2017 is shaping up to be a year of continued upheaval for financial institutions. After eight years of post-crisis regulatory reform, recent political developments in the U.S., the U.K., and Europe will drive even more regulatory change as countries reevaluate trade policies. In addition, the ongoing disruption caused by technological advancements and FinTech—while providing financial services organizations with the ability to improve existing processes and establish innovative digital services—regulators have another, new focus area that will require ongoing compliance work.
These developments further exacerbate the skills shortage in a labor market where financial services employers are already hard-pressed to find compliance talent with the right skills and knowledge. Competition among employers is high, with all of them offering high salaries and some even resorting to poaching talent.
Adding specialized capabilities with contingent workers
With the growing importance of the compliance function, it should be clear that forward-thinking financial services organizations need to build strong teams with the ability to navigate the changing regulatory landscape. Along with recruiting top professionals, they should also be growing talent in-house.
In addition, using statement of work (SOW) talent and independent contractors (ICs) can be an attractive option. Especially considering the high salaries of direct hire compliance talent, hiring contingent talent provides employers with an effective way to acquire the needed skills without making a long-term financial commitment. Another important advantage is that a contingent worker usually offers significant expertise in one specific area; expertise that’s continuously honed because he or she only deals with issues pertaining to that one topic.
Optimize the talent supply chain with talent analytics
Employers looking to use contingent compliance professionals can benefit greatly from using talent analytics—something that’s considered a high priority by 71 percent of companies, according to the report “Rewriting the rules for the digital age” by Deloitte University Press. Interestingly, the report also states that practical implementation of talent analytics is relatively slow. There are several potential reasons for this, including a lack of analytics talent, as well as a shortage of data visualization capabilities. As a result, many employers wind up using data analytics simply as a reporting tool to measure the historic performance of their MSP programs and/or workforce strategies.
However, when done right, talent analytics is a powerful tool that offers employers all the capabilities to optimize their talent supply chains. The KellyOCG Talent Supply Chain Analytics Portal offers comprehensive reporting and measuring capabilities that go beyond providing course corrections after the fact. Using internal and external data, it provides employers with in-depth visibility of the interrelationships between KPIs such as time to fill a position, quality of the hire, cost, compliance, and strategic alignment. By doing this, it also offers predictive capabilities that allow employers to fine-tune their talent strategies.
This talent portal is especially useful when it comes to navigating the competitive landscape for top quality compliance talent. It provides data-driven insights and broadens the talent pool to include suppliers currently outside of an employer’s MSP, enabling employers to select those suppliers that perform best against the KPIs that matter to their companies. That way, they can streamline their supply chains, mitigate risks, and reduce costs—all while still securing the right compliance talent at the right time.