Other parts of this series:
In the previous parts of this series, I explained how trust in the workplace is both the critical currency and the anchor for the wider digital transformation efforts of financial services (FS) firms.
The path forward to rebuilding trust will require a new framework for responsible use of workplace data.
Accenture’s “Decoding Organizational DNA” report outlines the three key steps FS leaders can take to unlock human potential and create new value:
- Give Control. Gain Trust. FS firms must learn to give more control to their employees. In doing so, they will empower them and gain the trust they need. Properly securing consent whenever possible is the best way to engender employees’ trust. Most FS firms are required by law to track emails to prevent employee misconduct. But obtaining genuine consent whenever possible can pay high dividends when it comes to elevating the trust of employees. It’s also crucial to co-create fair privacy guidelines with employees to assure them that they are treated as equals.
- Share Responsibility. Share Benefits. It’s one thing to earn employee trust. It’s another to maintain it over time. This requires FS leaders to create a coalition in which leaders share responsibility and accountability for new workplace data and technologies, while seeking input from their people and ultimately sharing benefits with them. For example, JPMorgan Chase employs a checks-and-balances strategy and has multiple groups in place to guide responsible use of technology and data in the workplace. At the C-suite level, HR, Risk and the General Counsel partner in a “three-legged stool” approach. “Multiple leaders from across these disciplines come together to thoughtfully consider how we balance data insights for business benefit and respect for individuals’ privacy—looking through the lens of strategic business resiliency, risk, and the ability to elevate our people,” says Robin Leopold, CHRO for JPMorgan Chase.
- Elevate People. Use Tech Responsibly. FS firms must use technology in responsible new ways to elevate their people and fix the unintended consequences of the technology. With the right use of technology, companies can unlock the potential of their people, opening up more opportunities and pre-empting a “digital determinism” (the idea that tech will determine social structures, cultural values and one’s own experiences). This practice would be particularly important in sectors that are most vulnerable to digital disruption, including banking and insurance. Using technology to identify people’s hidden skills and underutilised capacity will help firms quickly reskill and retrain workers at risk of displacement.
Following these steps will help FS leaders reinvent their relationship with employees for trust and build resiliency for growth in a time of disruption.
To find out more about how to rebuild trust in the FS workforce in a digital age, please contact me here, or @andyyoungACN.
To learn more register to download: Decoding Organizational DNA.