How to fuel your strategy by leveraging people data?

To stay ahead of regulatory and transformational challenges financial institutions need to leverage people data and skills

The ongoing need for transformation, regulatory changes, and innovation as well as a global scarcity for specific skills are shaping the financial services and insurance sectors. The race for critical capabilities and the overall higher demand for skilled talent is shifting the availability and composition of talent –directly influencing your location strategy.

The speed, efficiency, and quality of execution in the financial sectors depend on the skills available within the workforce, as well as the ability for transformation, and ways of working towards higher agility.

Sector wide shifts in technological demand can be found across both emerging and legacy locations. Technological advancements such as the Web3.0 create new hubs and reshuffle the traditional sector landscape. This leads to challenges securing the supply of necessary skills - not only fostering competition, but potentially causing higher workforce costs.

How can People Analytics put humans@center of your strategy?

Analytics-based competency management prepares your workforce to keep up with current market trends and engages your talent to meet your strategic goals. People Data and Analytics are crucial to deliver insights not only to determine what has happened, but also why it happened and how the status quo can be improved moving forward.

By determining which skills are critical to business success, and how many employees possess these critical skills we can produce an AI-driven skill model to identify current skill proficiencies and skill gaps – at scale. Utilizing “What-if” scenarios, interventions can help to forecast the future skill demand and tailor solutions to your operations, whether by defining contingent worker needs, creating personalized development plans or user-generated and social learning journeys.

Furthermore, a data driven employee experience goes beyond the employee journey, creating tangible impact on organizational culture and business results by connecting the right people and fostering more efficient transformations.

A recalibration of the location strategy become more and more important. While traditional on- and offshore locations can’t always meet specific demands based on talent availability, industry, labor pool size or competition from non-financial companies, it is imperative to leverage available data and explore greenfield locations.