Solving the operations talent crisis
How managed service models are boosting firms’ ability to rapidly scale, adapt and future-proof their operations
Volatility is taking on a new meaning in the financial services industry. When you hear the word, there’s no doubt your mind goes right to the financial markets. But there’s another place experiencing just as much volatility, if not more: the labour market. With operations and technology talent harder than ever to find and retain, firms who are finding it difficult to keep up with asset and account growth are adopting managed service and outsourcing options to alleviate the pressure.
Gartner recently uncovered some alarming statistics: About two-thirds of senior executives expect workforce shortages across line-of-business and key functions such as business operations, contact centres, and frontline staff over the next 12 months.
Most of us are aware of the Great Resignation occurring across all industries. Still, specialised roles in post-trade operations have been especially hit hard, and it’s not just due to retirement. Today, key-person risk caused by high turnover rates and staff rationalisation is a significant threat, especially for firms outgrowing their technology and staffing footprints.
In the UK investment management industry alone, headcount growth has slowed since 2016 while overall assets under management continued to increase strongly, according to Investment Association’s 2021 Annual Survey.
How can financial services organisations ensure they are truly prepared to pivot, adapt and weather all types of change and disruption?
We take a deep dive on the three ways to alleviate the pressure and optimise workloads, control infrastructure
costs, and reduce the risk and disruption caused by the talent crisis.