Actions to take now.
If banks want to use digital technologies to attract new talent, and retain the people banks want to retain, they need to:
- Conduct strategic workforce planning. As machines take over certain tasks, consider which human capabilities can be augmented, where human capabilities are needed most, and how people can be reskilled to perform more valuable work.
- Create an "always-learning" organisation. Digital transformation requires multi-skilled generalists who are flexible and learn quickly. Revise existing training and coaching programs, and individual performance criteria, to reflect principles of collaboration and continuous learning.
- Use performance management as a development tool. Incorporate coaching and feedback-not only from managers, but also from other employees and even smart machines-to help people learn, experiment and constantly improve.
- Revisit and realign talent sourcing, development and reward strategies that reflect an ethos of collaborating with machines.
- Build a culture of trust. Managers need to trust the data that machines provide and collaborate with machines to execute work. Be transparent in communications and involve people at all levels in the organization to co-create change.
Machines-in the form of big data and analytics, robotics, artificial intelligence and cognitive computing-could not only offer direct business benefits but also the chance to create more interesting and meaningful employee experiences. It's up to people to make that happen.
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