As customers we expect a lot from businesses, whether it is our bank, a high-street store or our phone company. In all areas, creating experiences that delight and surprise customers is transforming how we live our lives. Now, increasingly, these same companies are starting to turn this lens inwards and ask ‘how can we create truly innovative HR departments?’
Companies are realising that, in order to attract and retain the best talent, they need to re-design their processes, structure and culture with employees at the heart. Employee experience (EX) design is on the rise and the way we work is being reshaped across all industries, including banking.
But EX design isn’t just about creating employee friendly workplaces. Empowered teams work better, providing better customer service and, as was the case with Fjord’s recent work with BBVA, radically transforming an organisation both inside and out.
Driven and enabled by digital technology, the world is changing rapidly, affecting all areas of our lives and transforming businesses. HR is no different, as our report ‘Trends Reshaping the Future of HR’ makes clear.
To make the most of the opportunities of disruption, the report suggests that the following trends will be key for HR teams:
Integrating data analytics into all areas will be essential
Digital will put employees in the driving seat when it comes to shaping their careers and those of others
Consumer applications will find new homes and purposes in enterprises
Truly personalised talent management will become a reality with digital
Cloud computing will enable HR teams to adapt and change like never before
But it isn’t just about replacing people with robots; as digital radically changes the role and function of HR in banking and other industries, it is also about to become more human, more democratic and more networked.
This is the case made by the ‘Humanising Work Through Digital’ report that found that:
79 percent of executives believe that, in the future work will be more structured by what we do than our job title
58 percent of them feel that new technology will help people work more effectively as teams, improving communication and enabling them to connect more easily and quickly
Alongside this, the technology we use is set to become more ‘human’ with organisations investing 78 percent more in machine learning and 77 percent more in deep learning, creating more seamless interactions
By combining an employee led approach with the latest technology companies will be able to deliver truly human HR. This will redefine leadership roles, reorganise work and, ultimately, revolutionise what it means to be an employee.
This new approach to work is being led by Silicon Valley companies and other start-ups, who are leading the way when it comes to delivering consumerised employee experiences and cultural agility. But, it is time for banking to take up the challenge and start realising the benefits that this approach could achieve.
There is no one size fits all approach to HR innovation that will fit any and every bank, which is why our ‘A New Blueprint for HR’ looks at six models that could create more agile HR that is closer to the business and improves employee experience. Across all of these models, digital, the movement to the cloud, analytics and collaborative technologies are key. In order to prosper, banks will have to identify the solution or solutions that work for them and the technologies that will best support them.
What can be achieved when banks embrace the opportunities of next generation HR:
From consolidating a leading international bank onto a single platform to delivering a seamless workplace transformation for Virgin Media, we’re used to delivering quickly at scale within HR and banking. We are continuously investing, innovating and building new partnerships so that we are ready to act, whatever challenge our clients face.
Supported by more than 285,000 people globally in more than 50 locations, including the UK, our global delivery network means that we can deliver on the promises of innovation, improving productivity and making work, work.