BFSI - Industry overview and trend

In the current global economic downturn, the Banking and Financial Services industry has witnessed an adverse impact on its financial performance. The industry now has to deal with an enhanced regulatory environment, and an increased focus on risk management. The industry is also witnessing consolidation and inorganic growth. This necessitates increased operational efficiency, as well as improved workforce productivity and execution ability.

The secret to superior Human Capital Management in the Financial Services industry is to know the risk implications for a certain value/volume level of transactions. HR executives develop a heat map for talent needs based on these very dimensions. The higher the risk/value handled, the more it has to be aware of employees staffing this section of the business. Statement of Professional Purpose, Credit History, Criminal History, Banking Association Opinion, Performance History, Professional Connections, Social Connections, Life Events, Affiliations – all represent value.

Some other trends which can be observed are,

  • Detailed Contingency Plans to cope with business swings
  • Interconnected global markets
  • Basel III & other emerging regulations impacting profiling and incentivising
  • Ever increasing focus on customer service and leveraging IT
  • Real-time, straight through processing, with a high dependence on IT
  • Real-time visibility into performance
  • Rewards for defined behavior

Imperatives for HR

Talent Acquisition and development

  • Enable comprehensive candidate profiling and verification
  • Facilitate an employee to understand the business function through Job Rotation & Cross Training
  • Set up a training calendar for continuous skill upgrades with a focus on changing regulatory needs
  • Instill a performance-based culture and reward employees for right behavior and adherence to corporate values
  • Set up an unambiguous model of business conduct (how the staff should deal with customers in branches)
  • Set up and monitor financial product-wise targets

Compensation & Benefits

  • Set up a payroll structure that handles flexible benefits
  • Automate Time Management for staff, and achieve automated reporting and payroll integration
  • Incent/Reward employees for defined behavior and meeting of targets
  • Address complexities of distributed workforce across multiple legal entities and locations

Employee Empowerment

  • Enable Self-Service for Life Event Reporting
  • Enable suggestion schemes that can potentially be spun off as projects and put reward models in place

Statutory & Compliance

  • Set up a model of conduct for employees, befitting the needs of the Financial Services industry
  • Conduct audits and surprise checks on staff to ensure compliance with this model of conduct

Ramco HCM Solution

Workforce Management

  • Provides a facility to define branches and products, and track them appropriately
  • Ramco Time Management system is tailored for all employment grades
  • Employee Relations processes such as Grievances and Disciplinary action, enable the automation of employee conduct
  • Management of transfers, deputations and postings
  • Tracking of absence possible

Recruitment

  • Create a personalized onboarding process

Talent Management

  • The Behavioral Appraisal process allows Talent Managers to capture the results of a surprise check or a formal audit on the employee’s model of conduct
  • Use Competency Models to define model business conduct and skills required to handle jobs

Employee Development

  • Offers Training Administration that allow users to set up the training calendar and program, enroll employees, monitor their attendance, and capture their performance and feedback
  • Allows managers to define how to spot and reward successful performers through the gamification framework and link results to Payroll

Payroll and Benefits

  • Country-specific statutory compliances available
  • Highly configurable and flexible to take care of Payroll elements, including flexible benefits
  • Ramco In-memory Payroll (Minnal) may be harnessed for quicker results, given that Payroll is highly computation-intensive

Employee and manager self-service

  • Comprehensive in scope and accessible from a mobile device
  • Extremely easy-to-use WorkSpaces, specific to common user roles with all the data required for decision-making presented as a chart for quick analysis and action
  • Context aware—the software ‘recognizes’ and knows the user from their erstwhile usage patterns
  • The system is “Socially” aware of its employees, if policies permit this
  • Employee Survey feature allows vital “employee speak” to reach the ears of Talent Managers

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