Martin Hartley is the UK Managing Director of emagine Consulting, a management and technology consulting firm for the world’s leading banks and financial services firms including the likes of HSBC, Credit Suisse, Bank of America, and other tier 1 investment banks.
Global banking structures have been impacted in two key ways. First, banks have redeployed talent from surplus to shortage areas mostly to save on costs. As firms have pivoted to a digital-first model for services, talent needed to be deployed and transferred to other shortages. And secondly, banks are upskilling their existing teams to continue to provide more relevant, agile financial services, grow their offerings, and plan for future needs.
What is the key theme here?
People.
Not all too surprising given people are the sustenance of every business, initiative, idea, and investment, regardless of sector. But the point holds even stronger in banking and financial services, which lie at the epicentre of the globe’s collective and individual economies.
But according to research, finance firms are struggling with the worst talent shortage on record, which poses the serious risk of the sector falling behind in development. As more processes are becoming digital, streamlined, or automated, banks need to shift the way they approach skilled people in order to effectively plan for and manage future needs.
So, the question remains; at a time when people and skillsets are in higher demand than ever, how do firms attract and retain the crème de la crème, the cream of the crop, the top 10 percent of the market?
Forensic interview processes
Being ruthless in the interview process may seem over the top, but you don’t achieve greatness without aiming high. We set out to attract the best people from day one and achieve it through our now famous interview process, a mix of forensic interview formula and testing protocols, screening processes, character analysis, production presentations, and non-technical suitability screenings. The result is passed onto our clients in the form of excellent consultants to execute against a strategy and deliver a programme of work.
Because building elite teams is not about getting bums on seats, filling a gap in the pipeline, and ticking it off your to-do list. People can make or break a business, therefore, it’s a process that should be treated as such. This has been the bedrock of our company since we began, and to this date, we uphold a reputation of having elite, high-quality specialists in our sectors which deliver high-end solutions and services to our clients.
People first
People buy from people, and people want to work for people. People come first. And making a difference to people’s lives should no longer be a ‘nice to have’. Which is why it’s time that firms rip up the rule book and start again by surveying their people’s needs and concerns and putting some change in action – because I have no doubt that there are outdated policies floating around that are no longer fit for today’s purpose. Maternity and paternity leave (if some firms even have it), bereavement leave, mental health policies, and even dress codes need to keep in line with the modern day’s standards. Not only do these changes attract the best people but make sure you retain them too.
When it comes to people management and building the most high-powered, elite teams, it’s important never to compromise on culture. Human interaction is the magic ingredient in team performance, morale, and productivity, and if done right, shines through to clients and talent alike. Like I said, people come first, and once you master culture and environment, everything else will take care of itself.
