talent Articles

Banking Standards Board: Doing Well While Also Doing Good

In the wake of the 2008 financial crisis, the UK financial services industry shifted its focus to restoring trust and shaping a more resilient and consumer-oriented industry. Considered the worst economic disaster since the Great Depression, the crisis suggested that banks had failed to appropriately serve customers, as well as the public good. Although the UK banking sector holds great importance to the overall economy and society, regaining trust in the industry is an ongoing struggle that requires sustained improvements to leadership and culture.

The Call Center Customer Experience Evolution and Changing Talent Demands

Like many other aspects of the financial services industry, the call center as we know it is changing. Technology is disrupting historic practices and generating new, client-centric demands that require shifts in current focus areas and models. As a result, call centers now face a fresh set of challenges surrounding training and development, pay levels, job structure, incentive plan design, career progression, and more, all while competing with the appeal of non-financial services firms.

What Are the Future Talent Needs of Wealth Management Firms?

A recent McLagan Wealth Management study, Future Talent Needs (December 2017), indicated a number of significant shifts to the type of talent and desirable skills that firms will be hiring over the next five years. These new, in-demand skill sets will evolve to become the standard advisor profile, given today’s technological advancements, automation, and current changes to advisor role responsibilities.

The Spotlight: Kate Cramer, Partner, BCM Performance

Kate Cramer is part of the BCM Performance practice. In her role, Kate delivers market share
and strategic advice to investment banking clients across the globe.

Are You Hiring the Best Talent for Your Firm?

Times have changed for financial services. Firms are faced with disruptive technologies, digitization, new market entrants, a transforming workforce and fierce competition for talent. Finding the right talent off the bat is therefore more important than ever before. Measuring personality through the use of assessments can help pinpoint who will be the best fit for the job, your company culture, and the future success of your firm.

The Spotlight: Ephraim Edelman, Partner, McLagan Reward Data Solutions

Ephraim Edelman leads the reward data business for McLagan, including strategic initiatives of product development, platform roadmap, machine learning, and governance, as well as new data and analytics client solutions.

Winning the Talent War in China

According to our recent China McLagan Talent Pulse Study, talent management tops the agenda for an overwhelming majority of the 58 participating firms, ahead of growth, innovation, and customer service. We’ve outlined some of the innovative strategies that firms can adopt to stay ahead and win the best talent in China.

The Spotlight: Rob Northway, Partner, Head of Global Consumer Banking

Rob Northway, a Partner at McLagan, is head of the global consumer banking practice. Rob specializes in the design of compensation programs, guiding clients through the job architecture and leveling process, and supporting clients in aligning their human capital strategies with business objectives.

Are You Creating a High Performance Culture at Your Firm?

Think twice before scrapping performance management at your firm. Rather, ensure that it delivers on its promise. Employees are attracted to firms that recognize their contributions and managers need to be held accountable for managing performance for their teams.

The 2018 McLagan Perspectives Report: An In-Depth Exploration of Current and Future Trends in Financial Services

We are in an age of major global transformation for financial services. As technology continues to shape a new industry landscape, firms are forced to rapidly adapt to trends in the current market, including longstanding talent and rewards strategies to stay competitive in the race for tech-enabled talent. This is a challenge that financial services firms must face head on, while at the same time contending with political and social unrest, economic fluctuation, and strong regulatory standards.

The Spotlight: Todd Leone, Partner, Global Head of Executive Compensation and Regional and Community Banking

Todd Leone leads McLagan’s global executive compensation practice and the regional and community banking sector team. Todd specializes in advising banks and compensation committees on complex compensation issues in the context of changing regulatory environments. He works with clients to design compensation plans that consider taxation, regulatory compliance, and compensation agreement provisions.

Tech Convergence in the Financial Services Industry: Your Questions Answered

The convergence of financial services and technology has caused firms to put the transformation of their workforce at the center of their strategy. Companies are focused on exploring new ways of working, redesigning their organizational structures, evaluating their entire employee value proposition to improve engagement, and making strategic investments in new skills and technology to support this transformation. In order to compete with tech firms and with the growing popularity of the Silicon Valley approach to attracting and retaining key employees, financial firms must acknowledge that the broader ecosystem of rewarding digital talent is changing and transform their value proposition with it.

Understanding Your FinTech DNA to Create a Culture that Truly Stands Out from the Crowd

When it comes to creating compelling company cultures, financial technology (FinTech) firms are in an enviable position—they can pick and choose best practices and styles from both the financial services and technology sectors to carve out their own path.

Captive Finance: Gaining Competitive Advantage

Headline news can be a distraction. Evolving geopolitics and potentially disruptive economic and political outcomes block our field of vision from the deep connectivity of our world. Our technology, goods, and services are globally integrated on a massive scale. Everything, from children’s toys to shampoo to bulldozers, is part of a global supply chain that links people and resources to produce outcomes that would be unachievable without cooperation.

What's Trending in Major Financial Services Hubs Across the Globe?

The influence of evolving technology in financial services is changing industry landscapes and long-lasting practices across the globe. Certain economies and companies are finding it easier to adapt to the moving industry and to new regulations. For some countries, the challenge is creating a deep-enough pool of skilled workers to meet demand. For others, it’s a matter of cutting redtape to encourage new businesses, or embracing new industries and business models.

The Spotlight: Brooke Green, Partner, Radford

Brooke Green is a Partner and leader of Employee Rewards and Talent Consulting for Aon’s Radford division. She leads consulting teams focused on providing talent management and rewards advice to technology and life sciences companies. Brooke has significant experience developing compensation and career frameworks for various firms, including small start-ups and large global industry leaders. She has been practicing in the San Francisco Bay area for over 20 years.

Top Six Life-Health Insurance Industry Trends to Know

Insurance industry spend in technology and analytics has increased at significant levels, as companies continue to integrate innovation into business processes. The average insurance company increased spending by nearly 22% and roles within data analytics more than doubled since 2013. Companies are making big bets that emerging, innovation from InsurTech and leading outsourcers will streamline internal processes and improve the way that they interact with customers. In our 2018 Digital and Intelligent Innovation Survey, we found that 58% of insurers have reached the implementation phase on one or more elements of the new digital and intelligent innovation toolbox.

Top Five Property-Casualty Insurance Industry Trends to Know

Property-casualty insurance firms have seen a significant shift in the staffing profile in recent years. The average company added over 20% more staff in technology, actuarial, and analytical roles compared to a 40% decline in front office roles, including policy processing, data entry, and clerical work. We anticipate that automation will require fewer employees to directly interact with the customer and perform data entry tasks, as these activities are delivered through automated and digital methods.

Infographic: Forces to Watch for Financial Services Firms Across the Globe

We are in an age of major global transformation for financial services. Technology disruption is happening all around us, forcing traditional establishments to innovate, re-think old tactics, and adapt to the ever-shifting digital world. In this current state of change, there are many new challenges that financial services firms must face head on, while contending with political and social unrest, economic fluctuation, and strong regulatory standards. From global expansion to new reward structures, client experiences, and entirely new sectors, here are the top trends affecting financial services firms across the globe.

The Spotlight: Don McNees, Partner, Insurance

Don McNees is a partner at McLagan and leads Ward Benchmarking for life, annuity, health, and retirement. Don works with senior management to enhance growth and improve performance at some of the world’s largest insurers. He advises clients on target operating models, performance benchmarking, and organization effectiveness to achieve their business objectives.

Realigning the Human Resources Function

It is an exciting time in the HR community, as members no longer need to push to get a seat at the table and are considered significant drivers of change and value. However, we must recognize that where the HR function stands today is, in many cases, the result of multiple years of cost-cutting initiatives. After already achieving a lean state of operation, it is not uncommon to find that HR size and cost has been reduced even further. Yet, just when organizations have tirelessly worked to minimize costs as much as possible, executives have become even more aware of the importance of HR within firms, where talent is a crucial asset.

The Spotlight: Roopank Chaudhary, Partner, India

Roopank Chaudhary, a partner at Aon, is the Head of India for McLagan and the Head of Regional Insurance for Asia Pacific. Roopank manages key client relationships with various financial institutions. He specializes in supporting clients in developing rewards strategies, structuring and benchmarking, designing and evaluating job descriptions, organization structuring, employee engagement, and HR set-up.

How is Technology Impacting Financial Services?

As financial services firms’ business models continue to evolve, legacy technology will likely be replaced with emerging technologies, resulting in a convergence of the technology and financial services industries. New technology innovation has already done a lot to improve the customer experience, supply data for decision making, and reshape longstanding firm policies and practices. The question is whether financial firms have the talent to support further innovation at the appropriate speed.

A Side-by-Side Look at Talent and Rewards in Financial Services and Technology

Financial services firms are challenged to imagine and operationalize the talent and rewards strategies required to transform their workforces for the digital age. No matter what technology initiatives firms are focused on, adapting longstanding practices to attract and retain technology talent is key. McLagan and Radford have teamed up to help financial services firms navigate this changing landscape.

The Spotlight: Adam Barnett, Partner, Asset Management

Adam Barnett is a Partner in McLagan’s asset management practice, providing performance and reward consulting services to various investment management organizations. Adam’s areas of expertise include designing annual and long-term incentive plans and sales compensation programs, conducting sales and financial performance benchmarking studies, and analyzing competitive compensation practices and levels.

To Truly Assess Gender Pay Gaps, Companies Must Dig Below the Surface

In most cases, you can’t begin to fix a problem until you understand why it exists in the first place. This is certainly true for the complex challenge of addressing gender pay equity. It’s time for companies to carefully examine their data and work outside the confines of basic pay comparisons to find and fix specific root causes. Once organizations actually start to dig deeper, we’ve found that the following issues are the most significant drivers of both real and perceived gender pay gaps.

Market Rationalization in the Middle East

The banking sector in the Middle East has enjoyed a steady recovery and will post solid results in 2018. The Governor of the Central Bank, Mubarak Rashed Al Mansoori, emphasized that the industry is liquid and strong, with credit growth for the private sector increasing 6.5% during the first 9 months.

The Spotlight: Ray Everett, President, McLagan

Ray Everett is the president of McLagan, responsible for overseeing the firm globally. Previously, Ray led our Asia Pacific, Middle East, and Africa practices, where he conducted executive compensation consulting assignments, managed the regions’ survey programs, and worked with key clients. Ray has significant experience designing and implementing annual and long-term incentive plans, carried interest plans, performance management systems, and job architecture. He also advises the boards, remuneration committees, and management of many of our global clients.

Location Strategy Analysis: Moving Your Firm Forward

A robust assessment of potential location strategies lies beyond just evaluating compensation differentials. When exploring relocation or building in new locations, it is important to look across multiple factors – especially the availability of quality talent – to inform decisions that will create financial impact and fit your business strategy. This article provides insights from our work comparing potential locations for clients and addresses some of the nuances when approaching location strategy analysis.

The Spotlight: Blake Kerrick, Partner, Banking and Capital Markets

Blake Kerrick leads the banking and capital markets practice at McLagan. In this role, Blake provides performance and reward consulting services to the leading global banks and securities firms, regional banks and broker-dealers, and commodity trading firms. His areas of expertise include advising senior management on incentive funding approaches, levels, and pay mix, benchmarking key performance metrics across banking, sales, and trading divisions, designing annual and long-term incentive plans, and analyzing competitive pay practices and levels.

 

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