Empowering Workforce Resilience: 10 Essential Strategies for the UK Financial Sector

Understanding Workforce Resilience

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 naïve to think your organisation won’t be affected; the ILO (International Labour Organisation) reckons that over half the global workforce, that’s 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).

What are some strategies for Workforce Resilience?

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:

• Implement robust remote work technologies to ensure employees can work effectively from anywhere.

• Provide secure access to company resources through Virtual Private Networks (VPNs) and cloud-based collaboration tools.

2) Digital Learning and Development:

• Offer online training and development programs to upskill employees.

• Utilise Learning Management Systems (LMS) to deliver and track learning initiatives.

3) AI and Automation:

• Automate repetitive tasks and processes to reduce workload and free up employees for more strategic work.

• Use AI-powered analytics to identify trends and make data-driven decisions that benefit employee well-being.

4) Data Analytics for HR:

• Use data analytics to monitor employee engagement, satisfaction, and well-being.

• Identify trends and issues early, allowing for proactive interventions.

5) Cloud-Based Infrastructure:

• Move critical systems and data to the cloud for scalability, accessibility, and disaster recovery capabilities.

• Cloud technology enables remote work and enhances business continuity.

6) Gamification and Incentive Platforms:

• Gamification techniques to motivate and engage employees in training, performance, and wellness programs.

• Reward and recognition platforms can boost morale and resilience.

7) Digital Onboarding and HR Processes:

• Streamline the onboarding process with digital tools to ensure a smooth transition for new employees, whether they are remote or in-office.

• Digitise HR processes like performance reviews, feedback, and employee evaluations.

8) Predictive Analytics for Staffing:

• Utilise predictive analytics to forecast staffing needs and skills gaps, ensuring that the workforce remains agile and adaptable.

9) Disaster Recovery and Business Continuity:

• Develop and test technology-driven disaster recovery and business continuity plans to ensure minimal disruption during crises.

10) Cybersecurity Training:

• Continuously educate employees about cybersecurity threats and best practices to reduce the risk of security breaches.

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.

Conclusion

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: