Talent Management Assignment: Appreciation & Retention Of Talents In Finance Industry
Task: This talent management assignment requires you are required to writea 5,000 word critical literature review based on a synthesis of business practice and academic theory on an individual topic of your choice.
The below essay will focus on the topic Appreciation and Retention of Talents in the finance industry. The topic has been selected in order to research the challenges faced by the finance industry, and therefore one of the major challenges that have been identified is the appreciation and retention of talents in the financial industry. Employees who are working in the finance and other industries were also facing a similar problem of lack of appreciation from the employers. It is extremely important for organizations to understand that their employees will feel undervalued due to a lack of appreciation, and therefore organizations should realize that employee appreciation is an important element in the productivity of the organizations as well as retaining employees within the organizations. Not recognizing the worth of the employees within the organization can lead to a lack of employee engagement, and therefore the organizational goals may not be achieved("Employee Appreciation Improves Retention, Productivity, and Morale," 2022). Employee retention is also an important activity in organizations and can provide motivation, morale, and productivity to the organization. Disengagement of the employees with the goals and aims of the organization has been a major factor for reduced economic growth of the organizations and increasing negativity within the team (Papa et al., 2018).
Talent management can broadly be explained as the enticing, choosing, and retention of workers that has the involvement of the combinations of the HR producer across the life cycle of workers. It covers the planning of the workforce, engagement of the employee, Learning and advancement, management of performance, employing, onboarding, succession, and holding. Presently around 70% of the services of finance and their CEOs think that the limited accessibility of skills is a danger to development, and this is a greater concern in comparison to the movement in spending of the consumer and competition and behavior from the market entrants that are new (Mihalcea, 2017). About 28% are modifying their targets on adaptability and skills of their people.
If the shortage of skills is such a topic of concern, then this needs backup with proper actions. It has not yet been done as there are no solutions of simple nature. It needs to enhance hiring or put more amount of investment into training. The CEOs take over regulations as bigger threats to the advancement, and they have discovered it difficult to perceive the investment return in talent management. Hence, this must-have involvement of making balance in distinct priorities and advancing the diverse, adaptive, digital savvy and the workforce that is relationship-driven as it is required to strive in the fast-changing marketplace. In order to survive in the present world, a new skill set is as essential as a new mindset. The organizations lending financial services have been facing the instant challenge of political and economic uncertainty and the long-term influence of the movement of consumer expectations, new technology, and more rigorous regulation. Some businesses that have been settled for long are struggling immensely to maintain the competitive significance in the wake of these advancements (Rabbi et al., 2015). But the shakeup of the present market also opens up considerable opportunities for reviving growth and re-establishing engagement with employees, consumers, and the whole society. Survival and success within this fast-modifying marketplace make the demand for workers or people who are digitally savvy and creative and have the ability to rapidly be used to new technologies and continuous change.
The quest for new kinds of opportunities and modifying the nature of financial service organizations even needs people with insight of cultural nature to perform in markets that are rapidly growing and lead more multi-generational and more diverse companies. With this blend of modifying skillsets and rising competition, it’s not a great wonder that around 70% of the CEOs of financial services consider the limited skill accessibility as a point of danger to advancement. The lack of a response is the real point of surprise. Around less than 30% of the CEOs of financial services organizations are modifying their aim on the adaptability and skills of their employees. It would seem that numerous organizations are still depending on the tactical responses of short-term nature instead of trying to advance a sustainable or clear-sighted strategy of long-term nature. Numerous organizations have begun rethinking the value proposition of their employees (Thunnissen, 2016). Going ahead of five years, around 60% of the organizations think that top talent would have a preference for organizations having social values that have alignment to their own. This replicates the perception of the newer generation coming into action.
The CEOs of asset management companies are aiming closely at payment and performance management (Berger, 2020). The CEOs of insurance companies are most essentially aiming at behaviour and culture. Therefore, most financial organizations are aiming at creating worth for broader stakeholders, more than any sector. This discussion is about the management of talents in a financial organization. Here, the influence of the identification of talent in the financial organization is discussed. The ways in which certain tactics such as appreciation and retention of talents in the industry can be used in the management of human resources.
Appreciation and Retention of Talents in the Financial Industry
The war for retaining talents has become a reality today for many organizations, and the industry most affected today by this war is the financial industry. Talent recognition has been the greatest challenge for firms all around the world. As per Lee et al. (2017), Firms lose new talents for various reasons like dissatisfaction levels of the employees due to the functioning of the organization or lucrative offers from other organizations due to increased competition in the market. Some of the reasons for dissatisfaction within the employees can be problems in the culture of the organization, compensation structure of the employees, the career path of the employees, the hierarchy structure that the employees may not approve of, and lastly, lack of recognition of the employee's achievements. All these factors should be strong enough to retain the employees within the organization. According to Zhao et al. (2018), sometimes the employees may exit the organization beyond these reasons that cannot be predictable or for even personal reasons that are unavoidable even after various attempts of an employer trying to retain the employees. Therefore, in some cases, employee retention strategies can also be ineffective due to the uncertainty of human behaviour. However, the employee retention strategies become ineffective in a few of the cases only, and the strategies may be effective in other common cases where an employee wants to improve their compensation structure, or the employee wants to grow in their career path.
As per research conducted by PWC, it has been evident that about 70% percent of CEOs feel that lack of growth in skills is a major problem for the financial organizations to recruit talented people in their organizations ("19th Annual Global CEO Survey: Key talent findings in the financial services industry", 2022). This has been a major problem of the shift of consumer spending and behaviour towards the competitors in the market. Despite the issue, only 28% of the organizations are shifting the focus towards skill development and growth of the employees present within the organization ("19th Annual Global CEO Survey: Key talent findings in the financial services industry", 2022). This put forwards a huge question for many of the multinational industries that are providing financial services for hiring and working with a knowledgeable and skilled workforce within the organization. There is also a challenge for the human resource and the corporate management of the organizations whether to increase hiring in the organization or to implement training procedures within the organization. The simple solution to this challenge for the organizations is that both of the options should be strategically implemented by the organizations to solve the problem of retaining talented employees within the organization and along with this, the employees working within the organization should also be provided with diverse and adaptive, digitally equipped and also the relationship-driven culture that is required compete in today’s fast-changing global marketplace (Kurdi, &Alshurideh 2020).
Figure 1: Changing talent trends in the financial industry
(Source: "19th Annual Global CEO Survey: Key talent findings in the financial services industry", 2022)
An employee in the organization, along with a good working culture and feasible policies, also needs recognition of the work done by them. As stated by Kranabetter&Niessen (2019), appreciation of the employee and the work done by them is another way that helps to attract and retain employees in the organization. Employees contribute towards the working of the organizations and expect that the organizations provide returns to them in through appreciating their work in different forms and ways like increment in the salary structure, or promotion of the employees in the organization, or even rewarding the employees through awards and bonuses for the hard work done by them.According to Eldor&Vigoda-Gadot (2017), apart from this, organizations nowadays have to take that extra step towards their employees to support the talents and the efforts of the employees. This does not need extra effort from the employers and can be done through simple efforts like arranging weekly or monthly activities for the employees, organizing a birthday surprise for the employees, or providing gifts to the employees on festivals and celebrations that help in relationship building and making the employees believe that they are an asset to the organization rather than a liability. However, along with these, the employers should also ensure that the employees are happy with all the factors that contribute towards their satisfaction levels as only one factor alone cannot convince the employees to retain within the organizations. As per Heide&Simonsson(2018), despite this contradiction, the employers and organizations are impacted with these simple efforts and may help the organizations to retain their best talents that contribute towards the profitability of the organizations. The talent also tends to keep changing within an organization, and therefore sometimes it becomes difficult for the organization to keep up with all the trends in the global market and may face employee turnover at some point. To overcome this problem, the organizationsneed to use technology and predict the changes in the employee trends to decrease the employee turnover rate and build a team that can contribute towards the growth of the organization. The major focus should be the improvement of the strategies for employee engagement within the organizations, and this should be together implemented by the HR department and the board of directors together to cut down the hiring costs and retain employees within the organization(Podgorodnichenko, Edgar &McAndrew, 2020).
Managing of Talents in the Financial industry
Talent management is quite essential as it supports the employees to feel engaged, motivated, and skilled, enabling them to perform in the way of the business goals of the company. The conclusions of numerous surveys conclude that millennials need a purpose to work, and they have the urge to feel they have made a certain contribution towards the world and want to have a sense of pride for their employer (Azizet al., 2019). The capability to construct and communicate social worth and meaning will hence be an enhanced critical differentiator of the brand of employer. Even though the business of financial organizations is going through such new and enhanced demands, the conversant shortage of talent in aspects ranging from risk of operations and compliance personnel to insurance actuaries hasn't shifted (Ansar&Baloch, 2018). Competition to entice the kind of talent the business of such organizations requires is arriving from every sector. It is not possible any longer to simply hold a conversation regarding the talent market of financial services organizations because the boundaries are now highly blurred.
Figure 2: Optimal Workforce in Finance Industry
(Source: Boštjan?i?&Slana, 2018)
Hence, the financial industry has been managing the talent through a strategy that has been built by them by knowing the reason for building up their strategy. Currently, certain companies in the industry have strategized to hire top employees, and this has helped the organizations or the financial industry to instantly receive talent of top nature. This has even helped the existing employees to perform, and such companies have been able to better their performance at a faster rate. Therefore, such companies have advanced at a faster rate, and they are ready to face risks and challenges. However, this strategy has proved to be expensive for the company (Collings, Scullion &Vaiman, 2015). Hence, another strategy that the company has employed is hiring talented specialists and developing them. In this way, the company has been able to find the talents at a faster rate and has even saved the money spent on salaries. The only disadvantage that the company has faced here is that the growth has been at a slower pace. There are numerous companies in the industry that have combined both the strategies and have taken advantage of the amalgamation of existing talents and new hires. The industry has been using a standardized model for talent management that some professionals from the HR field have proposed and can be used by any organization.Retention and recognition of a talented workforce is the essential issue that a business sector has faced in recent times as a consequence of brain drain (Drewery, Pretti& Church, 2020). Talent has become the driving force for business success, and most of the employees leave the organization in the absence of career growth and development.
Figure 3: Assessing the finance-talent landscape
(Source: González-Masip, Martín-de Castro& Hernández, 2019)
Challenges of talent management in the financial industry
The Covid-19 pandemic has brought insignificant impact on the recruitment drive, attracting skilled employees and retaining them in global organizations, which did not spare any industry. The challenge faced in managing talent in the financial industry is to find the right talent that is not only skilled and experienced in the financial industry but also can easily accommodate the digital transformation.
High Skill Gap: According to the Hays UK Salary and Recruiting survey, 68% of the employers have seen moderate to extreme skills shortages in the accounting and finance industry which is significantly posing a negative impact on the overall team's productivity. As supported by Khalid&Nawab(2018), over time, with an increase in the skill gap, the employers grow desperate and shall be obliged in increasing the salary packages for attracting more skilled professionals. As contradicted byKurdi&Alshurideh (2020), the real issue faced by the finance industry in attracting new talents is that the primitive and basic financial skills and roles like data entry, salary filling, passbook update, verification of KYC details are not optimal to fetch a job in the finance industry. In addition to this, the emergence of new roles and responsibilities in the banking and finance sector like Blockchain, data scientist, AI, and software engineers- and not many universities used to provide such courses even a decade before.
Figure 4: Banks planning to expand their expenditure on different technologies
(Source: Abba, 2018)
Low Retention Level: As mentioned by Shah&Asad(2018), 10% of the millennials are presently working in the finance sector and reported that they plan to stay in their present role for the long run as compared to the 18% of the workforce for all the sectors. Most importantly, out of the above figures, the ones working in the financial industry commented that 48% are actively looking out for better and new opportunities within the same industry. This consciously shows that retention of talent has been a challenging factor in the financial industry since the global financial crisis in 2007. The reasons are variable ranging from issues related to stagnant growth opportunities, compensation and benefits, the role of management, and many more. However, most of these factors are under the employer's control to mitigate this issue.
Long and Manual Processes: Nearly 50% of the millennials prefer to communicate electronically or online at work rather than on face-to-face or telephonic conversations. PwC reports revealed how millennial follow a set pattern in making use of their own technology and skills at work and believes that access to technology makes it more effective at work. As said by Sabbagha, Martins&Ledimo(2018), possible instances have been recorded when employees have left their organizations or even switched industries when they have found that the company is continuously using the traditional and manual procedure for undertaking finance work when there are automatic tools available to replace the old.
Poor Candidate Experience:As stated by Modauet al. (2018), 49% of the candidates are currently working in the highly-demanded sector like banking, Energy, Technology. These are the people who are most likely to turn down a job offer if they experience a poor recruitment drive. A poor candidate experience has long-lasting negative fallout on the hiring efforts initiated by the companies. It has multiple implications on the brand reputation as well. There are 56% of respondents who have mentioned that they are demotivated and discourage others from applying to the business if they had a bad recruitment experience with them. Shortage of Mid-Career Candidates:There is a shortage of mid-career candidates in the financial industry, as well as a lack of fresh millennials. The Great Recession in 2008 and the low economic years that were followed by a series of issues that caused many people forced to leave the financial service industry. In the words of Fahim (2018), at present, there are very few middle and top-level professionals available in the financial sector. However, these candidates have high demand in the economy as the sector has seen improvement, boosting confidence and enormous growth in the industry. The shortages of mid-career candidates are also due to their comfort achieved in a specific company over the years. They are reluctant to bring in changes in their professional life by joining a new company or changing the industry.
Positive talent experiences:A positive talent experience differentiate one finance function from another, and in a similar way, it remarks changes in the customer experience which is the difference for companies in the product market. As said by Nyaema&Wambua(2019), the positive talent experience is, although intangible in nature and it encompasses how a financial professional is valued at market price, the degree of autonomy he is allowed to enjoy in his job, and the corporate attitude towards maintaining a balance between the professional life and community or social life. All these issues play a crucial role to be focused on the talent programs based on the expectation of the different generations of employees.
Overcoming talent management in the Financial Industry
The HR leaders in the HR department are facing various challenges to managing the talent in the organization. As per Meyer and Xin (2018), talent management calls for various activities like performance reviews, promotions, retention of talents, and also developing a positive working culture for the employees. The individual industries are also experiencing changes in managing the talents in their organization. The finance industry especially is facing the challenge of laying off its employees and workers due to automation techniques, and for the other industries, the question mostly revolves around staff appreciation and staff satisfaction to retain the employees within the organization. However, the financial industry still needs knowledgeable and experienced employees within the organization, and also, due to the heavy competition in the industry, HR has to majorly focus on staff retention and staff satisfaction to ensure the strategic development of the organization (Maurya&Agarwal, 2018).
The financial industry has been filled with automation technologies like AI, cloud computing, and digital marketing. As stated by Maurya&Agarwal(2018), the challenge faced by the industry is training the large workforce on these automation and digital platforms so that they can cope with the changing business environment globally. Training the large workforces requires investment and is a cost to the organization and therefore when the staff exits the organization after learning these new technologies then the organization suffers through manpower and financial loss at the same time, and the cost of hiring a new employee adds to the challenges faced by the organizations (Ceridian Institute, 2022). Despite the challenges faced in training the employees, the organizations have to bear the risk of training their workforce and bearing the costs even if an employee resigns from the organization.
Employee Engagement is another challenge to stay ahead in the competition. The increasing competition in the financial industry and all other industries try to attract as many as good talents possible. Therefore, all organizations need to develop employee engagement strategies within the organization to retain the best talents in the organization and therefore say ahead in the competition. However, despite the attempts of the HR managers to engage the employees in the organization, sometimes the rival companies may attract the best talents present in the other organizations by offering them high compensation structure and promotion levels. As stated by Mankins&Garton (2017), along with hard skills, soft skills are also required by the organization and employees. This can again pose a challenge for the organizations in the form of losing the customers and therefore decreasing the profit levels in the organization. This will also increase the costs of the organization for recruiting an experienced talent in the place of the old talent in order to compensate for the loss incurred. This situation can further be avoided by HR departments taking immediate action to meet employee expectations, especially if the employee is an asset to the organization ("OVERCOMING THE FINANCIAL SECTOR RECRUITMENT CHALLENGES," 2022).
There is another challenge that is faced by the organizations in terms of younger and older generations. Younger generations can easily adapt to the new technological tools and are fond of technology that helps them perform their work easily. As per Sivanthu&Pillai(2018), the younger generation also is fond of cultures that have easy access to colleagues and peers, managers and higher authorities, and also mentors who can help them understand their work easily. On the other hand, there is a set of people who belong to the older generation and therefore are not fond of new technological tools and are more comfortable with traditional working styles. This makes it difficult for the younger generations and the older generation to work together comfortably, which results in disputes within the organizations. As stated by Claus (2019), to overcome this, the HR department has taken initiatives like organizing events and programs so that all the employees can get an equal opportunity to interact on a personal level other than work. This will also create a friendly environment within the organization and will make the teams stronger for efficient working of the organization. However, there will always be a gap between different generations, and no matter how much one tries to decrease the gap, it will not vanish completely, and continuous effort by HR departments is needed to work on such problems in the organization (Maheshwari et al., 2017).
Figure5: Talent Management Strategies
(Source: Sketchbubble, 2022)
The most difficult challenge that organizations are facing today is a wide skill gap in the organization. As per Ustundag&Cevikcan (2017), the changing global requirement and needs of the organizations demand the organization to change the way they work and adapt themselves to the constantly changing environment. Another way to overcome the challenges in managing the talents in the organization is to hire employees with a certain behavioural trait. HR managers, while recruiting the employees, should search for traits like the adaptation skills of the employees in the constantly changing environment. Agility is the new skill in demand by all the organizations that will assure the long-term sustainability of the organizations. As stated by Claus (2019), the organizational structures are also changing today from rigid ones to more flexible and agile so that organizations can communicate better and make their profitability levels much higher than before. Despite all the efforts by the Hr departments and recruiter, there can be incorrect hiring sometimes, and employees may not be able to adapt to the changing environment of the organization. HR needs to practice the most efficient recruitment practices to hire the most talented employees within the organization (Tempest and Coupland, 2017).
Another challenge that the organizations face in managing the talents in the organization is that the HR recruiters are still using the traditional ways of recruiting people in the organizations. According to Chang et al. (2020), this concept also needs to be changed within the organizations, and the new methods for hiring people should be adopted within the organization. The search for knowledge and some rigid skills should not be the basis of hiring people in the organization, and the recruiters should come up with new hiring procedures and concepts. According to Mankins&Garton(2017), along with hard skills, soft skills are also required by the organization, and employees prefer the organizations who require all these skills and do not only follow traditional methods of hiring and working. Therefore, the organizations also need to change themselves in all aspects to manage the talent of the employees within the organization (Wijesiriet al., 2019). However, sometimes the good talents required for the organizations may not get selected due to the perspective of the interviewer or due to personal preferences and even personal reasons. This should also be regulated by the HR departments, and HR departments should question the non-selection of the employees from the managers.
The following are the 2 recommending guidelines that can help the finance sector to attract as well as retain talents within the industry.
Creating and nourishing a culture of recognition: With the fierce competition in the finance industry, in order to attract new talents and retain the existing ones, a workplace culture must be recognised that can bring about a dramatic change in the industry. Such organisational culture shall empower and engage more employees working in a highly complex industry by making them feel like the work they are performing has a meaningful purpose. A comprehensive, value-based employee recognition program should be built by the finance companies which is top-class as a gesture of recognition, appreciation, gratitude, learning culture and investment culture for ts employees to be associated with the business for long-term.
Making DE&I for the organisational DNA: The factors like diversity, inclusion and belonging must align with the organisational culture in order to hire new skilled talent and retain the best lot. These factors make the companies extremely attractive to a large section of the employees. Specifically, there is a strong hold of business case situations wherein diversity, equity and inclusion (DE&I) are included as the profound and very real power to attract a talented workforce and build high-performing internal team.
To conclude, it is essential than ever for the financial industry and banking sector to identify, develop and retain their high-performing employee. The previous two years have been extremely difficult for multiple organizations; however, hard-working and talented employees are the key factors to the success of companies. Human resources are the best asset, and if the company invests in them, the business shall receive in deriving greater returns in the future. Employers in the finance sector can attract and retain top talent by placing themselves as a place where people can advance their career graph. It must be an institution where employees are given ample opportunities to learn and take up new skills and take new challenges on board as well. The mode of attracting qualified finance experts should couple with compelling job descriptions. It is clearly depicted in the above discussion that retaining top talent in the business is a key to promoting organizational growth. The task of recruitment, attracting, and retaining new employees is expensive and time-consuming for the company. Moreover, the turnover of employees causes a negative impact on the levels of productivity and morale for the employees. The major argument discussed in this chapter is the method of retaining talent in the finance sectors wherein employees work under the most complex working environment wherein they require feeling appreciated, respected, and worthwhile against their hard work delivered to the business.
The previous pieces of literature have shown in the discussion that when talented finance employees feel undervalued against their hard work poured into the business and are unappreciated; they hunt for alternative employment opportunities. This makes it difficult for businesses to attract new talent and retain the older ones. The employees need to feel that their contribution matters to the business and they have worth in the company. However, feedback and prise must be sincere based on merit and performance exclusively. For instance, the banks attract talent by running super days in order to conduct and compute the scores of the initial interview procedure carried out in one phase. The initiatives are reported as referral programs, and diversified interview panels are constructed to conduct interviews that can help the banks and financial institutions to expand their pool of talents. However, it must be supported by an inclusive workplace environment and culture to avoid new talents from becoming disenchanted. The significant flaws identified from the given study is that the mode of recruitment, interview procedure, training and induction session and ways of retaining employee practices are missed out from the study with regards to the finance study. The study does not identify the effectiveness of monetary and non-monetary schemes available in the finance business to retain and attract employees into the finance sector. The future study should focus on the new learning and technology that shall bring about a mass change in the finance sector. For retaining the exceptional talent, the company should focus on continuous learning practices and improving the technical skills of the finance employers to make them in demand into the business. Overall, one of the significant keys to retaining in a complex hiring environment like the financial sector is to identify the top talents available in the industry and use the medium of coaching and mentoring for developing the existing members in the business. The focus is to bring in efforts that must align with rightsizing as well as to ensure that there are right people fitting in the right roles. The development and training sessions for the top employees- seldom using external training programs can go ahead in a long way towards improving the retention rates in the company. The programs of mentoring and coaching for the new staff shall also reap effective results which can be easily reflected upon and incorporated into the yearly performance review procedure, which has depicted a positive outcome altogether. ?
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