Navigating the End of Jobs: 2023 Human Capital Trends (From a Financial Services Perspective)

Report | Jul 10, 2023

Image: Deloitte

The Deloitte 2023 Human Capital Trends report highlights the need for a skills-based approach to work, the importance of technology in augmenting human capabilities, the negotiation of workforce data, the necessity of leadership in a boundaryless world, the push for equitable outcomes, and the advancement of human sustainability in the financial services industry.

Survey participants

Approximately 10,000 professionals from global business and HR organizations across 105 countries. Among these respondents, 15% were from the Financial Services industry, providing a total of 1,130 responses.  The sector distribution within the Financial Services industry was:

• 29% from Banking & Capital Markets
• 22% from Investment Management
• 28% from Real Estate
• 21% from Insurance

Image: Deloitte

Top 6 Trends

1. Navigating the End of Jobs:
   • The report suggests a shift from traditional job-based structures to a skills-based approach. This approach allows work to be done beyond traditional job boundaries, empowering workers and helping organizations adapt quickly to changes in the industry.
2. Powering Human Impact with Technology:
   • The relationship between intelligent technology and workers has evolved significantly. Technologies are emerging that don't just substitute or supplement workers but help them improve—augmenting humans to become better humans and teams to become better teams.
3. Negotiating Workforce, Workplace, and Work Data:
   • Organizations and workers vie for control of worker, workforce, and workplace data when they should focus on mutual benefits. This is particularly important in light of increasing data privacy concerns and regulatory requirements in Financial Services.
4. Leading in a Boundaryless World:
   • To thrive, Financial Services leaders must evolve in tandem with their organizations and adopt a new set of fundamentals to mobilize workers and teams to achieve new outcomes.
5. Taking Bold Action for Equitable Outcomes:
   • Diversity, equity, and inclusion (DEI) progress has traditionally been measured using activities and effort, with little consideration for actual outcomes. DEI actions should aim at achieving equitable outcomes in the marketplace and workforce while boosting an organization’s innovation, competitiveness, and long-term business success.
6. Advancing the Human Element of Sustainability:

   • Human sustainability rises to the forefront of organizations’ sustainability strategies in Financial Services as the industry seeks to promote sustainable investments and address climate change risks.

Takeaway

The report underscores the importance of embracing change, fostering a culture of resilience, and investing in workforce transformation to stay competitive in the dynamic global market.  For businesses looking to thrive in this new era, the report's findings offer a roadmap. It's time to reimagine the future of work, redefine the role of leadership, and reinvent HR for a more human focus.

See:  How will Web3 impact the future of work?

In the face of rapid technological advancements and shifting workforce expectations, the call to action is clear: Embrace the human element in your business strategy. Invest in your people, foster a culture of resilience and adaptability, and leverage technology to enhance, not replace, human capabilities.  The future of work is here, and it's human.

Download the 28 page PDF report --> here

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