• 15-APR-2013

  • SOURCE: PricewaterhouseCoopers LLP

Financial services talent models are unsustainable in new business climate

Seizing Back the People Agenda
Research from PwC has found that FS CEOs view talent shortages as the biggest threat to growth. The report, Seizing back the people agenda, also suggests that current models for people management are unsustainable in the face of new market realities and that rebuilding trust and re-engagement with employees, customers and society as a whole is needed.

Findings include:

• A combination of technology, new capital demands and the economic situation are transforming customer expectations and making once-profitable areas of business unviable.
• More than 80% of financial services leaders see over-regulation as a threat to growth while more than half are concerned about the shift in customer spending and behaviour.
• Half of financial services CEOs believe that a lack of trust in the industry is holding back growth.
• Rebuilding trust with disenchanted customers is going to be vital in order to strengthen customer loyalty, retention and growth – the number one strategic priority for industry leaders.
• Re-engaging with customers is going to be extremely difficult without re-engaging with employees and the challenge is heightened by the extent to which trust between employers and employees in the industry has been shaken by retrenchment and organisational upheaval.
• Significant changes required in organisation culture, including demonstrating and reinforcing the right behaviours across all front and back office functions and geographies