Talent Trends in the Financial Services Industry
In his supplement to the ‘Decentralized Success’ special feature, Michael Richardson from Tech-Azur brings up additional insights on key aspects underpinning decentralized ventures’ sustained performance.
As a follow-up to priorly suggested digital transformation roadmap, Mr. Richardson points out the importance of talent retention:
‘...while there were clearly up-front operational challenges to scale remotely, the talent retention and client touchpoint continuity effects have brought worthy benefits….’
In support of this, Mr. Richardson points out that fintech talent representation has changed drastically during pandemics. But what particular incentives helped decentralized businesses nullify the adverse effect of talent outflux? In Michael’s opinion, the best fintech performers have built their success through the following:
- Deemphasizing fixed operation venues and providing broader support for ‘work-from-home’ (WFH) teams;
- Encouraging trusted financial advisors to focus on strengthening brand affinity;
- Leveraging geographically distributed resources, including headhunting the best talents internationally;
- Recognizing benefits that top talents seek (family, lifestyle, and work-life balance) and offering them comprehensive support.
In conclusion, Mr. Richardson asserts that financial service companies should act now since the talent outflux trend is likely to continue.
Long-Term Sustainable Success
‘Effective business transformation is not only simply a matter of WFH compliance or acquiescence to staff whim,’ says Mr. Richardson to clarify the essence of enablement of a decentralized digital operating model. He points out that long-term sustainability with KPI and revenue growth can be achieved through the in-depth integration of core business processes into a digital environment. Only under such conditions will digital transformation satisfy both the customers and the company's teammates.
Read the full version of the article in Executive Roundtable Journal, p.14.
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Michael M.Richardson is a founder and managing director at Tech-Azur, a company that helps organizations embark on intentional, digital business transformation journeys of their own by creatively applying the principles of Lean Agile business, improved and fine-tuned by Tech-Azur over the past decade.
Tech-Azur provides digital transformation services and solutions to financial service firms and health & wellness companies. We practice a tailored data-driven approach to make sure that recommended suggestions will pay off with tangible outcomes:
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