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Workforce resilience refers to an organisation's ability to prepare, adapt, and respond effectively to unexpected disruptions, technological advancements, and industry shifts. It's about creating a team that not only survives but thrives in the face of change. As digital transformation accelerates, the need for a resilient workforce becomes increasingly critical. Organisations that invest in building a resilient workforce are better positioned to thrive amidst uncertainty and seize emerging opportunities.
Rapid Technological Advancements: With technology capability and power growing at an exponential rate (zippia), it is imperative that organisations have employees who can quickly grasp and apply new tools, platforms, and methodologies. What more, with the majority of elderly customers owning smartphones (National Institute of Health), there is a clear demographic shift towards wanting more than just an in-branch experience; customers now want a handheld one from their financial services too.
Global Megatrends: Megatrends such as globalisation and climate change reshape industries and markets. It would be naΓ―ve to think your organisation wonβt be affected; the ILO (International Labour Organisation) reckons that over half the global workforce, thatβs 1.5 billion people, will be impacted by the switch to a green economy for example. A resilient workforce can identify opportunities within these trends and pivot accordingly.
Market Volatility: Economic, political, and social uncertainties can disrupt markets overnight. Resilient employees can help organisations weather these storms and remain agile. For example, when the global financial crisis struck in 2008, the UK was one of the slowest countries out of the G7 to recover, mainly in part to its large financial sector which bore the brunt of a culture not centred around resilience in the long run (Bank of England).
Building a resilient workforce requires a strategic approach that involves both recruitment, advice from industry experts, as well as ongoing development. Here are some strategies to consider:
1) Remote Work Enablement:
2) Digital Learning and Development:
3) AI and Automation:
4) Data Analytics for HR:
5) Cloud-Based Infrastructure:
6) Gamification and Incentive Platforms:
7) Digital Onboarding and HR Processes:
8) Predictive Analytics for Staffing:
9) Disaster Recovery and Business Continuity:
10) Cybersecurity Training:
To enable this requires scale and expertise through workforce acceleration. Partnering with experts who can provide the breadth of knowledge required to deliver such a difficult task is vital to delivering the strategies set out above.
Organisations that prioritise workforce resilience not only adapt to change more effectively but also position themselves to thrive in an increasingly dynamic business environment. By hiring adaptable individuals, fostering continuous learning, and embracing innovation, financial services can build teams that are ready to face the challenges and opportunities of the future head-on.
Here at Novus, we have years of industry experience in helping institutions create a resilient workforce that not only deals with change, but thrives on it. Using the Novus Digital Index, we can analyse and tailor solutions for your business and future-proof your workforce.
If you and your financial institution are looking to take the next step to becoming a more resilient organisation then contact us here:
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