Balancing business priorities and developing a digitally-savvy workforce is needed for capital market firms to compete in today’s fast-changing marketplace.
FREMONT, CA: Delivering on growth agendas depends on being able to institute well-informed and proactive strategic workforce planning. But, worldwide, the capital markets industry is facing a severe shortage of talent. Nearly half of the industry leaders believe that the limited availability of critical skills is a serious threat to their growth prospects. These talent constraints are already derailing growth plans. With all these, capital markets organizations have come to the recognition that they need to explore proactive and sustainable ways to address skill shortage pain points.
With the emergence of armies of agile and disruptive fintech forces, capital markets are under heightened pressure to move forward quickly with their digital transformation to remain competitive and offer innovative digital experiences for their customers. The heightened dependency on automation has allowed a stabilization of the overall workforce over time and a reduction in related expenses. However, it is becoming increasingly complex to compete against tech giants for top IT talent, so learning and developing digital skills must be prioritized so that the employees can be upskilled for the best results.
In addition to training and upskilling, capital market firms also need to cultivate the right atmosphere for innovation. Only an environment that is open and transparent can foster innovations. As the capital markets industry is moving into new markets today, their workforce also needs to become more diverse. Organizations can never realize their growth objectives without the people to make it happen. Capital markets firms that are keen on developing a well-informed approach to strategic digital skill acquisition always have the opportunity to gain a competitive advantage. As digital transformation initiatives come into effect, capital market organizations that can bridge the skill gap will enjoy added benefits.