Overview:
Banking, Financial Services and Insurance Sector (BFSI) Kontempore witnessed coming together of industry stalwarts on a common platform for identifying the present and prospective challenges faced by BFSI sector related to talent. Participants explored issues from the widest possible perspective and found most innovative out-of-the-box solutions to the most imposing questions staring at the industry.
Process:
BFSI Kontempore pushed the boundaries of ideas and dared to explore beyond what most industry events would attempt. It was a true crowd-sourcing of ideas achieved through a Large Scale Interactive Process (LSIP). As part of LSIP, the participants were divided into seven groups to have a 5-step discussion process. To begin with, participants made their individual observations regarding talent-related concerns faced by the industry. This was followed by discussion amongst group members facilitated by the group team leader. Subsequently each group listed the key challenges faced by BFSI industry and possible actionable ideas to counter these challenges. This was followed by open cafe session when each group visited other groups and noted the challenges and possible solutions listed by other groups. Once each group was aware of discussions of all the other groups, each group further filtered their thoughts and identified 3 key challenges along with proposed unique solutions for each of these challenges. Finally group leaders shared their learning with all the stakeholders of Kontempore leading to an enriching experience for all participants. The uniqueness of the entire process was that it encouraged lively debate amongst participants, raised many incisive questions and still kept the discussion on track without influencing the individual opinion of group members.
Outcome:
Discussion summary of the highly participative and iterative process is as follows:
| Challenges | Impact | Suggested Action Points |
| Attracting Talent and Retaining Talent | High attrition rates | Industry outreach to academic institutions to fill the gap |
| Dissatisfied customers | Brand building of organizations as well as industry as a whole | |
| Greater demand for readymade talent | Focus on talent retention by rewarding long-term performance | |
| Higher cost of talent | Develop talent instead of only hiring from other industries by investing in processes and training | |
| Absence of cultural fitment | Mentoring employees, specifically new joinees | |
| Technological Disruptions | Requirement for re-skilling | Innovate and re-skill quickly |
| Employability of existing and new resources | Destroying of comfort zones | |
| Enabler as well as loss of jobs | Experiential learning | |
| Employee redundancy | Application of predictive HR Analytics | |
| Artificial intelligence to compete with human intelligence | Partner with technology organizations like IT and ITES | |
| Industry Regulations | Dynamic regulatory environment | Cross-link knowledge by working with government |
| Stringent regulations impact business | Self-regulation by industry | |
| Regulations vary with geography, category and customer profile | Partner with local bodies to bridge understanding gap | |
| Compliance becomes critical | Increase compliance awareness through internal communication |