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Aon-Tech Convergence in Financial Services QandA-Article

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June 2019 How are financial services firms responding to the changing digital landscape? This article answers some of your most pressing questions as they relate to tech convergence, and how firms are adapting to an ever-changing business environment. Financial services firms are in the process of looking for innovative ways to adapt and transform traditional practices for the digital future. To compete with technology firms and the growing popularity of the Silicon Valley approach to attracting and retaining key employees, the industry needs insights into the methods and strategies that tech firms employ. We recently hosted a webinar to discuss the top trends in HR for technology companies and how financial services firms are responding. The session sparked questions around a number of related topics, including company culture, location strategy, new skills, pay equity, and transforming rewards practices. This Q&A article tackles some of these inquiries, while providing additional insights and recommendations for staying ahead of the curve in the digital world. To what degree do heavily regulated traditional financial services firms need to adapt their culture to remain relevant? The way tech firms and financial services firms operate is different on so many levels—career frameworks, collaborative structures, speed of operation, agile working, high utilization of equity in rewards programs, generous lifestyle benefits—the list goes on. These differences may seem like a gap too wide to close, however, even small adjustments will help lay the groundwork for attracting and retaining the tech talent that will pave the way for future success. There are two key pieces we advise our clients to start with: determining what aspects of the firm's culture can be adjusted that would better speak to tech talent and identifying what works well in the current culture and rewards framework to ensure it is maintained. For example, can your tech roles participate in a pilot for a job architecture that flattens their organization and de-emphasizes hierarchy? And, does your company have global operations that offer employees the chance to live in different countries? Highlighting these types of opportunities may speak to tech talent more so than compensation, helping to drive the cultural change needed to set the stage for a larger transformation.

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