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TGG in the News: Global Banking & Finance
Global Banking & Finance recently featured an insightful article by Stephen Bacon, TGG’s strategy practice leader. In Three Strategic Ways to Adapt the Financial Services Workforce to New Realities, Stephen explores how financial services firms can navigate the transformative impact of AI on their workforce strategies.
The era of junior finance employees spending countless hours on manual data tasks is fading, as AI now accomplishes these tasks in seconds. While this technological advancement boosts efficiency, it also poses challenges: employees, especially those early in their careers, may miss out on essential hands-on training and skill development.
To address these challenges and ensure employees at all levels—from the mailroom to the C-suite—develop a strong sense of ownership and alignment with the firm’s strategic goals, Stephen outlines three key strategies for financial services firms:
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Adapt to Automation and AI: Embrace AI’s efficiency while creating opportunities for employees to engage in strategic, value-added activities that foster experiential learning. For instance, some firms are redeploying staff from routine tasks to roles that enhance business integration and change management, ensuring that automation complements rather than replaces human talent.
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Focus on Outcomes, Not Outputs: Shift the emphasis from the quantity of work to the impact and strategic value of contributions. This involves aligning individual and team objectives with the organization’s strategic goals, fostering a culture where employees understand how their roles contribute to the firm’s success.
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Hire for Capabilities, Not Just Skills: Prioritize candidates with adaptable, cross-functional thinking and problem-solving abilities over those with narrowly defined technical skills. This approach recognizes the value of attributes like creativity, critical thinking, and the ability to navigate complex, interdisciplinary challenges, which are increasingly important in a rapidly evolving financial landscape.
By implementing these strategies, financial services firms can empower their workforce, engage junior employees, and align their teams with corporate objectives—benefiting employees, the firm, and clients alike.
Explore the full article to discover how to effectively align and engage your organization for success in the AI-driven era. Read more here.