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 find most innovative out-of-the-box solutions to the most imposing questions staring at the industry.
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 groups 12 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 six larger groups were formed by merging two groups each. These six larger groups 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.
|Challenges||Impact||Suggested Action Points|
|Technological Disruptions||Requirement for re-skilling||Innovate and re-skill|
|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|
|Low attractiveness of sales profile||Demand for readymade talent||Mentoring new employees|
|High attrition rates||Invest in processes and training|
|Limited talent pool at higher cost||Develop talent instead of only hiring from other industries|
|Dissatisfied customers||Rewarding long-term performance|
|Skill deficit and talent gap in existing resource pool||Demand supply mismatch||Talent retraining|
|Focus on buying talent from other industries||Industry-academia partnership|
|Impatience to invest in talent building||Skilling during formal education|
|Performance not as per expectation||Talent acquisition from hinterland|
|Knowledge gaps||Customised certification programs|