Securing the talent to succeed

Making the most of international mobility in financial services

What is the report about and why should you read this?

Drawing on interviews with senior HR executives from leading international financial services groups from around the world, this report explores the workforce management issues of matching talent with growth objectives and how companies can address these issues as part of their overall business planning. As there is less ad hoc hiring and assigning, the results are more sustainable and cost-effective. In short, they get more value for less cost. The main focus of this report is the South America, Africa, Asia and the Middle East (SAAAME) markets, both for groups based within these regions and outside, as this is a key focus of growth and investment across the sector.

Overview

Financial services organisations’ growth ambitions and the challenges this creates were highlighted in our 2011 CEO survey. Nearly 90% of financial services CEOs are looking to
significantly expand their operations in faster growing emerging markets over the next 12 months. Yet, with qualified people already in short supply, CEOs from banking, insurance and asset management see shortages of key skills as their number one barrier to growth.

Many organisations are still relying on short-term responses. A more forward looking approach to international assignments and skills development would, in the long run, reduce costs, give firms the edge in a competitive job market and allow them to build a more sustainable platform for business development.

Key messages

The key to meeting objectives and responding to opportunities more quickly and decisively than competitors is a durable workforce plan. Organisations cannot realise their growth ambitions without the people to make it happen.: A key feature of the strategic workforce plan is the consistent organisation-wide approach to mapping the capabilities, experience and potential of individual employees and then using this to ensure the right people are assigned to the right roles.
Payback on assignment investment: A more systematic and centralised approach to assignment management, including selection, objective setting, providing appropriate opportunities on repatriation and, critically, skills transfer to local staff, can reduce costs and enhance return on investment.
Nurturing local talent: Clearly, organisations cannot rely on seconded personnel to fill posts indefinitely. The recruitment and development of local talent provides a more sustainable approach to long-term expansion.
Defining talent needs: The starting point for a workforce plan to align business and talent management is defining the type of skills that will be required, identifying the people within the organisation who are best suited to particular roles and, if not available, targeting recruitment from outside.