As the IBM study notes, financial services workers must fully utilize their skills and talents to have a positive employee experience. To enable this, firms need to be able to help employees align their goals with team and firm goals, and identify opportunities for career development.
Outdated internal systems are not likely to have been designed with performance enablement in mind. As organizations shift from performance management to performance enablement—moving from performing top-down backward-looking reviews to enabling each employee’s ongoing performance and career—they’ll need an agile system that can adapt to support employee-centric practices.
What’s more, to really move the needle on business performance, institutions need to be able to analyze data across the organization and shift from being reactive to proactive. For example, what if an institution could compare historical data on a branch’s people, finance, and operations to determine the factors that contribute to its performance? If a firm knows certain skills or background experiences could contribute to better performance, it could do a better job of hiring and developing talent to support its goals.
In another example, while loan officers analyze the same type of data to determine credit worthiness, they also rely on supplemental information that may differ by applicant or location. Without a collective view of credit standards, employee performance, loan performance, and branch performance, organizations can’t determine what factors contribute to fewer charge-offs or better loan officers. This is only possible if people and financial data, as well as data from other sources, is accessible, with the right analytics tool in place to gain these business insights.