Top 5 HR Challenges in the Financial Industry
With the ever-increasing changes in technology and competition for jobs, the role of Human Resourcing in the financial sector is becoming more important, but challenging. Here are the top 5 challenges that HR professionals are facing in the financial industry.
1. Skills Gap
According to PWC’s Annual Global Survey, 74% of CEOs are concerned about the availability of key skills in the finance industry. As new technology and software continue to change the way we work, staff also need to be upskilled to learn how to use it. Although this looks quite daunting, there are many courses available to help upskill your workforce.
If your business uses SAP SuccessFactors, TalenTeam offers professional training services to help provide the necessary knowledge, skills and motivation to use the system effectively. Their training methods make the software look simple to use by using real-world examples and breaking the sections down into manageable sections.
2. Retaining Talent
Retaining talent is one of the most difficult challenges in HR. There are many reasons why people decide to move on, and it can be difficult to persuade them to stay after they have made their decision.
Training can be a good motivator for employees to stay at a company because it shows that you are not only investing in them financially but in their skills to improve as well.
If your company has core values, share this with your employees and show them how they fit within the company ethos. Retaining staff is about inspiration and motivation, so make them feel like they have a purpose.
“Train people well enough so they can leave, treat them well enough, so they don’t want to” – Richard Branson, 2014.
3. Retaining Talent
The financial industry is one of the most competitive in the country. With 5.9 million business operating in the UK*, attracting new talent to your company can feel impossible.
TalenTeam’s Optima for Financial Services solution can help source, hire and onboard the best talent in the industry. This tool also helps you to manage your workforce by using automated workflows, saving you time and money.
4. Time Management
HR in the financial industry can involve many complicated and time-consuming processes including:
- Recruitment
- Training & Development
- Performance Management
- Employee Relations
- Benefits Administration
- Human Resource Planning
There are plenty of Human Resource Management systems (HRM) that can help support these time-consuming tasks. SAP SuccessFactors is one of the most popular tools in the industry, offering a huge variety of solutions from onboarding to workforce analytics.
5. Reporting
One of the most time-consuming challenges in HR is creating reports. There are so many reports that need to be created and communicated with shareholders of a business:
- Payroll
- EEO Reports
- Termination Reports
- Turnover Analysis
- Geographic Staff Distribution
- Disciplinary Information
- Budgetary Reports
And much more!
The reporting features in Optima allows you to see real-time employee data, which gives you the ability to run accurate and up-to-date reports quickly.
Solve Your HR Challenges with SAP SuccessFactors
The SAP SuccessFactors Suite lets you take control of all your HR processes to get the most out of your employees from the minute a vacant role arises to nurturing top talent.
As a Partner of SAP SuccessFactors, TalenTeam helps you unlock the power of this world-class technology, letting you supercharge your Human Capital Management (HCM) potential and profit from a range of valuable business benefits.
If you are looking to improve your internal HR processes, book a demo with us by clicking on the link below:
Alternatively, you can contact us on info@talenteam.com or +44 (0)20 3371 9523.
* Source: https://www.ukfinance.org.uk/sites/default/files/uploads/Data%20(XLS%20and%20PDF)/Business-Finance-Review-2019-Q3-Final.pdf