Never really blessed with calm waters, the financial services industry continues to find itself at the forefront of crisis, challenges, and scrutiny (yet again). Widely in the news for wrong reasons, it also continues to see great disruption in terms of regulation and technology, as well as talent. With increased consolidation amongst a spate of mergers and acquisitions, non-financial services firms applying for licenses (and continuing to reel in the aftermath of the liquidity crisis), RBI pay regulations, constantly evolving roles, etc., the attention on how talent is being shaped has never been more prominent. While compensation and rewards has always been, and will continue to be, in prime focus, recent trends have led many firms to revisit ideas around talent and productivity. That said, we believe that it is an opportune time to take stock of such changes happening across the industry, which are likely to impact the human capital strategies that are necessary for steadying the ship.
Earlier this year, Aon concluded a Talent Pulse Study, which broadly focused on talent management practices at financial services firms. The survey included questions on firms’ human capital strategies, selection, performance management, engagement, development, and HR function effectiveness. More than 40 organizations across the financial services industry took part in the survey, with representation from banking, insurance, NBFC, and asset management.