Here at the Talent & Organization Blog for Financial Services (FS), a diverse group of our experts cover a wide variety of hot topics and trends, ranging from artificial intelligence (AI) to enterprise agility. We would like to share with you some of our most popular blogs of 2018, in case you missed them when they were first published.
Our Global FS Talent & Organization Lead Andrew Woolf kicked off the year by highlighting the four key adaptive workforce trends in FS: how work is organized, how work is performed, the employee experience and who performs the work, and how work is led and managed.
Woolf also covered the launch of our groundbreaking research at the World Economic Forum in Davos. “Reworking the Revolution” found that greater investment in AI and human-machine collaboration could increase revenues by 38 percent by 2022. Furthermore, it could boost employment by 10 percent—creating 5,000 jobs for S&P 500 companies.
Sarah Kruger, our FS Talent & Organization Lead in Australia, also wrote extensively about AI in the workforce.
“In the early stages of AI, machines performed human tasks in an isolated environment, working alongside but not with humans. As AI capabilities have progressed, the new applied intelligence model calls for machines to increasingly work with humans in a more integrated manner,” she wrote in June. “A key part of this is creating a work environment that elevates human capabilities.”
In another blog, Kruger recommended three steps to re-imagining how people and machines might work together: Assess tasks and skills to determine which tasks can and should be done by intelligent machines and which tasks can only be done by a human. Create new roles that are specialized, insight-driven, and multi-skilled in an applied intelligence environment. Map skills to new roles by assessing what skills are currently available among the workforce and what skills will need to be developed or acquired.
In November, Nicole Knott, our Global Lead for Digital HR Capability, wrote about the potential of AI to create a better world. She cited our report, “Responsible AI,” which found that AI technologies can be leveraged for the betterment of society and to address some of the challenges people face today. Among these applications are: support for inclusion, diagnosis of diseases, protection of the environment and help for the communities in which we live, through better services.
Andy Young, our Global Change Lead and the Lead for our FS Talent & Organization practice in the UK and Ireland, is keen on deep dives into digital transformation and enterprise agility.
In May, he highlighted four tactics for creating outside-in change: 1. Design thinking, which enables firms to innovate at a rapid pace and become more relevant to customers’ lives. 2. Embracing regulation to unlock innovation and greatly improve the customer experience. 3. A digital culture that promotes being more open to ideas and partnering outside the organization. 4. An innovation pipeline that is aligned to business value and strategy.
In a 10-part series, Young unpacked the unique insights into the state of agility within the FS industry and took readers step-by-step through our report, Enterprise Agility in Financial Services: The New Strategic Imperative.
“Enterprise agility is a strategic imperative for FS organizations and one where there is substantial improvement required,” he wrote, citing the key findings of the report. “True enterprise agility delivers significant financial benefits, giving the organizations more than double the probability of achieving top-quartile results compared to the industry average (55 percent vs. 25 percent). Truly agile firms also show better long-term performance, about 16 percent growth in earnings before interest, taxes, depreciation and amortization (EBITDA) over 10 years (2007 – 2017), 10 percentage points higher than the rest of the benchmark group.”
Mel Lee, our Global HR Transformation Lead and the FS HR Transformation practice Lead in the UK and Ireland, wrote about the growing interest in creating an employee experience similar to the customer experience.
“A new paradigm in EX is emerging. Just as customers often become loyal to brands because of their people, so workforce engagement and productivity are driven by human interactions with leaders, coaches, teammates and other employees,” she wrote. “Our research shows that human experiences are in high demand.”
That’s 2018’s future workforce theme in a nutshell: humans + machines.
We look forward to bringing you more news and trends on talent and organization in FS in 2019!