Financial Services

The financial services industry is a competitive, complex and dynamic environment. It demands a high level of knowledge and expertise to stay relevant. This also means that it requires the right human resource management to be successful.

Within the financial sector, an industry heavily guided by truthfulness and an extreme eye for detail, it is human resources (HR) job to ensure the moral compass of its employees remains intact. Along with the typical functions of HR, from recruitment of talent to the management of employee relations including employee benefits, HR management must support employees, educate them on adapting technology and products and maintain positive relationships among staff and customers.

HR leaders have some unique challenges they must confront when working within the financial services industry. These include:

• Regulatory considerations within one of the strictest industries in the world.Managing the challenge of whistleblower protection and prevention.
• Keeping up with sudden changes in the industry, such as new technology considerations stemming from the pandemic and its impact on recruitment and training of employees.
• Promoting productivity and employee engagement within the second largest industry for job stress and sleep disorders.
• Working within a sector greatly affected by today’s highly volatile market, including record-breaking inflation and interest rates.
• Lower employee engagement, especially in a hybrid/remote environment.
• Promoting employee diversity and inclusion.
• A higher attrition rate than other industries.
• Competing for talent amidst a shortage of trained and experienced employees.

There are many HR challenges that companies in the financial services industry face. An HR software can empower HR professionals across day-to-day tasks such as payroll, benefits and compliance. HR Acuity can help manage employee data and people analytics to ensure accurate, up-to-date information is always on-hand. Our automated technology provides instant access to insights and reports based on a variety of factors so you can consistently have an idea of the status of your financial services firm and the position of an employee within their lifecycle.

Performance management software, in particular, can be used by human resource leaders to measure and manage their employees’ performance. It can help them identify the strengths and weaknesses of their employees, set goals for their employees, track progress and offer feedback to help them reach those goals.

Implementing the role of an employee relations officer (ERO) into your financial services organization can also be beneficial to the success of your employees. Not only is it a more proactive way to approach professional development and worker satisfaction, but it reduces the likelihood of issues in the workplace as it provides a source, with the support of employee relations management software, for employees to approach with concerns and questions.

Take a look at our recent case studies to learn more about how we’ve helped organizations like yours solve their industry-specific challenges faced within the financial services industry.