Forward-looking financial services organisations recognise that a different set of skills, smart deployment of talent and the realignment of compensation structures will be critical to their ability to adapt to the fundamentally different competitive and regulatory environment that is emerging from the financial crisis.
As tough market conditions diminish the opportunities for short-term trading returns, successful firms will look at how to attract and nurture people with the mindset and ideas to develop lasting relationships, work within tougher risk and compliance demands and create value over the long-term.
A particular challenge is how to reward people when compensation policies are facing a tighter rein. It is therefore important to establish sound underlying principles for remuneration, including risk-adjusted incentives and some deferral of compensation, while allowing sufficient flexibility to take account of evolving strategies and particular types of commercial operation.
Ultimately, the commitment and behaviour of the people within your organisation will be critical in rebuilding the trust of consumers, markets and governments, without which investment, growth and profitability will not recover.
PwC is helping financial services organisations to develop the capabilities they need respond to changing regulatory requirements and challenging market conditions. Our dedicated financial services human resources team works closely with clients to ensure that key aspects of talent management including recruitment, retention and reward reflect and support the overall strategy of the business.
Patrick S Pilcher
Tel: 20066842 ext 309