Financial services companies are used to maximising returns for clients – yet many have not fully realised the potential of their own HR teams to deliver commercial value in uncertain times, according to an industry expert.
James Smyth, a financial services HR technology specialist at The Access Group, believes firms in the sector are unwittingly counting the hidden costs of low workforce engagement, high staff turnover and uninformed decision-making.
Writing in a free two-part guide, he reveals that a third of HR practitioners currently lose more than two working days every week due to poor collaboration between different teams.
Commenting on the findings, he said:
“There are a number of challenges facing financial services companies – including possible Brexit-related skills shortages and compliance with legislation such as the Senior Managers and Certification Regime (SMCR). On top of that, they are grappling with questions like how to engage a workforce increasingly dominated by tech-savvy Millennials, develop meaningful rewards and tackle the gender pay gap.
“While some senior managers already understand that empowering HR to make better use of people data is key to addressing these issues, they do not necessarily know where to start.
“Wholesale change is always daunting – not least because it tends to require significant investment and buy-in – so these books highlight the benefit of small but continuous improvements. Something as straightforward as enabling different departments to share information not only reduces the number of duplicated tasks, it also provides a sound basis for strategic decision-making at the top level.”
The first book, called Small HR Innovations that Make a Big Difference: The 1% Rule, is a bite-sized look at the latest industry thinking, while the second, Driving Change in HR: Applying Marginal Gains in 2019, provides practical advice on how HR can deliver on wider business objectives.
To download your copy, click here [https://pages.theaccessgroup.com/human-resources-marginal-gains-hr-guide.html]
