HR departments in the financial services industry need to focus on a range of important initiatives to create meaningful change in their organizations. From promoting diversity, equity, and inclusion, to supporting employee engagement and well-being, to promoting technology adoption and integration, HR leaders have the opportunity to shape the workplace culture and drive business growth in the financial services industry.
Growing Employee Performance in the Financial Sector
Chris Bjorling and Bill Banham are joined in this People and Performance episode by Tara Favors, Executive Vice President and CHRO at Mutual of America Financial Group.
Tara is responsible for HR strategy, including talent acquisition, development, retention, DEI, organizational learning, compensation programs, employee benefits, and the development of a hybrid employee work policy.
She works closely with the Executive Committee as they implement their transformational business initiatives and update their long-term strategic plan.
Questions For Tara Include:
- How have HR departments evolved since you joined the financial services industry?
- What are examples of important initiatives HR departments in the financial services industry are or should be focused on right now to create meaningful change?
- How can C-suite executives and HR departments in financial services better support each other to drive business success?
- Where do you see DEI at Mutual of America in the future? How do you plan to get there?
- In one minute or less, can you share one piece of advice or some direction you were given by a mentor, leader or colleague that inspired you to perform at a higher level in your career
- From a culture and people processes perspective, what does a high-performing company mean to you?
More About Leading HR Initiatives in the Finance Sector
Human Resources (HR) departments play a critical role in shaping the workplace culture and driving organizational change in the financial services industry. To create meaningful change in the organization, HR departments need to focus on several important initiatives that can improve employee satisfaction, support business growth, and foster a positive workplace environment.
One of the key initiatives for HR departments in the financial services industry is promoting diversity, equity, and inclusion (DEI) programs. With a rapidly changing demographic landscape, it is imperative for HR leaders to create a workplace culture that is inclusive of all employees, regardless of their race, ethnicity, gender, sexual orientation, or other factors. DEI programs can help to attract and retain a diverse pool of talent, improve employee engagement, and foster a positive workplace culture.
Another important initiative for HR departments is promoting employee engagement and well-being. The financial services industry is fast-paced and high-pressure, making it crucial for HR leaders to support employee well-being and promote healthy work-life balance. This can include offering flexible work arrangements, providing access to health and wellness programs, and promoting a positive workplace culture that values employee well-being.
Talent management and development is another crucial initiative for HR departments in the financial services industry. Attracting and retaining top talent is a key challenge in the industry, and HR departments need to develop and implement effective talent management strategies to support business growth. This can include creating programs to develop and retain top talent, providing opportunities for professional development and career growth, and promoting a positive workplace culture that values and rewards employee performance.
Compliance and regulatory training is also an important initiative for HR departments in the financial services industry. With a rapidly changing regulatory landscape, it is crucial for employees to be trained on industry regulations and standards to ensure compliance and avoid potential legal and financial risks. This can include providing regular training sessions and resources to keep employees up-to-date with the latest regulations and standards.
Finally, technology adoption and integration is a key initiative for HR departments in the financial services industry. Implementing new HR technologies and systems can help to streamline processes, improve efficiency, and support business growth. This can include adopting cloud-based HR systems, automating HR processes, and integrating new technologies into the workplace to support employee engagement and well-being.
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