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Challenges vs opportunities in the BSFI industry
6 min | Andrea Kelly | Article | Workforce management Industry insights General | Information technology sector
How is your BFSI organization future-proofing its talent strategies? This question prompts me to reconsider how industry leaders are navigating the complex landscape of talent acquisition and management while facing today’s fast-paced digital transformations.
Based on our study in partnership with the leading research firm, Everest Group, this blog sheds light on the challenges disrupting the workforce and the opportunities arising within the banking, financial services, and insurance (BFSI) sectors.
Read on to learn about key insights and actionable strategies to help your organization adapt and excel in the evolving talent landscape.
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A dynamic yet challenging industry, the digital transformation in the BFSI market has created new roles and even more challenges. In our experience the scarcity of talent as a significant growth barrier, hindering the industry’s progress.
Despite the availability of job openings, there is an insufficient number of skilled professionals equipped with the necessary knowledge or relevant technological skills to fill the new roles in response to the increase in digital demand. We see enterprises feeling the pressure head-on as the following market drivers emerge.
As the market evolves, the traditional talent pool no longer meets the new requirements. To bridge this significant skill gap, it’s crucial for BFSI enterprises and organizations to reimagine their talent strategies and candidate experience. Investing in the continuous learning and development of existing talent is essential to stay competitive.
For a deep dive into each insight, download our BFSI report and reach out to our expert for an extra hand.
Creating a snowball effect in an already demanding market, the BFSI’s digitalized landscape is creating additional talent-related challenges.
Although the talent-related challenges organizations face is significant, they are not insurmountable. This is an opportunity for HR, CEOs, and senior leadership in the BFSI industry to tackle their pain points head-on and proactively reassess how their financial services are assessed, managed, and delivered in the evolving digital landscape.
By strategically addressing challenges like bridging the technological skill gap, retaining skilled professionals, and diversifying and cultivating an inclusive workforce, organizations can improve and future-proof their talent strategy by implementing the following cost-effective and scalable solutions:
Our experts are here to help! Reach out to us for more information on implementing these actionable insights and services.
Follow these steps to effectively navigate the complexities of the BFSI industry and future-proof your talent strategy and thrive, achieving your organization's strategic goals.
As new expectations are set for today’s banking professionals, the standard is being reimagined, creating pressure for enterprises to invest in re-skilling and upskilling their existing talent to bridge the knowledge gap . To overcome this challenge, our study with Everest Group highlights that the BFSI industry is emerging as a major adopter of MSPs and RPO services. These services fulfill the need for cost-effective, scalable, and specialized solutions that not only capture talent but also navigate the dynamic, regulated nature of the sector.
Take the next step towards future-proofing your talent strategy. Download our comprehensive BFSI report today and reach out to our experts for personalized guidance and support. Together, we can help your organization thrive in the evolving BFSI landscape.
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Find out more about our expert services (MSP, RPOs) to help with your workforce needs.
Andrea Kelly Director, Client Solutions