Financial Services Human Resources Leaders to Focus on Talent Management in Coming Year, Towers Watson Poll Finds
May 27 2014 - 9:05AM
Business Wire
Industry HR leaders also keen on manager effectiveness,
performance management
Identifying and developing talented employees will be the
primary focus of human resource (HR) executives in the financial
services industry over the next 12 months, according to a poll
conducted by global professional services company Towers Watson
(NYSE, NASDAQ: TW). The poll also found that an equal number of
executives will emphasize developing more effective managers and
performance management programs to better position themselves for a
stronger economy.
According to the poll, more than four in 10 respondents (44%)
chose identifying and developing talent as the primary focus of
their organization’s HR division over the next 12 months.
One-fourth (25%) said they would focus on updating their HR
technology over the next year. Roughly one in 10 said their primary
focus would be on compensation and benefits, workforce planning or
employee engagement initiatives. The poll of 60 senior HR
executives at leading financial services companies was conducted on
May 7, 2014, at a Towers Watson conference in New York.
“Given the dramatic changes that the financial services industry
is undergoing from both a regulatory and business perspective, it’s
no surprise that HR leaders will be focused on talent management,”
said Ravin Jesuthasan, global leader of talent management at Towers
Watson. “The landscape for talent has been changing steadily,
driving financial services executives to identify what skills will
be needed for them to compete effectively, and develop programs to
attract and retain the best talent for their organizations.”
Respondents were also asked which talent management initiatives
will receive the most attention at their organizations over the
next 12 months. Just over four in 10 (42%) cited both manager
effectiveness (assessing and developing managers’ ability to manage
the work environment, develop people and energize change) and
performance management (developing the processes and programs that
link performance to compensation and other talent management
programs) as getting the most attention. Relatively few cited
career architecture (12%) or competence development (4%) as talent
management areas that would receive the most focus.
“Identifying, developing and managing talent in an industry as
global and complex as financial services is a constant challenge,”
said Chris Fabro, global leader of Towers Watson’s Talent and
Rewards financial services practice. “Industry staffing levels have
changed dramatically over the last three years, with companies
increasing staff before the crisis hit, reducing staff as the
crisis unfolded and rebuilding staff again as the recovery gained
ground. What’s more, many organizations are increasingly concerned
about their ability to attract top talent in particular. All of
these changes and new realities will demand that companies have an
innovative and robust talent management strategy in place to
succeed in the future.”
About Towers Watson
Towers Watson (NYSE, NASDAQ: TW) is a leading global
professional services company that helps organizations improve
performance through effective people, risk and financial
management. The company offers consulting, technology and solutions
in the areas of benefits, talent management, rewards, and risk and
capital management. Towers Watson has more than 14,000 associates
around the world and is located on the web at towerswatson.com.
Towers WatsonEd Emerman, +1
609-275-5162eemerman@eaglepr.comorBinoli Savani, +1
703-258-7648binoli.savani@towerswatson.com
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