A front line for growth and talent in banking
Emerging markets are a growth engine for banking. Rapid development in parts of Asia, Africa, Latin America, and the Middle East is giving rise to a whole new class of consumers in need of banking services. At the same time, these areas offer an expansive pool of skilled and affordable talent. For banks in mature economies facing stagnant growth, increased cost pressure, and a shrinking talent pool, the lure of emerging markets can be irresistible.
For many HR organizations in banking, emerging markets used to be the last thing they focused on. Now it’s becoming the first. In fact, a recent Deloitte and Forbes Insight Survey highlighted the competition for talent that is occurring globally and in emerging markets as the most pressing talent concern today.
While some organizations and their HR leaders are well prepared for this shift in focus, many are not. A large number of banks find themselves with HR teams and capabilities, primarily sitting in the United States and Europe, with little experience and depth in emerging markets. The expected growth in both talent and business opportunities in these developing countries has led to a significant shift in the emphasis and configuration of HR capabilities that will accelerate over the next few years.