HCM Excellence in Banking

FIRST HALF earnings reports are out for players in the banking industry, and the top 10 banks posted net income growth of 30-80%+. More and more consumers and businesses are using loans, investing in securities and transacting with banks.

The industry is enjoying the fruits of accelerated investments in digital transformation. The two-year pandemic-induced hiatus has forced the industry to innovate in its offerings and digitize operations and customer interactions, enabling it to transform from a laggard edge-tech adopter to a carrier flag of all things digital.

This did not happen without difficulties. For one thing, many financial services companies struggle to keep organizational cultures current. For digital transformation to be successful, employees must have an innovative mindset, access to the right technology and tools, and a customer-centric approach, which requires upgrading and reskilling as the technology infuses the workflow.

Additionally, the transition to hybrid working has presented new challenges in the areas of recruitment, retention, engagement, performance management, and ensuring productivity. This is why the human resources (HR) function has taken a central place alongside digital transformation in the continued growth of the banking sector.

As the past few years have shown, digitizing HR goes beyond investing in a human capital management (HCM) platform and bringing documents and processes online. For change to be truly effective, managers and HR practitioners must first understand what they expect from it. They need to be prepared for global adoption, which involves a broader adjustment of organizational focus.

Get the latest news

delivered to your inbox

Sign up for the Manila Times daily newsletters

By registering with an email address, I acknowledge that I have read and accept the terms of use and the privacy policy.

In addition to leveraging the technology capabilities of the HR technology system to contribute to business priorities, they must have a strong approach to change management. This includes aligning company culture with transformation initiatives by developing a strong shared sense of purpose, freedom to experiment, shared decision-making, agility and innovation among employees .

From an infrastructure perspective, HR must provide employees, wherever they work, with the resources to enable them to perform their work independently, maintain good mental health, participate in lifelong learning, online, develop strong connections at work and succeed in their professional lives. reinforcement. Along with this, ensuring that performance management is aligned with new key performance indicators centered on agility, innovation and customer centricity is equally essential for maintaining employee engagement and morale.

“The role of HR has never been more important [in the financial services industry]said Julia Lamm, workforce strategy partner at PriceWaterhouseCoopers, in a March 2021 article posted on the Society for Human Resource Management website. better serve their customers,” she added.

To find out what HCM excellence means today and how HR managers can get the most out of HR technology platforms, Darwinbox – Asia’s fastest growing HR technology platform trust JG Summit, Shakey’s, Robinson’s Bank and other large companies and conglomerates in the region – is organizing a roundtable of human resource managers in the banking sector. The invitation-only panel discussion with Nic Lim and the Darwinbox leadership team will take place on September 14 at The Gallery by Chef Chelle in Bonifacio Global City.

The author is the founder and CEO of Hungry Workhorse, a digital and cultural transformation consultancy. He is a member of the US-based Institute for Digital Transformation and teaches strategic management in De La Salle University’s MBA program. The author can be emailed to [email protected]

About the author