Business transformation-survey slideshare

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Financial servicesBusiness transformation

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Hydrogen recently conducted a survey with 6,000 contractors working in the UK financial services business transformation sector. The survey responses help give an understanding of what is driving this market, how contractors operating in the market view the major retail banks and the results provide a useful insight into what is expected to drive changes to the sector as we head into 2015.

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The survey respondents worked across the UK32% were working in a top 4 retail bank

Key demographics



The last five years have seen an enormous amount of change within the financial services sector. As a response to these changes and the uncertainty created, the survey has highlighted a shift in the way people are employed.

Organisations enjoy the flexibility and expertise that contract resource gives and are shifting their spend away from management consultancies.

Although the majority of respondents had been working in change management for more than 11 years, 46% had been contracting for less than 5 years, indicating more individuals are choosing to contract to give them better control over their futures.

Continuing shift towards contractors



46%

71%

Contracting for less than 5 years

Worked in change management11+ yrs

Market expectation has remained largely constant with the majority expecting rates to stay unchanged. However, fewer people were expecting a rate decrease in half 2 than experienced in half 1, and with 28% and 27% experiencing or expecting increases this year, overall rate changes are trending positively for the first time since 2008.

Rate expectations within financial services for 2014



22% Decrease

50% No rate charge

28% Increase

14% Decrease

27% Increase

59% No rate charge

Half 1

Half 2

Where do people want to work and what do they look for in a new role?



Retail banks are currently the most popular places to work, but there has been a resurgence in contract hiring in investment banking, resulting in an increasing competition for talent. Those that are able to focus on the five key drivers that contractors identified will attract the top talent in the marketplace.

1 Big 4 retail bank2 Investment bank3 Retail challenger bank4 Insurance5 Technology


How do people view the Big 4 retail banks?


Bank 1Bank 2Bank 3Bank 4


Top and bottom three scores for: Bank 1Top

1. On-boarding process2. Personal development3. Work-life balance

Bottom

1. Client brand2. Competency of peers3. Location




1. Workplace culture2. Work-life balance3. Personal development

Bottom

1. Client brand2. Competency of peers3. Scope of work




1. Personal development2. On-boarding process3. Pay rate

Bottom

1. Client brand2. Location3. Length of assignment




1. Pay rate2. Personal development3. Workplace culture

Bottom

1. Pay rate2. Length of assignment3. Scope of work



How did the Big 4 retail banks score against the main drivers?


The results show that the Big 4 retail banks did not score highly against what contractors rate as key criteria for a new role. Those companies that focus on these drivers will elevate their brand in the contractor market and will attract the best talent.

Bank 1Bank 2Bank 3Bank 4

Pay rate Work-lifebalance

Location Scope ofwork

Length ofassignment

Scored highScored low

We asked participants what would be the main factors affecting Business Transformation in 2015 and beyond.

Regulatory change came out top as the financial industry continues to be scrutinised. The outcome of the general election, plus renewed uncertainty over the economy, will have a bearing on any future plans.

Retail Banking will undergo the same phenomenon that we are currently experiencing in the supermarket industry, with the challengers taking market share from the big four. This will be compounded by the government forcing more competition on the industry, as it introduces new regulations to facilitate this.

Digitisation will remain prominent in 2015 across all sectors. Driven by innovation, the impact of digital technologies prevails in every aspect of our lives. Next year will be no different, with continued investment in new projects.

The war for top talent is hotting up.

What’s next?


0 5 10 15 20 25 30 35 40

10%

15%

23%

Main factors affecting Business Transformation in 2015

Political climate/economy

New technologies/digitisation

Regulation and compliance

For further information contact

Jon [email protected]+44 (0)20 7002 0262

adam [email protected]+44 (0)20 7002 0267

Contact:


www.hydrogengroup.com

Business transformation-survey slideshare

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