Global Trends Affecting Human Resources In The Financial Sector

With the rise of globalization and mass communication, the world is becoming a smaller place. The financial sector must navigate the choppy waters of a complex global economy by understanding the major demographic, technological and societal shifts. It is obvious that the global trends also affect human resources role. The continuous evolving financial sector will face several challenges from both the future workforce and from the changing nature of work itself. Technology transforms workforce composition and culture by eroding physical barriers in the workplace. An increasing number of jobs may be conducted virtually (save on the costs of premises) with direct impact on job creation. Employees may work from a place of their own, making their physical presence less important: the growing phenomenon of crowd sourcing – “the human cloud” – where employees possessing a wide range of skills and expertise, take advantage of technology to perform a variety of tasks. Sweeping demographic changes across both the developed and developing world will place greater pressure on both the government and private sector to initiate and implement creative solutions to educate, integrate and retain a rapidly changing and diverse working population. In this context, training in banking services and finance as well as in financing rural activities is a very important tool. Banks are there to make money, but not in a risky way, and they require a different profile for success. The financial sector is looking for different leadership qualities. It‘s about how the business interacts with customers rather than innovation with products.