FINANCIAL SERVICES

A guide to workforce challenges in the financial services industry and the benefits and solutions of nextSource

FINANCIAL SERVICES

A guide to workforce challenges in the financial services industry and the benefits and solutions of nextSource

These are the five key talent challenges impacting growth, adaptability, and competitiveness in the Financial Services industry.

Skills Gap and Technological Advancements

Financial professionals must learn about data analytics, cybersecurity, AI, and blockchain to keep up with technology advances.

Talent Retention and Succession Planning

As baby boomers retire and the workforce gets older, it's important to keep talented people and plan for the future.

Diversity, Equity, and Inclusion

The industry faces challenges when it comes to diversity and inclusion, especially when it comes to having a diverse mix of people in leadership positions.

Evolving Customer Expectations

Financial professionals need to have great people skills and understand how customers' service preferences change over time.

Compliance And Risk Management

Following complex rules and dealing with changing risks makes policies outdated and requires workers to undergo more training.

These are the five key talent challenges impacting growth, adaptability, and competitiveness in the Financial Services industry.

Skills Gap and Technological Advancements

Financial professionals must learn about data analytics, cybersecurity, AI, and blockchain to keep up with technology advances.

Talent Retention and Succession Planning

As baby boomers retire and the workforce gets older, it's important to keep talented people and plan for the future.

Diversity, Equity, and Inclusion

The industry faces challenges when it comes to diversity and inclusion, especially when it comes to having a diverse mix of people in leadership positions.

Evolving Customer Expectations

Financial professionals need to have great people skills and understand how customers' service preferences change over time.

Compliance And Risk Management

Following complex rules and dealing with changing risks makes policies outdated and requires workers to undergo more training.

nextSource's Solutions to Financial Services Talent

Flexibility and Scalability

By outsourcing workforce management, insurance companies and banks can adjust their staff size based on what the business needs. They can find specialized skills and expertise without needing to hire permanent employees.

Cost Efficiency

Hiring an external Managed Service Provider (MSP) helps businesses save money. MSPs negotiate good deals with service providers, simplify processes, and cut costs for hiring and managing a big workforce.

Expertise and Focus

MSPs are skilled at managing flexible workforces and have lots of knowledge in workforce management. When insurance companies and banks work with them, they can benefit from their expertise and focus on what they do best.

Compliance and Risk Management

MSPs know a lot about labor regulations and employment laws. They help insurance companies and banks lower risks related to workers, like misclassifying them or having disputes. They also assist multi-state employers with changing state and local policies.

Technology and Innovation

MSPs offer tech tools that make managing a contingent workforce easier. These tools improve efficiency, show real-time workforce data, help with reporting and analyzing, and make the overall workforce perform better.

Access to Talent Communities

MSPs have big networks and access to a large selection of talented people, so they can find skilled workers for specific jobs. They can find resources that might not be available through regular hiring.

Focus on Strategic Priorities

By outsourcing workforce management, insurance companies and banks can prioritize new ideas, customer experience, and core operations. Specialized providers handle workforce management, freeing up internal resources and management time.

nextSource's Solutions to Financial Services Talent

Flexibility and Scalability

By outsourcing workforce management, insurance companies and banks can adjust their staff size based on what the business needs. They can find specialized skills and expertise without needing to hire permanent employees.

Cost Efficiency

Hiring an external Managed Service Provider (MSP) helps businesses save money. MSPs negotiate good deals with service providers, simplify processes, and cut costs for hiring and managing a big workforce.

Expertise and Focus

MSPs are skilled at managing flexible workforces and have lots of knowledge in workforce management. When insurance companies and banks work with them, they can benefit from their expertise and focus on what they do best.

Compliance and Risk Management

MSPs know a lot about labor regulations and employment laws. They help insurance companies and banks lower risks related to workers, like misclassifying them or having disputes. They also assist multi-state employers with changing state and local policies.

Technology and Innovation

MSPs offer tech tools that make managing a contingent workforce easier. These tools improve efficiency, show real-time workforce data, help with reporting and analyzing, and make the overall workforce perform better.

Access to Talent Communities

MSPs have big networks and access to a large selection of talented people, so they can find skilled workers for specific jobs. They can find resources that might not be available through regular hiring.

Focus on Strategic Priorities

By outsourcing workforce management, insurance companies and banks can prioritize new ideas, customer experience, and core operations. Specialized providers handle workforce management, freeing up internal resources and management time.