Trends Shaping HR In Finance: Data Priority & Regulatory Agility
In the fast-paced and competitive landscape of the financial sector, talent acquisition stands as a cornerstone for success, particularly within dynamic industries like broking. As companies strive to build winning teams, their approach to talent acquisition must evolve to spot, nurture and retain top talent effectively. Hina Dhamija, Executive Vice President & Head of Human Resources, Religare Broking believes that the evolution of performance management systems and the identification and cultivation of leadership talent are crucial factors shaping the future of human resources within the finance sector.
How can companies approach talent acquisition in this fast-paced and competitive financial sector, particularly in the very dynamic broking industry?
People are the most precious assets for a successful business and talent acquisition approach must reflect this. Talent acquisition in this fast-paced and competitive financial sector, particularly in the very dynamic broking industry, is all about spotting talent early, nurturing it, and building a winning team, just like it happens in IPL.
Talent acquisition includes many things such as implementing targeted recruitment strategies, collaborating with universities and educational institutions, offering competitive compensation packages, promoting diversity, inclusivity and much more. By prioritising these initiatives and leveraging technology to streamline processes, companies can certainly stay ahead in talent acquisition and maintain a competitive edge in the industry.
How have performance management systems evolved over the years? How is it designed to align with the goals and objectives of the business? How can companies ensure that performance evaluations contribute to both individual growth and the overall success of the company?
The transformation in performance management systems (PMS) is as massive as is the change from a buttoned phone to a smartphone. At Religare Broking, performance management transcends traditional top-down approaches, instead fosters a collaborative, two-way process that contributes to both individual advancement and organisational success. This entails optimising Key Result Areas (KRAs) to align with business priorities, thereby fostering behavioral changes, facilitating monetary and personal growth, and ultimately driving achievement of business objectives. We prioritise transparency by incorporating open communication mechanisms and fostering a two-way feedback culture, ensuring employees receive clear feedback on their performance and actively engage in discussions about their development.
Given the importance of strong leadership, how can organisations identify and nurture leadership talent within their organisation?
Identifying and nurturing leadership talent is crucial for a long-term success of an organisation. This includes and is not limited to regular assessments of current employees against defined leadership qualities and competencies; robust succession planning initiatives; active mentorship and coaching programes; and providing ongoing opportunities for learning and feedback. Our objective is to foster a culture that values and cultivates leadership qualities, thereby ensuring a robust internal pipeline of capable leaders who can successfully drive the organisation forward.
Looking ahead, how do you envision the role of HR evolving in the finance sector, and what trends do you see shaping the future of human resources in the industry?
The role of HR in the finance sector is continuously evolving in lines with the industry's changing dynamics. HR has transitioned into a strategic business partner, collaborating closely with management to ensure that the HR strategies are in alignment with organisational objectives. Consequently, HR plays a pivotal role in driving the organisation's growth and success.
In the future, HR will continue to remain instrumental in attracting and retaining top talent. Key trends that will shape the future of HR in the financial industry should include an increased emphasis on data-driven decision-making, the utilisation of technology for talent acquisition, development, and management, as well as a heightened focus on fostering diversity, inclusion, and employee well-being in the workplace. Most importantly HR professionals will also need to stay abreast of regulatory changes, address cybersecurity concerns, and evolve hiring practices for emerging skills and competencies within the sector.
Can you elaborate on the cultural aspects that can be emphasised within organisations to create a positive and motivating work environment?
Building a positive and motivating work environment is all about fostering a culture where employees feel valued, empowered, and supported. There should be a seat for everyone on the table. When teams collaborate, support each other, and prioritise work-life balance, it creates a dynamic and fulfilling workplace where everyone can thrive and contribute their best. The leadership team plays a crucial role in shaping this organisational culture. They lead by example, demonstrating values such as integrity, accountability and a commitment to excellence. This sets the tone for a positive and motivating workplace.
