Although challenged by corporate restructuring and cost cutting, banks and financial firms can’t afford to overlook talent development, which could impact their long-term performance.
Brenda Wilson, Mercer’s Asia-Pacific leader of talent development consulting, says regardless of the current economic cycle, banks must be careful with redundancies to avoid losing key people and draining their talent pool. While banks may face training budget restraints, talent development programmes should be maintained as these will help build a workforce that can overcome challenges and deliver results in the future, says Wilson.
“Organisations that don’t have a clear strategy around their workforce needs and retrench the wrong staff could end up facing stiff challenges during the next economic upswing,” she adds.
Wilson says surveys show that firms which cut the w