DIGITALIZATION AND FUTURE WORKFORCE

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1 HEALTH WEALTH CAREER DIGITALIZATION AND FUTURE THE FINANCIAL SERVICES SCENARIO

2 GENERAL MACRO FACTORS IMPACTING JOBS BUSINESS MODEL DISRUPTIONS Impact felt already Mobile Internet and Cloud Technology, Crowd sourcing Big Data Analytics The Internet of Things Advanced Manufacturing and 3D Printing Robotics & Artificial Intelligence Young Demographics in Emerging Markets Flexible Work Longevity and Ageing Societies Women s Economic Power, Aspirations Blockchain Technology

3 Digitalization, business model disruption, automation, and AI are accelerating the evolution of work while the nature of a worker is experiencing its own revolution ARE THESE THE ONLY CHALLENGES? MERCER 2017

4 C R O S S - I N D U S T R Y C O M P A R I SO N : W O RK F O R C E T RE N D S( H R ) WHICH OF THE FOLLOWING TRENDS ARE LIKELY TO HAVE THE MOST IMPACT ON YOUR ORGANISATION OVER THE NEXT 2 YEARS? I N D U S T RY R ANK 1 R ANK 2 R ANK 3 R ANK 4 R ANK 5 R ANK 6 R ANK 7 A U TOMOT IV E GEN Z ENTERING THE AGEING TALENT DRAIN TECH AT WORK (AI, AUTOMATION, ETC) INCREASINGLY DIVERSE TALENT POOL SUSTAINABLE FEMALE TALENT POOL GIG ECONOMY C O NSUM E R G OO D S INCREASINGLY DIVERSE TALENT POOL TALENT DRAIN GEN Z ENTERING THE AGEING TECH AT WORK (AI, AUTOMATION, ETC) SUSTAINABLE FEMALE TALENT POOL GIG ECONOMY F I NANCI AL S E R VI CE S AGEING TECH AT WORK (AI, AUTOMATION, ETC) TALENT DRAIN INCREASINGLY DIVERSE TALENT POOL SUSTAINABLE FEMALE TALENT POOL GEN Z ENTERING THE GIG ECONOMY EN ER GY/M I N I N G TALENT DRAIN AGEING GEN Z ENTERING THE INCREASINGLY DIVERSE TALENT POOL TECH AT WORK (AI, AUTOMATION, ETC) SUSTAINABLE FEMALE TALENT POOL GIG ECONOMY HE ALT HC AR E AGEING INCREASINGLY DIVERSE TALENT POOL TECH AT WORK (AI, AUTOMATION, ETC) TALENT DRAIN GEN Z ENTERING THE SUSTAINABLE FEMALE TALENT POOL GIG ECONOMY HI G H T ECH TALENT DRAIN AGEING TECH AT WORK (AI, AUTOMATION, ETC) GEN Z ENTERING THE INCREASINGLY DIVERSE TALENT POOL SUSTAINABLE FEMALE TALENT POOL GIG ECONOMY L I FE S CI E NCE S TALENT DRAIN SUSTAINABLE FEMALE TALENT POOL TECH AT WORK (AI, AUTOMATION, ETC) GEN Z ENTERING THE AGEING INCREASINGLY DIVERSE TALENT POOL GIG ECONOMY LO G I S T I C S AGEING TECH AT WORK (AI, AUTOMATION, ETC) TALENT DRAIN GEN Z ENTERING THE SUSTAINABLE FEMALE TALENT POOL GIG ECONOMY INCREASINGLY DIVERSE TALENT POOL 2017 Mercer LLC. GLOBAL TALENT TRENDS FINANCIAL SERVICES 3

5 IMPACT ON EMPLOYMENT In the Financial Sector 43% of the job are considered unstable EMPLOYMENT OUTLOOK ACROSS INDUSTRIES (JOBS CHANGE IN THOUSANDS, ) INDUSTRY Consumer Stable 30% Unstable 71% Healthcare 29% 71% Energy 30% 70% Professional Services 29% 71% ICT 35% 65% Transportation 39% 61% Basic & Infrastructure 42% 58% Financial Services & Investors 43% 57% Source: Future of Jobs Report, World Economic Forum

6 NEW BUSINESS MODELS CALLS FOR NEWS OF WORKING AND NEW SKILLSET DISRUPTION ON THE HORIZON INTERNET OF THINGS DIGITALIZATION Business model disruption New ways of working MACHINE LEARNING Value creation opportunities A more symbiotic relationship between man and machine will emerge ORGANIZATIONS CONSIDERING THEMSELVES DIGITAL TODAY 8% Digital 77% On digital journey 15% MERCER 2017

7 FIN A N C I A L S E R V ICE S IN DU S T R Y :IN - D E M A N D S K IL L EMPL OYEE DATA ANALYTICS/PREDICTIVE MODELLING 34% SALES DESIGN THINKING/INNOVATION 28% GLOBAL MINDSET 33% DIGITAL LEADERSHIP 30% 27% VIRTUAL COLLABORATION 25% SOCIAL MEDIA SAVVY 23% CHANGE MANAGEMENT 21% INCLUSIVE LEADERSHIP 19% ENTREPRENEURSHIP 18% EMPL OYER (HR) SALES 48% DATA ANALYTICS/PREDICTIVE MODELLING 46% DIGITAL LEADERSHIP DESIGN THINKING/INNOVATION 39% GLOBAL MINDSET 28% 42% INCLUSIVE LEADERSHIP 40% CHANGE MANAGEMENT 39% VIRTUAL COLLABORATION 38% ENTREPRENEURSHIP 36% SOCIAL MEDIA SAVVY 35% MERCER M e r c e r L L C Source: Future of Jobs Report, World Economic Forum 141 4

8 F I N A N C I A L S E R V I C E S I N D U S T R Y : T A L E N T S U P P L Y Source: Future of Jobs Report, World Economic Forum MERCER 2017 ADMINISTRATION SALES MARKETING OVER-SUPPLY FINANCE HR CORE OPERATION SUFFICIENT SUPPLY LOGISTICS CUSTOMER SERVICE LEADERSHIP UNDER-SUPPLY LEGAL IT/TECHNOLOGY ALL NUMBERS IN PERCENTS

9 DRILL DOWN ON DIGITAL SKILLS: ARE ALL THE SAME? DIGITAL CULTURE LEADERS IN THE DIGITAL ERA PEOPLE IN THE DIGITAL ERA DIGITAL ARCHITECTS DIGITAL MOOD OPEN LEADERSHIP DIGITAL KNOWLEDGE FOR GENERAL PURPOSE ROLES TECHNICAL SKILLS FOR DIGITAL ROLES MERCER

10 ARE SKILLS EASY TO FIND? PROCESSING POWER, BIG DATA MIDDLE CLASS IN EMERGING MARKETS MOBILE INTERNET, CLOUD TECHNOLOGY Source: Future of Jobs Report, World Economic Forum JOB FAMILIES Expected change ( ) Skills stability Ease of recruitment current Ease of recruitment 2020 Business & Financial Operations Financial and Investments Advisers Investment Fund managers Computer and Mathematical Data Analyst Information Security Analyst Sales and related Securities and Finance Dealers and Brokers Sales and Purchasing Agents and Brokers Management General and Operations Managers Business services and Administration Managers = stable (0,79%) growth (4,40%) = stable (- 0,68%) growth (2,20%) 63% HARD NEUTRAL 60% HARD HARDER 70% NEUTRAL NEUTRAL 48% HARD NEUTRAL

11 A WORKPLACE FOR ME VOICE OF THE EMPLOYEE: Help me invest in myself CARING FOR MY HEALTH 53% of employees want their company to focus more on their health and wellness STEERING MY CAREER 1 in 3 employees do not feel empowered to create their own career success at work BALANCING MY WORK/LIFE 56% want their company to offer more flexible work options Me, Inc. MANAGING MY MONEY Mercer research shows that employees spend 13 hours per month worrying about money matters at work Technology enables individualized choice without adding an undue administrative burden for HR MERCER 2017

12 A WORKPLACE FOR ME: EMPLOYEE VALUE PROPOSITION Employees are seeking ways to make work work for their individual circumstances OBSERVABLE FACTORS UNOBSERVABLE FACTORS MERCER 2017

13 A WORKPLACE FOR ME: FLEXIBILITY FLEXIBLE WORK ARRANGEMENTS WHAT WOULD MAKE YOU WORK FOR ONE COMPANY OVER ANOTHER? POLICY AD HOC CORE EVP Top 6 Others 63% 27% 35% FLEXIBILITY IN PRACTICE Employees want more time off Additional paid holidays 4-day work week 17% Fitness facilities 12% Well being services 8% Financial advice 6% Recreation facilities Paid holiday trips 1 in 3 requested but turned down 1 in 2 concerned about promotion Unlimited paid vacation Summer Fridays 80%pay + 1 year 80% pay 41% would consider working on a contract basis MERCER 2017

14 CHALLENGES FOR THE HR FUNCTION SKILLS ENHANCEMENT FIRST Managing skills disruption as major concern Accelerate the skills renewal in both old and new roles with proactive and innovative skill building solutions Redesign the relationship individual/ organization and new ways of engagement DESIGN A COMPELLING EVP Articulated segmentation for individualized consideration Enhance individual responsibility ADOPT THE TRASFORMATIONAL LEADERSHIP Intellectual stimulation Individual consideration Inspirational motivation Contingent reward MAKING USE OF DATA AND ANALYTICS Enhancing the HR ICT infrastructure for becoming more predictive BUILD A NEW REPUTATION Embrace the consumerization of hiring by treating employees as customers MERCER 2017

15 CALL TO ACTION I have a dream of organizations that are capable of spontaneous renewal where an electric current of innovation pulses through every activity [and] companies actually deserve the passion and creativity of the folks who work there. The Future of Management (2007) by Gary Hamel & Bill Breen

16 MERCER A HB Copyright 2017 Mercer LLC. All rights reserved.