Strike a Balance Between Hard and Soft Skills

Talent Solutions for Banking and Finance

Banking-Finance

As more and more companies in banking and financial services adopt artificial intelligence, automation, and other technology, the competition for workers with tech skills is intensifying. In fact, more than half of financial institutions report struggling with a skills shortage. But tech skills can only take your business so far. Research shows that personality and motivations can account for significant variance in performance — and it matters for your bottom line. In the first year after making a big change, businesses that get talent right see 2.5 times more ROI. So how can you strike a balance between hiring for hard and soft skills? The answer lies in personality.

Billions

$33 billion


The estimated revenue from big data in the financial services industry by 2027

250 Percent Return

250%


The return on investment many banks can expect when they invest in soft skills

How We Help

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Make Decisions with Data

The skills gap is seen as a threat to growth by 70% of CEOs in financial services. But less than 30% have talent strategies to address it. With the world’s largest database of personality research, we can tell you what it takes to succeed in any job role. Let us crunch the numbers so you can select people who are equipped to do the work you need today but ready to reskill tomorrow.

Diversity

Improve Diversity and Inclusion

On average, financial institution boards are 80% white and 70% male. Incorporating personality into your talent strategies can help you build and retain a diverse workforce and create lasting cultural change so employees are included and heard. Bonus: gender, ethnic, and cultural diversity have been proven to have a positive relationship with organizational performance.

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Cut Turnover Costs

Turnover in banking is among the highest of any industry, with rates for officer and nonofficer positions alike nearly doubling between 2013 and 2019 to reach 7.5% and 23.5% respectively. Just one customer-facing employee leaving can cost as much as 400% of that person’s salary. We’ll simplify the math: using personality assessment, we can help you cut these costs by as much as 61%.

Industry Spotlight: Banking and Finance

Banking and financial institutions around the globe are facing many major challenges: the COVID-19 pandemic, climate change, threats to cybersecurity, increased calls for more diverse workforces, demands for social responsibility, and more. But one business initiative is key to making progress on the rest: developing a sound talent management strategy.

As an international authority in the science of personality and a provider of evidence-based solutions for talent acquisition and development, Hogan has been partnering with organizations in banking and finance for decades to help them solve problems and achieve their goals. Check out a few examples of our work to learn more about how we can help.