FINANCIAL SERVICES
A guide to workforce challenges in the financial services industry and the benefits and solutions of nextSource
FINANCIAL SERVICES
A guide to workforce challenges in the financial services industry and the benefits and solutions of nextSource
These are the five key talent challenges impacting growth, adaptability, and competitiveness in the Financial Services industry.
Skills Gap and Technological Advancements
Financial professionals must learn about data analytics, cybersecurity, AI, and blockchain to keep up with technology advances.
Talent Retention and Succession Planning
As baby boomers retire and the workforce gets older, it's important to keep talented people and plan for the future.
Diversity, Equity, and Inclusion
The industry faces challenges when it comes to diversity and inclusion, especially when it comes to having a diverse mix of people in leadership positions.
Evolving Customer Expectations
Financial professionals need to have great people skills and understand how customers' service preferences change over time.
Compliance And Risk Management
Following complex rules and dealing with changing risks makes policies outdated and requires workers to undergo more training.
These are the five key talent challenges impacting growth, adaptability, and competitiveness in the Financial Services industry.
Skills Gap and Technological Advancements
Financial professionals must learn about data analytics, cybersecurity, AI, and blockchain to keep up with technology advances.
Talent Retention and Succession Planning
As baby boomers retire and the workforce gets older, it's important to keep talented people and plan for the future.
Diversity, Equity, and Inclusion
The industry faces challenges when it comes to diversity and inclusion, especially when it comes to having a diverse mix of people in leadership positions.
Evolving Customer Expectations
Financial professionals need to have great people skills and understand how customers' service preferences change over time.
Compliance And Risk Management
Following complex rules and dealing with changing risks makes policies outdated and requires workers to undergo more training.
nextSource's Solutions to Financial Services Talent
Flexibility and Scalability
By outsourcing workforce management, insurance companies and banks can adjust their staff size based on what the business needs. They can find specialized skills and expertise without needing to hire permanent employees.
Cost Efficiency
Hiring an external Managed Service Provider (MSP) helps businesses save money. MSPs negotiate good deals with service providers, simplify processes, and cut costs for hiring and managing a big workforce.
Expertise and Focus
MSPs are skilled at managing flexible workforces and have lots of knowledge in workforce management. When insurance companies and banks work with them, they can benefit from their expertise and focus on what they do best.
Compliance and Risk Management
MSPs know a lot about labor regulations and employment laws. They help insurance companies and banks lower risks related to workers, like misclassifying them or having disputes. They also assist multi-state employers with changing state and local policies.
Technology and Innovation
MSPs offer tech tools that make managing a contingent workforce easier. These tools improve efficiency, show real-time workforce data, help with reporting and analyzing, and make the overall workforce perform better.
Access to Talent Communities
MSPs have big networks and access to a large selection of talented people, so they can find skilled workers for specific jobs. They can find resources that might not be available through regular hiring.
Focus on Strategic Priorities
By outsourcing workforce management, insurance companies and banks can prioritize new ideas, customer experience, and core operations. Specialized providers handle workforce management, freeing up internal resources and management time.
nextSource's Solutions to Financial Services Talent
Flexibility and Scalability
By outsourcing workforce management, insurance companies and banks can adjust their staff size based on what the business needs. They can find specialized skills and expertise without needing to hire permanent employees.
Cost Efficiency
Hiring an external Managed Service Provider (MSP) helps businesses save money. MSPs negotiate good deals with service providers, simplify processes, and cut costs for hiring and managing a big workforce.
Expertise and Focus
MSPs are skilled at managing flexible workforces and have lots of knowledge in workforce management. When insurance companies and banks work with them, they can benefit from their expertise and focus on what they do best.
Compliance and Risk Management
MSPs know a lot about labor regulations and employment laws. They help insurance companies and banks lower risks related to workers, like misclassifying them or having disputes. They also assist multi-state employers with changing state and local policies.
Technology and Innovation
MSPs offer tech tools that make managing a contingent workforce easier. These tools improve efficiency, show real-time workforce data, help with reporting and analyzing, and make the overall workforce perform better.
Access to Talent Communities
MSPs have big networks and access to a large selection of talented people, so they can find skilled workers for specific jobs. They can find resources that might not be available through regular hiring.
Focus on Strategic Priorities
By outsourcing workforce management, insurance companies and banks can prioritize new ideas, customer experience, and core operations. Specialized providers handle workforce management, freeing up internal resources and management time.
Delivering Success for our Clients
Discover how Stewart Title, a top-tier financial services company, successfully transitioned its contingent workforce program to nextSource. Facing a complex switch under tight deadlines, Stewart Title leveraged nextSource's phased MSP solution to streamline processes across 566 work locations and 21 suppliers. With custom workflows, early engagement, and seamless supplier alignment, nextSource delivered rapid implementation in just 11 weeks, enhancing customer experience and operational efficiency. Read the full case study to learn how nextSource's expertise in managed service solutions supported Stewart Title's evolving workforce needs.
