
Internal mobility is critical for future-proofing the workforce in the financial services sector and directly impacts the following areas:
Internal mobility allows you to create a strong leadership pipeline while improving engagement and retention at the same time. According to a report by Global Human Capital Trends, 53% of younger workers want to take on leadership roles, but only 6% of organizations have strong leadership programs in place.
Having a talent mobility program in place means you are able to see how employees perform in a variety of roles. You can also use data from learning and performance activities to identify leadership candidates. Engagement and retention are improved because employees have ongoing potential to achieve new goals and meet new challenges, create meaningful connections, and build new skills.
Developing a strategy for upskilling and a path for internal mobility can be the key to retaining your best and brightest, as well as a solution for the future workforce your company needs.
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