Other parts of this series:
In my Journey to Cloud series, I have shown you the benefits of cloud regarding business differentiation, cost and security. I also discussed just how advantageous cloud technologies can be during Mergers, Acquisitions and Divestitures. To wrap up the series, I will look at one more area where cloud is making a big impact: talent.
The fact is, it’s becoming more and more difficult to recruit and retain the right talent, and Financial Services Institutions are experiencing this problem first-hand.
- In the insurance industry, a vast part of the existing workforce is expected to retire over the next few years. Because the industry is struggling to attract “born digital” professionals, insurers are finding themselves on the cusp of a full-blown skills crisis.
- Similarly, banks and capital markets firms are experiencing a brain drain. Based on Accenture research, only 7 percent of US graduates in 2016 saw banking and capital markets as a top industry to work for, down from 12 percent in 2013.1
Why is that?
One explanation is that today’s graduates are looking for a personalized career experience that includes:
- Interesting and meaningful work.
- Opportunities for continued learning and keeping up with advancing technologies.
- Increased mobility and flexibility.
- An open and engaging corporate culture.
- Pervasive collaboration technologies.
- Openness to freelance and portfolio careers.
As a result, enterprises using bureaucratic management models with fixed roles and rules that constrain innovation are now under extreme competitive pressure to reimagine their workforce, and even their corporate structure. That means introducing new ways of working, making jobs more appealing, and creating a workplace that encourages collaboration and values creativity.
And companies are responding. Our Technology Vision 2017 Survey uncovered that businesses are transforming their organizational models and the way they manage their people to take advantage of an increasingly digital and on-demand workforce.
In fact, they are beginning to function more like open talent marketplaces by:2
- Eliminating traditional organization hierarchies in favor of ad-hoc project teams.
- Including more freelance, remote and mobile workers, made possible through more effective digital communication and collaboration models.
- Using on-demand labor platforms and online work management solutions.
- Enabling career growth via continuous learning and development.
To take advantage of this workforce trend, Financial Services Institutions need to be agile enough to change rapidly and innovate in ways that weren’t possible before.
Once again, cloud technologies hold the key.
Here are some specifics:
- Rapid advances in cloud facilities and mobility remove the technology and cost barriers associated with digital industry platforms and ecosystems.
- Online work management solutions with on-demand access to software and data delivered by the cloud support consistent user experiences and allow employees to securely work on any device from anywhere, with virtual desktop capabilities, automatic software upgrades, self-service support options and collaboration tools that deliver high-quality operating capability for distributed platforms.
- Cloud allows faster updates for quicker innovation, customization, and speed to market of new products and services.
- The rapidly advancing nature of cloud technologies makes it easier to keep employees engaged.
In conclusion, capitalizing on cloud is not just about moving to a cloud platform. It’s about effectively using the services put into the cloud. Whether its business differentiation, cost savings, security advantages, or talent acquisition and retention—the cloud offers unprecedented opportunities, both in the short- and long-term.
Yes, moving to the cloud is indeed a journey. But you’d better be in a hurry.
- “2016 UK University Graduate Employment Study, Accenture, 2016. “US University Graduate Employment Study,” Accenture, 2016.
- “Technology Vision 2017: Technology for People – The Era of the Intelligent Enterprise,” Accenture, 2017. Access at: https://www.accenture.com/us-en/insight-disruptive-technology-trends-2017.