Bhushan Sethi

We are all interconnected and interdependent, global citizens and part of bigger communities. Vital skills are learned within community spaces, which businesses could harness to prepare them for future workplace realities. While a sense of community has been lost through the changing digital landscape and amid global crises, here's how we can rediscover community spaces and help them thrive.

For employees across every industry, it is no longer just another day at work. Every aspect of the working environment is being redefined as businesses address a raft of changes from artificial intelligence (AI) to the climate crisis.

PwC's 2023 Hopes and Fears survey of nearly 54,000 workers in 46 countries and territories asked workers how they are responding to these needs for change. Employees told us that they expect to have to transform themselves, with 58% of workers saying the… Show more

For employees across every industry, it is no longer just another day at work. Every aspect of the working environment is being redefined as businesses address a raft of changes from artificial intelligence (AI) to the climate crisis.

PwC's 2023 Hopes and Fears survey of nearly 54,000 workers in 46 countries and territories asked workers how they are responding to these needs for change. Employees told us that they expect to have to transform themselves, with 58% of workers saying the skills they need will change significantly in the coming five years. Show less

Across the G20, countries, regions, and businesses continue to pursue sustainable and profitable growth while navigating geopolitical and economic uncertainty, cost constraints, labour shortages, and the need for progress on Environmental, Social, and Governance (ESG) investing. These pressures heighten the need for investments in both, technology-enabled and human-led transformation programs for long-term business viability. These transformation programs, combined with the pressure of… Show more

Across the G20, countries, regions, and businesses continue to pursue sustainable and profitable growth while navigating geopolitical and economic uncertainty, cost constraints, labour shortages, and the need for progress on Environmental, Social, and Governance (ESG) investing. These pressures heighten the need for investments in both, technology-enabled and human-led transformation programs for long-term business viability. These transformation programs, combined with the pressure of delivering on today’s business goals, are inadvertently increasing stress for an already exhausted and disengaged workforce. In many instances, compounded impacts are also felt across marginalised groups, culminating in a perpetuating cycle that puts sustainable growth at risk. In an effort to disrupt this vicious pattern, this Policy Brief highlights the linkages between economic growth and workforce well-being, and offers recommendations around how firms and policymakers can collectively invest in this goal for the sustainable benefits of the economy, businesses, and society. Show less

In Putting Skills First: A Framework to Action, developed in consultation with leading experts from the public and private sectors, we delve into “skills-first”, a term used to describe a new approach to talent management that emphasizes a person’s skills and competencies – rather than degrees, job histories or job titles – with regard to attracting, hiring, developing, and redeploying talent. By focusing directly on skills, themselves, rather than on how they have been acquired, a skills-first… Show more

In Putting Skills First: A Framework to Action, developed in consultation with leading experts from the public and private sectors, we delve into “skills-first”, a term used to describe a new approach to talent management that emphasizes a person’s skills and competencies – rather than degrees, job histories or job titles – with regard to attracting, hiring, developing, and redeploying talent. By focusing directly on skills, themselves, rather than on how they have been acquired, a skills-first approach has the potential to democratize access to economic opportunities and pathways to good jobs for many more people than traditional approaches have done. Our analysis of data from a geographically diverse range of 18 economies, estimates that in total, more than 100 million people in these countries could be added to the global talent pool through a skills-first approach. Show less

Africa’s countries are rich in two invaluable assets: a burgeoning youth population and vast natural resources. These represent a remarkable opportunity for the continent at a time when industrialised nations are looking for new sources of talent and the push for sustainable industries and resources is at an all-time high. Africa’s assets can unleash massive economic growth but doing so while centering Africa’s people and resources will require focusing on four elements — establishing a… Show more

Africa’s countries are rich in two invaluable assets: a burgeoning youth population and vast natural resources. These represent a remarkable opportunity for the continent at a time when industrialised nations are looking for new sources of talent and the push for sustainable industries and resources is at an all-time high. Africa’s assets can unleash massive economic growth but doing so while centering Africa’s people and resources will require focusing on four elements — establishing a local-first approach, strengthening the education and skilling systems, creating ample ‘good jobs’ and supporting entrepreneurs, and utilising technology to support and develop high-growth, including ‘green’, industries. Show less

When business leaders look to the future, they need to consider external factors like the market forces shaping their industry. But they also have to take a close look at an important internal factor: the younger people who represent the future workforce. Understanding the wants and needs of younger workers can give companies a clear talent advantage.

The gender gap at companies may be narrowing, but there’s still a lot of daylight. Now, we have data to back up what most women (and many men) know at an anecdotal level: according to PwC’s Global Workforce Hopes and Fears Survey 2022, men in the workplace are more empowered than women.

The survey was conducted in March and April 2022 and drew responses from more than 52,000 workers in 44 countries, making it one of the largest workforce surveys ever conducted. Of the total base of… Show more

The gender gap at companies may be narrowing, but there’s still a lot of daylight. Now, we have data to back up what most women (and many men) know at an anecdotal level: according to PwC’s Global Workforce Hopes and Fears Survey 2022, men in the workplace are more empowered than women.

The survey was conducted in March and April 2022 and drew responses from more than 52,000 workers in 44 countries, making it one of the largest workforce surveys ever conducted. Of the total base of respondents, approximately 42% were women. Show less

Business leaders are highly focused on the shift to hybrid and remote work right now, but they may be overlooking the in-person workforce—factory workers, nurses, delivery people, retail staff, and others whose jobs cannot be done remotely. According to PwC’s recent Global Workforce Hopes and Fears Survey 2022, these workers are significantly less engaged and less satisfied than people who can work from home, and more than one-third of them may soon look for another job.

Company leaders have weathered unprecedented chaos over the last year, from the Great Resignation and a growing skills gap to inflation and rising interest rates. Consequently, more companies now consider the value of contingent workers—whether they be independent contractors, part of a staffing firm or a service provider with specific skills and expertise. However, if leaders don’t proceed thoughtfully with their approach, they may find they are exposing the business to unnecessary risk and… Show more

Company leaders have weathered unprecedented chaos over the last year, from the Great Resignation and a growing skills gap to inflation and rising interest rates. Consequently, more companies now consider the value of contingent workers—whether they be independent contractors, part of a staffing firm or a service provider with specific skills and expertise. However, if leaders don’t proceed thoughtfully with their approach, they may find they are exposing the business to unnecessary risk and damaging relationships with their current workforce. Show less

As the world becomes increasingly polarized around a range of hot-button topics, companies often try to keep these issues from becoming a distraction in the workplace. After all, employee conversations about societal topics like climate, immigration, race, and gender equity may seem like a potential source of discord—and HR headaches. But here’s one counterintuitive approach: help your employees talk it out. According to PwC’s latest workforce survey, a majority of employees are already having… Show more

As the world becomes increasingly polarized around a range of hot-button topics, companies often try to keep these issues from becoming a distraction in the workplace. After all, employee conversations about societal topics like climate, immigration, race, and gender equity may seem like a potential source of discord—and HR headaches. But here’s one counterintuitive approach: help your employees talk it out. According to PwC’s latest workforce survey, a majority of employees are already having these conversations. What’s more, they’re benefiting from the experience. Show less

Specialization. Scarcity. Rivalry. Humanity. Companies that understand—and harness—these forces will have an edge in creating vibrant workforces capable of achieving sustained, positive outcomes. Innovation as it continues to push the envelope.

Employees want their company to show them they are committed to the things they say they are. Businesses responding to investor and consumer pressure to advance ESG goals need to pay attention to building awareness and consensus for change inside their organizations. An engaged workforce is critical to turning corporate net zero pledges into focused, sustained action. Here are three actions that can activate your workforce to accelerate your decarbonization journey:

It happens to even the best of companies: Its leaders don’t learn of a valued employee’s reasons for leaving until their exit interview. It may have never occurred to management that the employee felt anything but happy in their work.

As leaders, of course we feel anxious, fearful, frustrated, and possibly even betrayed. However, our company’s research shows that employees trust their managers and colleagues more than entities such as the company’s board.

So where’s the disconnect? Show more

It happens to even the best of companies: Its leaders don’t learn of a valued employee’s reasons for leaving until their exit interview. It may have never occurred to management that the employee felt anything but happy in their work.

As leaders, of course we feel anxious, fearful, frustrated, and possibly even betrayed. However, our company’s research shows that employees trust their managers and colleagues more than entities such as the company’s board.

So where’s the disconnect? Show less

• Fostering a sense of common humanity is essential to reversing current inequalities and polarized communities.

• The concepts of global citizenship and civic responsibility are key to achieving this.

• The pandemic has increased the need, and economic recovery will rest upon them.

Policy brief developed for G20 leaders to address good jobs, measuring social progress, job creation and reskilling. See Page 252. Also republished here https://www.pwc.com/gx/en/issues/trust/common-purpose/building-a-better-future-of-work.html

In the past nine months, I’ve been proud to see so many businesses stepping up to help their employees and communities. From rolling out new benefits and programmes aimed at helping people navigate the pandemic to making layoffs a last resort, businesses of all types have led with purpose and empathy.

Now, with new vaccines offering hope for an end to the pandemic, business leaders have an opportunity to extend that sense of purpose by helping to find sustainable solutions to society’s… Show more

In the past nine months, I’ve been proud to see so many businesses stepping up to help their employees and communities. From rolling out new benefits and programmes aimed at helping people navigate the pandemic to making layoffs a last resort, businesses of all types have led with purpose and empathy.

Now, with new vaccines offering hope for an end to the pandemic, business leaders have an opportunity to extend that sense of purpose by helping to find sustainable solutions to society’s workforce problems. That includes one of the biggest challenges our economy faces: how can we get the unemployed back to work? Show less

The best ways for young workers to build and grow in their careers used to be through in-person networking experiences. How are you supposed to do that when you’re working remotely?

Treat your virtual team meetings as networking opportunities. Join a few minutes early and strike up a conversation with other people on the call.

Find a mentor to help guide you. It doesn’t have to be someone you already work with. Look into your alumni network, or sign up for workshops in your areas… Show more

The best ways for young workers to build and grow in their careers used to be through in-person networking experiences. How are you supposed to do that when you’re working remotely?

Treat your virtual team meetings as networking opportunities. Join a few minutes early and strike up a conversation with other people on the call.

Find a mentor to help guide you. It doesn’t have to be someone you already work with. Look into your alumni network, or sign up for workshops in your areas of interest to meet potential mentors.

Take initiative. Find ways to help team members using your talents. Great at presentations? Help a peer zhuzh up their next PowerPoint.

Say yes to stretch assignments. This is a great way to build new skills and meet people from other departments. Show less

Organizations with a remote workforce are at higher risk of cyberattacks—but engaging employees in better cyber habits can help.

When it comes to battling cyberattacks, tech solutions can only go so far. To truly defend their organization, HR leaders will likely also need to change some risky behaviors and attitudes among their employees.

PwC’s latest Workforce Pulse Survey found that employees are engaging in several red-flag behaviors that could be raising cyber risks for their… Show more

Organizations with a remote workforce are at higher risk of cyberattacks—but engaging employees in better cyber habits can help.

When it comes to battling cyberattacks, tech solutions can only go so far. To truly defend their organization, HR leaders will likely also need to change some risky behaviors and attitudes among their employees.

PwC’s latest Workforce Pulse Survey found that employees are engaging in several red-flag behaviors that could be raising cyber risks for their organizations, especially now that the lines between work and home are fading as more people shift to remote work.

Given that hackers and other cyber criminals most commonly gain access to company systems through employees and their devices, it’s crucial for HR leaders to help their people become more cyber savvy at work and in their own lives. Here are three damaging employee habits HR teams should watch out for if they want to stay vigilant about cyber security. Show less

Productivity is key to recovery, but the risk of anxiety and burnout has never been higher. That’s likely to intensify as school ramps up again and the election gets closer. Bhushan Sethi, Global People & Org People Co-leader at PwC, explains why focusing on your employees’ wellbeing can help your firm recover faster.

COVID-19 has disrupted life. With every G20 nation having experienced stay-at-home orders, citizens are relying heavily on digital technology to live, work, learn, access information, and connect with each other. Previous patterns of proximity are unlikely to return, and virtual communications will increasingly become a permanent fixture of life. But as reliance on technology intensifies, so does the opportunity for threat actors to carry out cybercrimes or distribute disinformation to the… Show more

COVID-19 has disrupted life. With every G20 nation having experienced stay-at-home orders, citizens are relying heavily on digital technology to live, work, learn, access information, and connect with each other. Previous patterns of proximity are unlikely to return, and virtual communications will increasingly become a permanent fixture of life. But as reliance on technology intensifies, so does the opportunity for threat actors to carry out cybercrimes or distribute disinformation to the detriment of personal or civic life. This is distinct from cyber warfare or data harvesting. The G20 should generate international protocols to help protect citizens from such malicious activities. Show less

Despite a sustained period of falling unemployment pre-pandemic, many workers
across the G20 have been displaced from middle income employment into insecure,
low income, poor-quality work. Compounded by the impact of COVID-19, this paucity
of “good jobs” has both economic and societal impacts and contributes to distrust in
institutions and governments. Policymakers should urgently focus on: agreeing on a
measure of job quality; understanding the benefits of better aligning human… Show more

Despite a sustained period of falling unemployment pre-pandemic, many workers
across the G20 have been displaced from middle income employment into insecure,
low income, poor-quality work. Compounded by the impact of COVID-19, this paucity
of “good jobs” has both economic and societal impacts and contributes to distrust in
institutions and governments. Policymakers should urgently focus on: agreeing on a
measure of job quality; understanding the benefits of better aligning human workers
with the value they can deliver; and guiding labor market transformation, as economies across the G20 stabilize post-COVID-19. Show less

Think of a company’s culture as a bank, with its own distinctive investments and the credits of goodwill made through the years leading up to today. In most cases, your culture bank balance going into 2020 reflected deposits made in areas such as internal messaging, workforce morale, leadership behaviors, training, employee benefits, shareholder opinion and brand reputation.

In today’s environment, culture banks are likely being drawn upon like never before, and goodwill balances are… Show more

Think of a company’s culture as a bank, with its own distinctive investments and the credits of goodwill made through the years leading up to today. In most cases, your culture bank balance going into 2020 reflected deposits made in areas such as internal messaging, workforce morale, leadership behaviors, training, employee benefits, shareholder opinion and brand reputation.

In today’s environment, culture banks are likely being drawn upon like never before, and goodwill balances are being stretched and are at risk of having insufficient funds.

As the impacts of the pandemic continue, with the economy stressing our businesses and people and racial inequality exposing painful truths, it becomes even more critical to replenish that culture bank. Yet, culture may be at risk of account closure, as leadership may be tempted to focus on other business concerns.

So, how do we restore a healthy balance in the culture bank and earn interest from renewed goodwill investments? Show less

In a recent PwC survey, CEOs reported plans for their companies to become more digital and flexible — and more employee focused.

Consumer behavior and demand has changed so drastically in the last few months that many businesses need to consider new ways to achieve their goals, whether that means developing new products or services, pivoting to a new operating model, or augmenting existing services.

The COVID-19 pandemic continues to have devastating health and economic impacts across geographies and industries - resulting in significant loss of current and future jobs. As G20 nations seek to stabilize and strategize their response to the crisis, a focus on creating and preserving different types of ‘good work’ will be a critical part of fueling economic recovery and enhancing consumer and workforce confidence.

While numerous studies have dispelled the myth that employees are less productive when they work from home, the pandemic has undoubtedly affected many people’s ability to focus.

In PwC’s latest survey of nearly 300 CFOs at US companies, 34% said they expect to lose productivity in the next month due to a lack of remote capabilities.

Today’s employees want jobs that are intrinsically rewarding and that fit their values. And though the meaning of work is different for each person, companies that act now to address these demands will gain a lasting competitive advantage. See also “Five Ways Companies Can Give People a Good Work Experience.”

The nature of work is evolving rapidly. While new technologies, ranging from artificial intelligence (AI) and automation to digital mobility and virtual collaboration, are generally seen as the most radical drivers of this change, other trends may be just as impactful.

We can see them playing out all around us. The lines between our work and personal lives are shifting. Diversity and demands for equality are reshaping the workplace. We’re living longer, which requires us to master more… Show more

The nature of work is evolving rapidly. While new technologies, ranging from artificial intelligence (AI) and automation to digital mobility and virtual collaboration, are generally seen as the most radical drivers of this change, other trends may be just as impactful.

We can see them playing out all around us. The lines between our work and personal lives are shifting. Diversity and demands for equality are reshaping the workplace. We’re living longer, which requires us to master more and different skills over time. Social and environmental pressures are combining with the emergence of the gig economy to drive demand for more flexible working conditions. Show less

How we work, the place of work within our lives and even what we mean by work are being transformed. What are organisations doing to prepare? And where do they need to step up?

We collaborated with Lynda Gratton, Professor of Management Practice at London Business School, and identified the most important organisational capabilities that businesses need to consider when preparing for tomorrow’s work, workers and workplace. We surveyed over 1,200 organisations in 79 countries to find out… Show more

How we work, the place of work within our lives and even what we mean by work are being transformed. What are organisations doing to prepare? And where do they need to step up?

We collaborated with Lynda Gratton, Professor of Management Practice at London Business School, and identified the most important organisational capabilities that businesses need to consider when preparing for tomorrow’s work, workers and workplace. We surveyed over 1,200 organisations in 79 countries to find out how they are getting ready for the future and the key areas of risk they face. Show less

We are living through a fundamental transformation in the way we work. Automation and 'thinking machines' are replacing human tasks, changing the skills that organizations are looking for in their people. But what will the future look like?

This isn’t a time to sit back and wait for events to unfold. To be prepared for the future, you have to understand it.

Our 'Workforce of the future' study looks at four possible Worlds of Work for 2030 and the views of 10,000 people to… Show more

We are living through a fundamental transformation in the way we work. Automation and 'thinking machines' are replacing human tasks, changing the skills that organizations are looking for in their people. But what will the future look like?

This isn’t a time to sit back and wait for events to unfold. To be prepared for the future, you have to understand it.

Our 'Workforce of the future' study looks at four possible Worlds of Work for 2030 and the views of 10,000 people to kick-start your thinking.
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By 2020, the make-up of your workforce and how it’s recruited, organized and rewarded will look very different from today. In turn, the role and function of HR will have been overhauled. How can you ensure you have the – human capital – you need to succeed? In The power to perform: Human capital 2020 and beyond, we set out seven key priorities for ensuring your workforce strategy and how it’s executed are fit for the future:
1. Build trust and purpose
2. Plan for the workforce of the… Show more

By 2020, the make-up of your workforce and how it’s recruited, organized and rewarded will look very different from today. In turn, the role and function of HR will have been overhauled. How can you ensure you have the – human capital – you need to succeed? In The power to perform: Human capital 2020 and beyond, we set out seven key priorities for ensuring your workforce strategy and how it’s executed are fit for the future:
1. Build trust and purpose
2. Plan for the workforce of the future
3. Create digital ‘talent exchanges
4. Rethink skill development
5. Digitize work
6. Embed human capital analytics
7. Redesign compensation models Show less

Seventy per cent of financial services (FS) CEOs see the limited availability of skills as a threat to growth, making this a bigger concern than the disruptive shifts in consumer spending and behavior and competition from new market entrants. Yet only 28% are changing their focus on the skills and adaptability of their people.

If skills shortages are such a concern, why isn’t this backed up with more action? Is it because there are no simple solutions (increase hiring or invest more on… Show more

Seventy per cent of financial services (FS) CEOs see the limited availability of skills as a threat to growth, making this a bigger concern than the disruptive shifts in consumer spending and behavior and competition from new market entrants. Yet only 28% are changing their focus on the skills and adaptability of their people.

If skills shortages are such a concern, why isn’t this backed up with more action? Is it because there are no simple solutions (increase hiring or invest more on training, for example), FS CEOs see bigger threats to growth including over-regulation (86% see this as a threat) or they’re finding it difficult to realize the return on investment in talent?

Balancing different priorities and developing the adaptive, diverse, digitally-savvy and relationship-driven workforce needed to compete in today’s fast-changing marketplace requires a new mindset as much as a new skillset. Show less

Outside of financial services, many companies believe the traditional performance management model requires a complete overhaul. For financial institutions, however, we contend that a complete overhaul is not a practical solution. Why? A typical financial institution must satisfy the often-competing demands of multiple stakeholders such as customers, employees, regulators, boards, and shareholders. We recommend adjusting the traditional performance management model using a targeted approach.

The Federal Reserve (Fed) again expressed concerns about the culture at financial institutions during its culture workshop this month. This theme has been recurring since the financial crisis, as regulators in the US and abroad have hit industry players with steep fines for employee misconduct. This closer look outlines (a) where banks currently are in improving their culture, (b) why culture change is so important, and (c) key steps banks can begin taking now.

These fundamental guidelines, drawn from experience, can help you reshape your organization to fit your business strategy.

Financial services (FS) CEOs are more concerned than ever about the limited availability of key skills. The growing challenge reflects the fact that the people they need to succeed and how they're recruited and deployed are undergoing fundamental change.

In an era of talent shortages in which millennials and others are seeking rewards beyond compensation alone, we believe that flexibility is at the core of a strong employee value proposition. By offering flexibility, financial institutions can differentiate their brands and gain a competitive edge in the market for skilled employees.

Banks have invested heavily in attempts to promote an internal culture that promotes ethical behaviors and deters risky ones. But allegations, regulatory challenges, and fines persist. Why? We tapped global banking leaders around the world to get insight into risk culture shortcomings, what’s causing them, and how they can be addressed. Read more to learn about practical steps to a healthier culture.

Your strategy is only as good as your company’s ability and willingness to execute it. The key to unlocking that potential? Your organizational DNA—the combination of formal and informal traits that determine your company’s identity and performance. If you can isolate and analyze the elements of your organizational DNA, you can get right to the root causes of breakdowns in execution and truly deliver on your strategic intent.

In this paper we outline the organisational implications of the forces reshaping Financial Institutions and then set out our blueprint for the successful organisation of the future, before
concluding with the immediate priorities for action. The paper draws on the insights of PwC’s
sector experts from around the world and our experience of working with the businesses that
are spearheading the development of a new organisational paradigm.

Leadership development is a continuously evolving component of the business landscape. The pace of change has grown rapidly in the last few years across all industries, particularly in regulated industries facing increased scrutiny. New realities require a fresh approach to talent management and retention, including increased empowerment at lower levels, stronger mentorship roles, and more flexible career path options. Employees can rise from any level, provided they think and act like leaders.… Show more

Leadership development is a continuously evolving component of the business landscape. The pace of change has grown rapidly in the last few years across all industries, particularly in regulated industries facing increased scrutiny. New realities require a fresh approach to talent management and retention, including increased empowerment at lower levels, stronger mentorship roles, and more flexible career path options. Employees can rise from any level, provided they think and act like leaders. Leadership role models, such as women CEOs, will play an increasingly important part in ensuring talented staff achieve their full leadership potential. Show less

Top-performing teams don’t happen by accident; they’re built to support an organization’s strategy and culture. Do you have the people who can make your strategy happen?

Over the past decade, the financial industry has seen laws change, risk management strategies shift, and technologies evolve. In response, financial institutions have updated their business models, cost structures, geographic footprints, and even their leadership. Surprisingly, while most leaders agree that workforce… Show more

Top-performing teams don’t happen by accident; they’re built to support an organization’s strategy and culture. Do you have the people who can make your strategy happen?

Over the past decade, the financial industry has seen laws change, risk management strategies shift, and technologies evolve. In response, financial institutions have updated their business models, cost structures, geographic footprints, and even their leadership. Surprisingly, while most leaders agree that workforce planning is important, few are actually doing it. How can you take a systematic approach to workforce planning to get the people that will make your strategy happen? Show less

Financial institutions are struggling with a shortage of the right talent within a sea of available labor. Roles are becoming more difficult to fill as mismatches between available talent and the talent institutions need are becoming more and more evident. Facing ever-growing pressures to reduce costs, business leaders are being handed an impossible task: do even more with less.

A variety of factors contribute to the talent challenges currently faced by the front and back offices of… Show more

Financial institutions are struggling with a shortage of the right talent within a sea of available labor. Roles are becoming more difficult to fill as mismatches between available talent and the talent institutions need are becoming more and more evident. Facing ever-growing pressures to reduce costs, business leaders are being handed an impossible task: do even more with less.

A variety of factors contribute to the talent challenges currently faced by the front and back offices of financial institutions. But where do you start? Having an objective, robust approach to talent assessments can lead to smarter, more strategic talent decisions and position organizations for profitable growth. We believe these institutions should align business strategy to every aspect of the talent assessment process. Show less

Despite making up more than half the workforce in financial institutions, women continue to dramatically lag behind their male counterparts in leadership roles. The lack of women leaders is grabbing the global spotlight. That’s because it’s far more than a social issue — it’s a problem with financial, legislative, risk management, and talent retention implications.

Successful financial institutions know that sustaining a distinctive and diverse leadership culture is critical to thriving… Show more

Despite making up more than half the workforce in financial institutions, women continue to dramatically lag behind their male counterparts in leadership roles. The lack of women leaders is grabbing the global spotlight. That’s because it’s far more than a social issue — it’s a problem with financial, legislative, risk management, and talent retention implications.

Successful financial institutions know that sustaining a distinctive and diverse leadership culture is critical to thriving in the marketplace. PwC has developed a strategy for financial institutions to create and retain a strong pipeline of female talent. This strategy, which is embedded as part of an overall talent strategy, includes a framework that helps companies advance the women in leadership agenda and can pay off with both short- and long-term benefits.
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The big decisions include where your markets are heading, how you’re going to capitalise on emerging opportunities and how to win back the trust of customers and other stakeholders. These priorities can’t be met without re-engaging with staff at a time when morale has been eroded by significant downsizing, the decline in returns and the negative image of the industry. The components of the people strategy which we see as most relevant include attracting and retaining the right people… Show more

The big decisions include where your markets are heading, how you’re going to capitalise on emerging opportunities and how to win back the trust of customers and other stakeholders. These priorities can’t be met without re-engaging with staff at a time when morale has been eroded by significant downsizing, the decline in returns and the negative image of the industry. The components of the people strategy which we see as most relevant include attracting and retaining the right people, organising them in the most effective way, shaping the right culture and managing performance and reward. These components require continuous collaboration between business and HR leaders in their design, execution and monitoring. Our vision of how to regain control of the people agenda and bring people strategies into line with the wider reshaping of your business, starts with two fundamental questions:
What are the new objectives for the business?
What people strategy components are needed to support and deliver them?

Addressing these questions will make sure your business is more likely to have the right people, with the right skills and motivation to contend with the new market realities and take the business forward (or at least understand what the people ‘gaps’ are and put in place a strategy to plug the gaps).

Underpinning this will be a new employee value proposition (i.e. why people would want to work for your company), capable of attracting and retaining talent without simply relying on pay. Drawing on the findings from PwC’s latest Global Annual CEO Survey, our latest report, called 'Seizing back the People Agenda' examines why the current people model is proving increasingly unsustainable, what a suitably equipped and re-engaged workforce looks like, and a look ahead to the organisation of the future and key strategic questions for the Board.
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Regulation, industry consolidation, low economic growth, and risk aversion are squeezing financial institution profit margins. Leading institutions are changing their client relationship strategies to earn “trusted advisor” status. Voice of the customer (VOC) analyses can determine the business changes needed to attain “top provider” status.

In the aftermath of the financial crisis, hedge funds face growing pressure from regulators, investors, the media, and the public to increase transparency and enhance risk management.

Hedge funds face a myriad of regulatory initiatives designed to increase transparency and improve reporting. These include, among others, Dodd-Frank (including Form PF regulation), the Foreign Account Tax Compliance Act (FATCA), IRS form 5500 schedule C, and GASB Statement No. 53. Institutional investors… Show more

In the aftermath of the financial crisis, hedge funds face growing pressure from regulators, investors, the media, and the public to increase transparency and enhance risk management.

Hedge funds face a myriad of regulatory initiatives designed to increase transparency and improve reporting. These include, among others, Dodd-Frank (including Form PF regulation), the Foreign Account Tax Compliance Act (FATCA), IRS form 5500 schedule C, and GASB Statement No. 53. Institutional investors, which accounted for 60% of hedge funds’ total capital in 2011, have substantial influence in determining how funds are managed today. These investors are becoming more rigorous in evaluating fund managers’ execution of investment strategies.

They are demanding higher quality reporting and infrastructure, and avoiding funds that fail to clearly demonstrate adherence to, and support for, regulatory risk management standards.
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Too often, we see financial institutions shift their business strategies but fail to adapt their operating models. The result? Risk soars, performance stalls—and competitors pounce. Factors such as restructuring, regulatory reform, globalization, and changing consumer demands are impacting the industry at a fast pace. Consequently, financial institutions are under increasing pressure to redesign their operating models with more flexibility to successfully anticipate and respond to these… Show more

Too often, we see financial institutions shift their business strategies but fail to adapt their operating models. The result? Risk soars, performance stalls—and competitors pounce. Factors such as restructuring, regulatory reform, globalization, and changing consumer demands are impacting the industry at a fast pace. Consequently, financial institutions are under increasing pressure to redesign their operating models with more flexibility to successfully anticipate and respond to these changes.

Financial institutions need to consider leading practices across five operating model components to develop an adaptable operating model:
Business capabilities
Governance and decision rights
Organization model
Process and technology
Talent strategy

An effective operating model transformation involves understanding core business objectives and how they interrelate. In addition, strong leadership and employee engagement is critical to enable a seamless transition for both customers and employees.
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While the financial crisis of 2009-2011 briefly slowed the growth in the number of millionaires in China, massive stimulus spending by the Chinese government helped the Chinese economy recover quickly and maintain its double-digit growth in GDP. As a result, the rising number of high net worth individuals (HNWIs) in China is driving an increased demand for private banking services.

For private banks in China, managing and deploying talent causes retention problems and increases the… Show more

While the financial crisis of 2009-2011 briefly slowed the growth in the number of millionaires in China, massive stimulus spending by the Chinese government helped the Chinese economy recover quickly and maintain its double-digit growth in GDP. As a result, the rising number of high net worth individuals (HNWIs) in China is driving an increased demand for private banking services.

For private banks in China, managing and deploying talent causes retention problems and increases the demand for outside hiring of both experienced and entry-level talent.

The talent race is on, and the cannibalistic practices of poaching talent from direct competitors has created the potential for a talent market bubble within private banking, which is compounded by the changing needs of HNWIs.

The ability for private banks in China to expand their client base depends in part on an organization’s flexibility to meet differing client needs based on demographics, wealth tier, and preferences. Equally important is developing a team-based approach to building relationships with heirs and building close relationships with the next generation.
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Meeting new regulatory expectations means not only applying risk mitigation, compliance, and control methods, but also instilling a corporate culture where the right people do the right thing at the right time. This culture starts at the top—with leadership from the board and the C-suite—but must also involve the entire organization. What are the best ways for financial services firms to establish an effective risk culture?