| PwC: new skills will characterise the business stars of the future |
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| | A different set of
employee and executive
skills, smart deployment
of talent and the
realignment of
compensation structures
will be critical to
firms’ ability to
achieve a sustainable
competitive strategy in
the fundamentally
different business,
capital and regulatory
environment that is
emerging from the
turmoil, according to
PricewaterhouseCoopers
LLP (PwC).
Michael Rendell,
partner and global
leader, human resource
services, PwC, said:
“While recent focus has
been on bankers’ ethics,
it is entirely
conceivable that –
alongside the innovators
and the entrepreneurs –
the business stars of
the future across all
employee levels will
also need compliance,
risk management and
relationship management
expertise. Organisations
need to know who those | |
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| | people are within their
operations, to ensure
that the way they are
rewarded is aligned with
business needs and to
prepare them for the
spotlight. Compensation
systems and appraisal
processes will need to
evolve to recognise
risk, regulatory and
relationship
competencies as core
skills.
“Companies will have
pockets on their skills
map that need filling in
advance of the upturn as
their talent needs
evolve. Redeployment and
recruitment to stimulate
new ideas, kick start
motivation in existing
staff and fill skills
gaps will be necessary –
albeit on a possibly
small scale.”
This means stripping
out unnecessary
complexity. Financial
services organisations
face particular
pressures. As regulation
tightens and customer
expectations continue to | |
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| | increase, what banks and
other financial services
firms define and seek
out as ‘talent’ may be
transformed – as will
how they are rewarded.
Jon Terry, partner
and head of reward at
PwC, commented: “To
combat the difficulty in
rewarding people when
there is potentially
less cash for bonuses
and compensation faces a
tighter rein, financial
services organisations
need to use their
resources to optimum
effect, while ensuring
an appropriate
adjustment for risk and
a viable balance between
short-and long-term
performance-related pay.
Robust and clearly
articulated governance
will need to underpin
these to restore the
trust of consumers,
markets and governments,
which is required for
sustained recovery in
investment, growth and
profitability.” | |
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