Bridging the Skills Gap in the Future Workforce
Welcome to Rob Clegg’s Medium page. In today’s blog, Rob Clegg shares how financial service organizations must transform to meet the digital needs of consumers which requires new technologies and automation, changing the skills and talent needed to meet the future.
Financial institutions globally are investing more than ever in technology and digital capabilities that will allow them to compete more effectively against both fintech and big tech organizations. While advances in revenue growth, cost-cutting, and customer experience have been achieved, much of the payback from these investments have been stalled due to the lack of talent in the marketplace. For financial institutions, it has become imperative to keep pace with the expectations of retail and business customers. Increasingly, these customers expect the same simplicity, speed, and intuitiveness that they receive from the big tech and fintech companies.
Meeting these expectations requires the collaboration of humans and modern technology. As more back-office operations become automated, the importance of human capabilities such as creativity, empathy, and leadership becomes more important. Even digital consumers desire a combination of human + digital in certain instances that may involve customer care and advice.
The shift in Skills Desired
There has been a shift over the past few years in the type of skills that leaders say they are looking for. Organizations are looking for employees that can work well with new technologies but also display leadership, creativity, empathy, and curiosity. In other words, although purely functional skills related to automation and AI are often essential for business growth, they are not enough.
Benefits of Up-Skilling
The benefits of up-skilling include a somewhat lower cost of job placement, the ability to control the talent pipeline and the benefit of using this internal development process as a workplace benefit for both internal and external candidates.
One of the most celebrated examples of corporate up-skilling was the announcement by Amazon that it’s investing $700 million to train 100,000 of its employees, so they are more prepared for the digital transformation of Amazon. This initiative will involve employees at all functional areas of the company and at all experience levels. Amazon believes the benefits extend beyond upgrading current employee skill sets. Don’t miss out — stay on top of all the latest trends transforming tech industry on the Rob Clegg website here.
The reality is that we are in a tight labor market where the skills gap in banking will only widen if current employees are not trained to work with new technologies. The key is to begin the educational process immediately. By starting today, banks and credit unions will not only be in a better position for the future, but they will also build a stronger organization of employees and leaders prepared for a digital ecosystem today. Find out more about Rob Clegg here. Follow Rob Clegg on his Facebook page here.