In the current global economic downturn, the Banking and Financial Services industry has witnessed an adverse impact on its financial performance. The industry now has to deal with an enhanced regulatory environment, and an increased focus on risk management. The industry is also witnessing consolidation and inorganic growth. This necessitates increased operational efficiency, as well as improved workforce productivity and execution ability.

The secret to superior Human Capital Management in the Financial Services industry is to know the risk implications for a certain value/volume level of transactions. HR executives develop a heat map for talent needs based on these very dimensions. The higher the risk/value handled, the more it has to be aware of employees staffing this section of the business. Statement of Professional Purpose, Credit History, Criminal History, Banking Association Opinion, Performance History, Professional Connections, Social Connections, Life Events, Affiliations – all represent value.

The Human Capital Management Software used by the organization can play a vital role here by providing an appropriate environment and platform for people to perform. HR strategies implemented on the floor have to align with the level of automation in the manufacturing facility. When the level of automation is high, HR focuses more on employee training and rewards, process improvements and innovation. When manufacturing is labor intensive, HR focuses on incentivising employees to focus on the target at hand.

Some other trends which can be observed are,

• Detailed Contingency Plans to cope with business swings
• Interconnected global markets
• Basel III & other emerging regulations impacting profiling and incentivising
• Ever increasing focus on customer service and leveraging IT
• Real-time, straight through processing, with a high dependence on IT
• Real-time visibility into performance
• ewards for defined behavior

FieldCloud HCM solution

Workforce Management

• Enables you to define manufacturing work centers as distinctive project areas and track them separately
• Permits you to define a role (short term) for the employee at that work center with definitive goals
• FieldCloud Time Management System is tailored for all employment grades and supports shifts and rosters
• Supports contingent and temporary (or contract) workforce
• Employee Relations processes such as Grievances and Disciplinary action enable the automation of employee conduct

Recruitment

• Automates the entire hiring process
• Allows sourcing from multiple channels—internal, job referrals, job sites and social networking sites
• Facilitates onboarding with automated pre and post-joining formalities, enabling an employee to get productive quickly
• Develop a pay-for-performance culture

Talent Management

• The Behavioral Appraisal process allows Talent Managers to capture the results of a surprise check or a formal audit on the employee’s model of conduct

Employee Development

• Captures success and rewards by rotation
• Offers Training Administration that allow users to set up the training calendar and program, enroll employees, monitor their attendance, and capture their performance and feedback
• Allows managers to define how to spot and reward successful performers through the gamification framework and link results to Payroll

Payroll and Benefits

• Country-specific statutory compliances available
• Highly configurable and flexible to take care of Payroll elements, associated with every aspect of manufacturing such as volumes of production, roles performed, risks, legal settlements (unions), previous dues, life events of workers, overtime, and technology
• FieldCloud In-memory Payroll (Minnal) may be harnessed for quicker results, given that Payroll is highly computation-intensive

Employee Self Service

• Comprehensive in scope, and can be deployed from a Kiosk on the shop floor or accessed from the work station
• Extremely easy to use WorkSpaces, specific to common user roles in manufacturing setup, with all the data required for decision-making presented as a chart for quick analysis and action
• Context aware—the software ‘recognizes’ and knows the users from erstwhile usage patterns
• Employee Survey feature allows vital “employee speak” to reach the ears of Talent Managers
• Employee Relations processes such as Grievances and Disciplinary action, enable automation of data related to employee conduct and behavior, and this is an integral part of safety reporting