Unprecedented ramifications fuelled by digital disruption and the impact of changing customer expectations, which together are reshaping demand for talent skills in the banking and finance sector, was the main focus of a recent cpjobs HR Engagement Workshop, which took place in the state-of the-art, South China Morning Post office.
Attendees, mainly from the banking and finance-related HR profession heard distinguished speakers provide deep-dive insights and next-step takeaway suggestions to help HR professionals to implement talent management strategies to future-proof the workforce of the organisations they work for. The Engagement Workshop was one of a series of workshops organised by cpjobs, which are designed to focus on the latest talent management developments and skills needs in specific industry sectors.
During his presentation focusing on “in demand jobs, and how to prepare for them”, Philip Kam, Hong Kong Institute of Bankers (HKIB), general manager- Institute Development, explained while an upsurge in the use of technologies is replacing the repetitive aspects of some jobs, in other areas, traditional jobs are being redesigned or require different skill sets. For instance, Kam noted, while artificial intelligence (AI) technology can handle straightforward enquiries, human service staff are still needed to respond to more complex queries. He said the same principles apply to anti-money laundering; know-your-client (KYC) and client on-boarding processes. “In many areas, it is a case of old skills applied in a new way,” said Kam, who stressed the HR function, should be under any illusion that helping employees adapt and upgrading their skills to fit a digital environment is easy. “To achieve success requires a significant realignment of resources and operations, as well as a commitment to see the process through,” Kam said. It is important to remember that digital disruption and digital transformation don’t take place in silos, therefore, talent management strategies need to be evaluated for the cross-department impact they may have.
With the banking industry facing a shortage of digital skills-ready employees, Kam said the HR function has a crucial role to play in helping existing employees to pursue personal development goals, which includes helping them to learn applicable digital skills. The demand for talent with the necessary digital skills, said Kam, is one of the reasons the HKIB have introduced programmes to help banking professionals to upgrade their digital knowledge and skills. At the same time, Kam said banking and finance organisations are no longer competing for skilled people with traditional sector rivals, but also against technology firms and start-ups. However, he did acknowledge there is growing collaboration between traditional banks and the fintech sector, which at one time considered each other as rivals. Citing an HKIB survey, Kam highlighted the disconnect between banking professionals acknowledging the benefits of acquiring fintech knowledge and skills and the number of banking professionals that take steps to acquire fintech competencies. The HKIB survey revealed while 97 per cent of respondents recognised the need to develop their fintech skills, only 44 per cent had actually done anything about acquiring fintech skills.
Kam also cautioned with cloud technology, data analytics, AI, fintech and blockchain technologies either already widely in use or expected to become mainstream within the next few years, when it comes to talent management planning and future proofing the workforce, HR departments cannot afford to be complacent. In the regulatory and compliance space, Kam said situation is no different. Popularly known as “RegTech”, a combination of regulation and technology, the demand in gathering large quantities of data, is also creating a demand for data scientists who can analyse and make sense of the data. “This is a specialised area where the skills required are specific,” noted Kam.
During his welcoming remarks, Alex Ho, Vice President, Recruitment, Circulation & Syndication Business at South China Morning Post explained the cpjobs HR Engagement Workshop provided a platform that allowed HR professionals working in the banking and finance sector to benefit from hearing different viewpoints and network with like-minded professionals. Ho also outlined the SCMP’s triparty initiative to facilitate engagement between the SCMP, students attending business schools operated by Hong Kong’s 10 universities and potential employers. “The goal is to provide students with opportunities to engage with the commercial world,” said Ho. For its part, Ho said the SCMP is providing students with mentoring, internships opportunities and digital training experience as well as the opportunity to attend cpjobs Engagement Workshops.
HR Workshop attendees also heard Michael Chan, co-founder and CEO at Bowtie — Hong Kong’s first on-line, digital life and health insurer — explain how the company had implemented its disciplined approach to talent recruitment and retention. The hiring strategy focuses on preference for strong value alignment with Bowtie’s values and mission, supported by professional growth potential followed by skills capabilities. “We have found that those with strong value alignment tend to contribute more, while those with strong skills, but lacking the value alignment, tend to contribute less,” said Chan.
As Hong Kong’s first “virtual” insurer to receive a licence from Hong Kong’s Insurance Authority, Chan said several employees had taken a “leap of faith” by deciding to place their early career development opportunities with the company. For example, during Bowtie’s early days as a start-up enterprise, the company utilised the skills of interns, most of which have now become full-time employees. “These were top-flight students who turned down job offers for higher paying jobs with high profile organisations,” said Chan, who believes that Bowtie’s (the company name was chosen because it has connotations with important moments in life), mission commitment that insurance is fundamentally good for society, also resonates with employees. As part of its mission statement, Bowtie has adopted a US president Trump-like “let’s make insurance great again” proclamation.
Chan also outlined how Bowtie pays close attention to ensuring its diverse workforce — which numbers about 50 — work together effectively and harmoniously. He explained that workplace demographics of allowing employees of different ages and professional backgrounds sit together provides a fertile environment for innovation and understanding. Bowtie’s workforce includes engineers and designers from Silicon Valley and local technology start-ups as well as C-suite executives from major insurance companies and even a medical doctor. “It is important that we always recognise that our employees are individuals and be sincere about their well-being,” said Chan. In 2018, during a Series A funding round, Bowtie secured HK$234 million from investors led by Canadian insurance company Sun Life Financial, and Sequoia-backed HK X-Technology fund — chaired by Tencent boss Pony Ma.
Meanwhile, citing international banks and large-scale financial organisations as clients, Derek Hung, Director of Enterprise Solutions, Asia Pacific at WeWork, highlighted how physical workspace plays an important role in providing an engaging, collaborative and productive environment that many of today’s employees look for. “Inspiring collaborative spaces are not only for start-up tech companies,” Hung explained to HR Workshop participants, pointing out that globally, across WeWork’s collaborative spaces in 485 locations in 105 cities spanning 28 countries, about a third of Fortune 500 companies are WeWork members and 40% of its members are enterprises employing more than 500 employees. Aware of how physical office surroundings can affect employee engagement and well-being as well as productivity, Hung said, in a world that promotes greater flexibility than ever before, instead of creating a “place of work”, WeWork’s environments are focused on providing an integrated, vibrant community for “work, life and play”.
