Business-driven HR transformation: global benchmarks
New HR practices for the financial services sector
The impacts of the global financial crisis continue to create change across the financial services sector. As a result, the human resources (HR) functions that serve them will need to develop new capabilities if they want to continue to add value.
However many financial services organisations engaging in HR transformation efforts are primarily focused on making existing HR services more efficient, effective, and compliant. Efficient and effective service delivery, integrated HR systems, employee self-service, and timely access to relevant workforce data are as important as ever but they are foundational necessities not strategic change.
This global benchmarking study, Global business-driven HR Transformation: The journey continues in financial services, looks at HR process costs within each company — labour, outsourcing, technology, staffing levels, productivity, and cycle times. It benchmarks transaction processing, rewards administration, talent management administration, and strategy and program design. It also examines different roles within HR, including business partners, centres of specialisation, shared service centres, site representatives, and third-party providers.
HR leaders should seek to extend benchmarks to help chief officers (CXOs) see the broader impact of their activities on the business as a whole, not just the table-stakes categories of cost and headcount.
Read the full report to identify the steps necessary to ‘business-driven’ HR partnership in support of organisational strategy.