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2016 Accenture Technology Vision for Banking Liquid Workforce: Bank on “fluid” teams focused on results

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Page 1: Liquid Workforce - 2016 Accenture Technology Vision in …...3 2016 Accenture Technology Vision for Banking Liquid Workforce Nimble workforce = Nimble banking The perfect storm of

2016 Accenture Technology Vision for Banking

Liquid Workforce: Bank on “fluid” teams focused on results

Page 2: Liquid Workforce - 2016 Accenture Technology Vision in …...3 2016 Accenture Technology Vision for Banking Liquid Workforce Nimble workforce = Nimble banking The perfect storm of

Under the theme “People First: The Primacy of People in a Digital Age,” the 2016 Technology Vision highlights five emerging technology trends shaping the new business landscape: Platform Economy, Digital Trust, Liquid Workforce, Intelligent Automation and Predictable Disruption.

This report offers a banking industry perspective on Liquid Workforce. Banks will need to address each trend first from a strategic business and then a digital enablement lens as they begin to transform themselves Beyond the Everyday Bank, interacting daily with customers to meet their financial and non-financial needs every day.

2 2016 Accenture Technology Vision for Banking

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Some technology-enabled fluidity is already showing up as a requirement for the banking workforce. Bankers reported that 55 percent of the jobs in their organization have a digital component today (compared to 50 percent across all industries); they expect that number to increase to 61 percent in three years. This increase may come as more banks incorporate robotics, sensory and collaboration technologies into their branches, helping branch staff to work faster and more efficiently in providing personalized customer service.

Still, banks need more than the right technology. They need to harness that technology to enable the right people to do the right things in an adaptable, change-ready, and responsive liquid workforce—competitive traits that will allow banks to operate quickly, change faster and make smarter decisions, while staying close to customers.

3 2016 Accenture Technology Vision for Banking

Liquid Workforce

Nimble workforce = Nimble bankingThe perfect storm of market drivers—most notably new technology, tougher regulation, novel competitors and demanding customers— are compelling banks to transform to full digital banking. The reality is fast-pace and continuous change. Consider Square, Bitcoin, ApplePay, GoFundMe, Moven and other financial services innovators that didn’t exist eight years ago. For banks to stay relevant to customers, ahead of competitors and on pace with new technologies and regulation, they need an equally nimble, or liquid, workforce. In the Accenture Technology Vision 2016, 74 percent of bank executives believe that a more “fluid” workforce would improve their innovation. A workforce today is no longer merely “internal” versus “external.” The dimensions are broader to include fixed versus variable as well as new, innovative workforce constructs, such as crowdsourcing and labor on demand.

74% of bank executives believe that a more “fluid” workforce would improve their innovation.

74%

ProjectsUse technology to

coalesce and disband internal and external

talent at your disposal for new innovative

projects.

OrganizationOptimize workforce responsiveness with

insightful analytics that provide a real-time

view of organizational capabilities.

SkillsBuild learning as a core competency in the organization to

actively generate skills that are in demand.

Page 4: Liquid Workforce - 2016 Accenture Technology Vision in …...3 2016 Accenture Technology Vision for Banking Liquid Workforce Nimble workforce = Nimble banking The perfect storm of

74%

ProjectsUse technology to

coalesce and disband internal and external

talent at your disposal for new innovative

projects.

OrganizationOptimize workforce responsiveness with

insightful analytics that provide a real-time

view of organizational capabilities.

SkillsBuild learning as a core competency in the organization to

actively generate skills that are in demand.

4 2016 Accenture Technology Vision for Banking

Liquid Workforce

Adaptable workforces organized around business outcomesTo start and progress their digital transformation, banks will need to build flexibility fundamentally into three key workforce areas: skills, projects and the organization as a whole.

While 80 percent of bankers polled in the Technology Vision survey agree that the workforce of the future will be structured more by projects than by job functions, forward-thinking banks will go further to organize their workforces around business outcomes and business services.

• The value for the customer.• The investment the bank is willing to

commit to it.• The knowledge and skills needed to

deliver and sustain it, those from inside the bank and those from partners.

• The best-fit delivery approach with “multi-speed” features (diverse methods and technologies, such as Waterfall, Agile, DevOps and APIs) that foster the flexibility to organize and match team characteristics (size, governance, methods and so forth) with business consumption and pace of change—one size no longer fits all.

Extending beyond one-off implementation projects, a liquid workforce allows for banks to break work down to its smallest component and then determine how best to source each component. Smaller teams can support the evolution of a new customer experience (or other outcome) over time. It means that skills development and diversity are baked into the team through tactics such as implanting continuous training, cross-fertilizing skills with other teams and incorporating soft skills—people who welcome change, learn quickly and are effective at working in any mode of delivery. Bank survey respondents cited the ‘ability to quickly learn’, ‘proficiency with digital technologies’ and ‘willingness to embrace change’ as top qualities for employees to perform well in a digital work environment. Communication and collaboration skills are key. The findings suggest that industry leaders place a premium on candidates whom they believe will evolve with their business.

Imagine, for example, that customers want to have a unified view of their financial picture regardless of where or with whom their accounts and assets may reside. Satisfying this need as a service or a product is the desired outcome. Banks would then structure a service around that outcome to reflect:

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5 2016 Accenture Technology Vision for Banking

Liquid Workforce

A liquid workforce also has significant implications for how banks think about and source capabilities to deliver desired outcomes. The bank should clearly define its core competencies and position its internal workforce to focus on execution and development of those competencies. With such internal clarity, banks can then supplement their employee workforce by drawing on a diverse mix of periphery sources to tap a broader set of skills and experience. Today’s external sourcing options include on-demand workers (such as freelancers, contractors and consultants), participative public pools (such as crowd-sourcing and application development companies) and more constant service providers (such as traditional outsourcers). Banks can target and engage those external sources that offer the specific skills and knowledge they need, when they need it.

Suppose, for example, that a commercial bank wants to grow business in its region’s shipping market. To keenly understand buyers in that market, the bank could connect with a data analytics firm that specializes in shipping and transportation industries— a singular skill need that the bank can best fill from the outside. The bank’s core talent, perhaps senior marketing in this case, acts as glue linking the multiple and different skills to achieve the desired outcome.

With a mix of on-demand (individual) and constant (company) skill sourcing, banks can easily create real workforce fluidity to scale talent up and down as needed for greater cost variability and efficiency. Three-quarters of bankers expect that the larger proportion of workers in the organization to shift towards more flexible, multi-skilled employees (generalist) in three years.

Such embedded flexibility will create a more liquid workforce that is data-driven, outcome-oriented, extended to external talent, trained continuously and empowered to innovate.

74%

ProjectsUse technology to

coalesce and disband internal and external

talent at your disposal for new innovative

projects.

OrganizationOptimize workforce responsiveness with

insightful analytics that provide a real-time

view of organizational capabilities.

SkillsBuild learning as a core competency in the organization to

actively generate skills that are in demand.

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6 2016 Accenture Technology Vision for Banking

Liquid Workforce

Where banks can start the shiftCreating a flexible and adaptable workforce is how banks will be able to stay on pace with digital-driven change. Banks can begin or progress their workforce transformation in five key ways:

• Make workforce development (attracting, retaining and training) a core competency. • Become more outcome-oriented and fluid.• Empower collaboration and new ideas. • Manage a distributed workforce.• Create an organization that facilitates, rather than impedes.

Capital One is helping close the digital skills gapCapital One is committing itself to help close the digital skills gap within America’s workforce. The bank organized relationships and skills around the outcome through partnerships. Working with training platform vendor Grovo, Capital One will develop a self-directed digital literacy curriculum for its non-profit partners that serve low to moderate income individuals as well as an open-access course that will be available to any individual through Grovo’s online platform. Through this free curriculum, any individual looking to develop their basic digital skills will have access to learnings and tools essential for success in the 21st century workforce. Capital One is also teaming with global educational institution General Assembly to create the Capital One Opportunity Fund, a fellowship program that will provide training for individuals looking to gain the advanced digital skills needed to secure high digital skill jobs. Fellowship recipients will benefit from General Assembly’s immersive training programs, as well as placement in an upwardly mobile technology career path.1

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Liquid Workforce

Liquid Workforce:

100-Day PlanThe emergence of the liquid workforce is already underway, and

the time to initiate a new workforce strategy is now.

1. Create your workforce strategy and determine your workforce “destination X.” What capabilities do you have now, and what will you need in the short- and long-term? What parts will you build in-house and what will you obtain from the outside? Clearly define your sourcing and location strategy.

2. Perform a skills gap analysis. Have your HR organization highlight roles and any other areas that need to be addressed, and then work with a vast network of partners, such as universities and executive recruiters, to reinvigorate your talent pipeline and talent pool relationships.

3. Build a strategy for expanding your workforce capabilities. Determine what investments in facilities, technology or people you will need to attract, retain and develop your skills pool toward your chosen workforce destination.

4. Create a new engagement strategy, keeping in mind what Millennials demand from their employers. Develop a plan that will allow workers to contribute to projects they are passionate about, move freely through the organization, and leveraging digital technology, find work that best suits native skills.

5. Formalize your organization’s approach for developing an ecosystem of different talent sources—in-house, temporary workers, on-demand pools and longer-term outsourcing partners. Create a clear, well-communicated distribution of work between diverse skill sources that plays to the strengths of each.

6. Pilot a new liquid project. Assign a ‘stretch’ project to one of your groups and grant them the autonomy and dedicated resources that allow them to accomplish their goal. Use this pilot as a foundation for developing a formal liquid project strategy.

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About AccentureAccenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions—underpinned by the world’s largest delivery network—Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 373,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.

The views and opinions expressed in this document are meant to stimulate thought and discussion. As each business has unique requirements and objectives, these ideas should not be viewed as professional advice with respect to your business.

This document makes descriptive reference to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Accenture and is not intended to represent or imply the existence of an association between Accenture and the lawful owners of such trademarks.

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Made by Accenture ResearchAccenture Research is a global team of industry and digital analysts who create data-driven insights to identify disruptors, opportunities and risks for Accenture and its clients. Using innovative business research techniques such as economic value modeling, analytics, crowdsourcing, expert networks, surveys, data visualization and research with academic and business partners they create hundreds of points of views published by Accenture every year.

References1 “Future Edge. Get Ready for Tomorrow. Today,” Capital One, March 5, 2015. http://www.capitaloneinvestingforgood.com/skills/future-edge-get-ready/

ContactsFor more information, contact:

Steve Westland Managing Director, Technology Strategy, Accenture [email protected]

Diana BersohnManaging Director, Technology Strategy, AccentureGlobal Lead, IT Workforce [email protected]

Emmanuel Viale Managing Director, Accenture Technology Labs—Europe [email protected]

Schira Lillis Lead, Global Financial Services Research, Accenture [email protected]

Copyright © 2016 Accenture All rights reserved.

Accenture, its logo, and High Performance Delivered are trademarks of Accenture.