Making the right investments in the financial services industry

January 17, 2020

For human resources professionals, the next big trend is always right around the corner — the financial services industry is no exception.

The industry is already experiencing a massive surge of tech-driven roles that need to be filled.

With the unemployment rate near all-time lows, it’s harder than ever to attract the qualified talent you need.

Throw in the overlapping elements of tech and finance, and the exceptional people you need who are sufficiently skilled in both areas are even more scarce.

It’s not just the usual players in the financial services industry that you’re up against in attracting workers, either.

When seeking to attract top tech talent, you’re competing against Big Tech giants like Amazon and Google. To be competitive against these formidable opponents, you better have an attractive benefits package in place.

Hiring top tech talent is just one key objective for HR professionals. Let’s take a look at four more trends making waves in the industry.

Impending job displacement

While tech may be fueling job creation, it could be responsible for eliminating jobs as well.

Advancements in fields such as artificial intelligence threaten to displace traditional workers.

The Mercer 2019 Global Talent Trends survey found that in countries like Brazil, India, and Japan, more than 70% of companies said they were planning to increase automation.

A similar adoption of automation in the United States could threaten to displace large numbers of employees — particularly older workers.

According to a 2018 Mercer/Oliver Wyman report, more than 50% of the work done by older workers, on average, can be replaced by automation.

The search for new growth sources

Financial services firms are reallocating resources from mature businesses and regions into more high-growth areas.

What does this mean for HR professionals?

You better have an effective mobility program in place.

There’s no one-size-fits-all approach. You need to have policies in place for everything from temporary domestic relocations to long-term moves overseas.

By equipping your workforce to mobilize efficiently, your firm will be well positioned to capitalize on key growth opportunities at home and abroad.

Healthy globalization

In moving talent around the globe, employee wellness must always be top-of-mind.

Investing in employees’ well-being results in higher productivity, lower medical costs, and decreased turnover — meaning your overseas workers will be all the more efficient.

An analysis of the Mercer 2017 National Survey of Employer-Sponsored Health Plans identified the following nine best practices for high-value employee wellness programs:

  • Ensure that vision/mission statement supports a healthy workplace culture.
  • Offer digital wellness resources.
  • Make (paid) well-being programs available through a plan or vendor.
  • Conduct analyses of workers’ behavioral health issues.
  • Provide programming for stress management, resiliency, or mindfulness.
  • Focus your wellness strategy on intrinsic motivation to improve health.
  • Allow family to participate in programs.
  • Use incentives to encourage wellness program participation.
  • Implement a smoker surcharge.

Shifting demographics

The face of the modern workforce is changing.

According to the Pew Research Center, millennials became the largest segment of the workforce in 2016.

This generation has a different set of workplace values than their elder counterparts.

At the top of the list of priorities for millennials are:

  • Professional development
  • Career advancement
  • A fun work environment

In order to attract and retain millennials effectively, you’ll need to design benefits packages that work for them.

Diversify your approach in the financial services industry

Change is around the corner in the financial services industry. By being proactive today, you will be aligned for success tomorrow.

Count on Mercer to have the tools you need to thrive tomorrow, and beyond.

Give us a call anytime at 866-605-1031.