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Digitalization in Banking: Restructuring Recruitment
Digital revolution is sure to transition the bankers of tomorrow while banks uncover new ways to succeed.
FREMONT, CA: Technology adoption has transformed conventional banking models. In line with this progression, banks are now reconsidering the type of workers they need as the operational landscape is drastically changing. Banks are transitioning their new hiring parables as processes become progressively automated and digitized. In the light of this, bankers' talent acquisition is evolving and technology is here to help the banks achieve their talent goals. Read on!
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Understanding Future Talent Requirements
With high-tech methods, recruitment can be automated. Bankers' demands, therefore, shift from fundamental cognitive abilities to socio-emotional and technological skills. Banks will need to evaluate where long-term gaps exist and create a plan for bridging them.
Identifying Critical Roles and Manage Talent Accordingly
According to the study by McKinsey & Company, only 50 leading roles are projected to drive 80 percent of the company value of the bank. Banks will need to define these data-based roles to transform the traditional hierarchy and then match them with the finest actors, to drive growth actively.
Adopt an Agile Business Model
Banks will need to move from a hierarchical to an agile system where management allows team networks to accomplish their tasks. Teams are re-allocated accordingly as possibilities come and go. This flexible structure has many benefits, including fewer product defects, reduced expenses, shorter yet effective time-to-market, and better employee engagement.
Ensure the Board is Focused on Talent
Only a few corporate managers think they are efficient in talent development. Boards will need to acknowledge Human Resources (HR) as a strategic partner rather than a mainly transactional function to be effective.
Worldwide, CEOs see human assets as a top challenge, yet rank HR as the eighth or fifth most significant company function. This is, of course, a disconnect to be reached. Banks will need to take HR to the forefront to keep up with fast change–or risk being left behind.