Find and optimize the best talents in the financial sector

Through Nick GallimoreDirector of Transformation and Talent Insight, Clear Review

AApproaches to HR planning have changed significantly, and they will continue to do so. Among the many impacts of Covid-19, there is evidence that remote working is not only possible for banking, but under the right circumstances can be more productive than traditional working models. This will create significant demand in the talent market for a continuation, and of course has forced companies to change their approach to how they look at things like the geographies they recruit from and how they retain top talent. .

Having trouble identifying top talent?

The highly talented staff is like gold dust. So, in the pressured world of finance and banking, we know your organization will be eager to find them, develop their potential, and keep them with you through dedicated development programs and increased access to opportunity. But how do you identify your high-potential talent in a solid, compelling, and unbiased way in the first place?

This is a question that has long plagued HR managers, especially in global companies. The seemingly simple solution – performance rating – doesn’t really help differentiate performance, is prone to ratings and recency bias, and is generally so hated by managers and employees that many organizations have turned to more and more complex formulated solutions to identify the best performers.

Whether based on business KPIs, objective completion rates, or 9-box grids, these methods are often time-consuming and overly complicated, and require significant amounts of data and business recourse to be maintained and developed. They can involve time-consuming benchmarking processes and sessions, and bring their own issues of fairness, data quality, and transparency.

The process of identifying top performers is often so time-consuming that you may even go so far as to identify top talent, telling them they meet the criteria for it, but then have limited resources or energy. to make sense of it through activity programs or real recognition.

Sound familiar? Well, we think there is another way.

Our answer

We think it’s as simple as asking managers three yes or no questions about each of their employees:

  1. Does this person have a proven track record of achieving impressive performance results AND has the potential to make other significant advancements in their career?
  2. Would there be a significant negative impact to the team/company if this person left?
  3. Does this person have the personal desire and drive to be Top Talent (willing and able to advance their career quickly through targeted development experiences)?

If the answer to all three questions is yes, then you may have one of the top performers among you. You can then answer a fourth and final question.

  1. In the end, given all these indicators, do you recommend them as High Potential Talent?

These should be fairly easy to answer if managers have had regular interviews with staff throughout the year, that way they can compile the stored data into a snapshot of performance. With this snapshot, managers will be able to see a clear overview of performance, feedback from other staff, and whether goals were met.

It is important to remember that not all talents are created equal. Top talent in a trading role will be different from top talent in a support role or an admin role. You may find your best talents somewhere you didn’t expect, be open minded to find those who can help your organization succeed in different ways, these may even look different now than when the pandemic started.

And then ?

Now that you’ve identified your top performers, what are you going to do with them? At this point, you need to think about what’s best for the employee. You want to encourage and support them to grow and reach their potential, but keep in mind that this may not be the best thing for them right now. Talk to them, find out where they envision their careers, how they would like to grow, and support them in ways that will truly benefit them, and therefore your organization.

For employees who want to focus on development and progression, you can now put a plan in place with them, their manager, and the HR team that will help them do just that. This could involve more responsibility at work, more mentoring time with their manager, taking courses to boost their skills and knowledge, etc.

Make sure you set out a clear personal development plan (PDP) to go along with this, that way when employees have check-ins with their managers they can discuss the progress they’ve made, if all goes well or if they need help getting back. on track.

Why is it important to identify and develop top talent?

Retaining your high-potential staff is key to the long-term success of your organization. In an article by Career Balance they explain ‘Managers readily agree that retaining your best employees ensures customer satisfaction, increased product sales, satisfied and happy colleagues, effective succession planning, and historical and institutional organizational knowledge and learning.‘ In order to keep top performers, it’s important to recognize them, show them that their work is valued, and give them the support they need to thrive. Otherwise, they will more than likely contribute their talent to another organization that will!

The pandemic has, in many cases, significantly disrupted business models and forced entire swaths of the economy to rethink their core product and service offerings, resulting in a shift in skills from knowledge-based skills hard towards soft skills such as creativity and adaptability. . This sudden shift in skills needs is causing many HR departments to think differently about the skills businesses need to move forward.

The organization must remember that now is a time of great change, as we begin to emerge from the pandemic and the job market changes, many employees will begin to seek new employment. This might be controversial, but to win the war on talent, organizations need to stop convincing themselves that talent is scarce. There is an abundance of talent out there, but many companies make the mistake of creating very narrow definitions of what good looks like and focus too much on hiring people based on specific knowledge or experience. The companies that will thrive in the post-pandemic era will be those that focus on hiring people based on the true predictors of success: cognitive abilities, soft skills, and value-behavioral fit. Rather than simply buying knowledge, “winning” at talent will mean learning to spot people with the potential to succeed and creating an environment where people can learn the skills they need to succeed. Banks that do this will find that they hire faster, hire better, and have mastered the art of developing talent from within.

In conclusion, it is therefore more important than ever for the financial and banking sector to identify, develop and retain its top performers. The past year has been challenging for so many organizations, but hard work and talented staff are key to business success. People are ultimately your greatest asset, if you invest in them you will see great returns in the future.

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