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Flexibility in the workplace can help retain talent
The banking sector is viewing this shortage of skilled workers as a threat to the growth of their organizations.
A CASE FOR FLEXIBILITY
As a tightly regulated industry, the banking sector is faced with shrinking margins that make it difficult to boost compensation levels significantly. However, there is one thing they can do to attract qualified candidates and retain top talent: flexibility.
Workplace flexibility concerning the time, place, and/or way of working is a prime factor that influences the ability of financial institutions to retain talent. Among the key benefits of flexibility is that institutions can not only attract top talent, but also engage and retain employees, improve productivity, and reduce cost. It is in this context that the HR function should go beyond mere hiring and ensuring compensation. It is responsible for enabling people to perform at their best and evolve as both professionals and individuals. With a cohesive talent management system, companies can empower staff flexibility, thereby enabling productivity and performance at the workplace! An ideal talent management system enables the organization to reap rich benefits:
Attracting talent: Offering flexibility can help companies improve perceptions of the industry. As people value flexibility and work-life balance, it is important to take proactive steps in this regard.
Engaging and retaining talent: Flexibility has a positive impact on employee engagement and turnover rates. Lack of flexibility in the organization makes millennials more likely to leave the place. Therefore, when it comes to engagement, a little flexibility goes a long way.
Reduced cost: Flexibility reduces cost in several areas of the organization. Remote work environments can reduce a financial institution's real estate footprint and related costs. In fact, some large institutions are saving tens of millions of dollars annually through this approach. Flexibility also reduces the rate and cost of absenteeism;
GETTING AHEAD WITH TALENT MANAGEMENT
Implementing an effective talent management system ensures that every single touch point works to create a superior workplace. Today's workforce needs to be empowered with flexibility, so that they can help translate an organization's business vision to reality. It is important that talent management systems include features that drive a culture of performance and workforce engagement.
Know more: https://www.peopleworks.in/
Mr. Vaishakh Kelkar