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Industry Overview

2020 transformed how people are managed and raised difficult questions about the future of work. HR professionals have to navigate an unknown future, and they need new insights to do so.

B2B Market Research has shown that in the months and years to come, the Covid-19 pandemic will present a series of problems that will determine the survival of many financial institutions. 

Learning first-hand from financial services professionals and leaders can make an enormous impact on cost and strategic initiatives. Organizations that have plans informed by qualitative and quantitative primary B2B research will be well prepared for the changed landscape ahead.

 

Challenges

 

1. Making remote work, work

The shift to remote work has led to a feeling of isolation by 45-50% of the US workforce, according to Control Risks, a global crisis consulting firm. HR professionals are challenged to create offerings that replace social gatherings and other face-to-face events which  previously drove engagement and built connectedness.

How to understand employee engagement in this new environment and build a stronger sense of common purpose?

To successfully navigate this new world of work, companies must understand remote-work best-practices and how HR professionals across industries drive talent engagement and build common cultures.  They also need to learn what talent within their industry emotionally value and what makes them feel connected to one another and their companies.

 

2. Delivering On Diversity, Equity And Inclusion Promises

The #MeToo and #BLM movements have heightened the importance for companies to not only talk about diversity, equity and inclusion (DEI) but to actually act on it and achieve results. A 2019 McKinsey study found that companies in the top quartile for gender diversity on executive teams were 25 percent more likely to have above-average profitability than companies in the fourth quartile.  Post-Covid, as companies recover from a global pandemic and recession, any competitive advantage will carry significant weight.

How companies can gain a competitive advantage by understanding what it takes to drive diversity, equity, and inclusion impact?

HR professionals need to learn how best-practice companies succeed in their DEI efforts.  They also need to validate their DEI strategies by listening to minority and under-represented talent and leaders.

 

3. Hiring and Retaining in a remote world

As the global economy recovers, job market for hiring talent has become more competitive than ever.  Companies allowing remote-work have a powerful differentiator when recruiting for people who prefer not to relocate.  To attract top talent, companies need to understand what employees value in the post-Covid era.

How to compete in this new hyper-competitive environment?

The best recruiting and retention strategies are powered by insights on why talent chooses one company over another.  HR professionals also need to learn what benefits and offerings competitors are implementing to attract talent.

 

4. Deciding when and how to return-to-work

Companies developing return-to-work strategies are challenged to do so in a safe manner that acknowledges the learnings of the Covid-19 crisis.  Vaccine passports and flexible in-person schedules are just some of the measures being explored, not without controversy.  When and how companies return to work could have a long-reaching impact on employee productivity and retention.

How to find the right working model post Covid?

HR professionals need to connect with other HR professionals to learn best-practices and approaches for returning-to-work.  They also need to understand workforce sentiment, needs, and ideas not only within their own companies but within their industry and ecosystem.

The best HR strategies are powered by accurate insights and high-quality data. 

As the world’s leading B2B research company, NewtonX is the partner of choice for HR departments and CHROs seeking to not only survive but to thrive and win in the post-Covid-19 economy.

Our proprietary, AI-driven NewtonX Knowledge Graph scans and verifies an open network of 1.1 billion professionals across 140 industries to find insights and answers to any business question. We go to every corner of the world to connect you with the right sources, delivering 100% verified professionals to give your thinking a flawless foundation.

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