Financial organisations, like banks, are at the heart of the world’s economy. To give you a perspective, total pre-tax profits for the top 1000 World Banks were $1,135bn in 2019. One of the most striking aspects of banks and other financial organisations is that they are a complex world of departments that work in close tandem. There is a gamut of core businesses like retail, wealth management, investment banking, broking and advisory services etc under the umbrella of one organisation. Not only this, but the entities are supported by a host of other departments like operations, HR, analytics etc.
Owing to such a complex and intertwined internal structure, financial organisations need a special HRMS to support their growth. Moreover, banking and financial organisations are tech-savvy and operate at lightning speed to make quick decisions. Run of the mill HR software may not be suitable for such an intense working environment.
Here is what they need to stay ahead of the competition.
Data Management:
Financial organisations have a large geographical spread, and are often spread across national and international locations. Additionally, the internal structure often comprises of channels, businesses, sub-businesses, entities and sub-entities. At times, they may have to move large chunks of their workforce to other businesses that are in demand.
Owing to these challenges, they need a robust system that can allow them to maintain employee data with minimal efforts. The HR software should allow them free access across locations and an optimised system of maintaining data consistency at all times.
Managing Employee Lifecycle:
Banks are often large in size, and their employee strength may run into thousands. Moreover, it is common for financial organisations to transfer employees across locations and departments.
The HRMS should support the HR staff in reflecting these movements smoothly on the system. Moreover, they should be able to manage everything right from onboarding to separation on one comprehensive platform.
Flexible and Scalable:
Driven by a booming economy, banks have grown tremendously in the last decade. The need of the hour is a solution that can be scaled to support their growth. Moreover, an HRMS software that allows them to pick additional features in the future is advisable. Such flexibility will allow HR professionals to support the workforce with the right tools. Besides, since the employees are already used to a particular platform, the learning curve for new processes will be shorter.
Minimal Person Dependency:
More often than not, the HR processes in organisations are as good as the person managing it. When the person moves out of the role, the process goes back to square one. To resolve such a situation, organisations need to formalise processes. A robust HRMS that can implement workflows and approval systems can make a process person-independent.
Analytics Support:
Human Capital insights are crucial for making business decisions. For instance, the right number of resources that will be needed for starting a new business or scaling an existing one. Similarly, they may need to drive productivity by looking at the revenue numbers.
HRMS that provide readily-available dashboards and reports can save hours of hard work spent on number crunching. Moreover, some platforms allow users to customise the reports.
Survey Management:
The HR function needs to have their ears on the ground to understand employee engagement. It may become a challenging task when the employees are spread across diverse locations. HRMS that offers employee surveys can help them in understanding the pulse of their organisations. Besides, they can also administer quizzes using this tool and enhance the engagement of the workforce.
Smooth Communication:
Being an industry that is heavily governed by internal and external policies, financial organisations have to communicate such changes to their employees. Without a system, ensuring that the message reaches every person may become overwhelming. HR software can resolve this problem by allowing pop-ups on individual desktops.
Self-Service:
Waiting for the HR staff to revert on questions related to policies and procedures can be a major cause of dissatisfaction amongst employees. HRMS that shares information on fingertips is an effective solution to this. Apart from this, the HR staff can also focus on the strategic aspects of their job instead of devoting hours on manual tasks.