Meanwhile, one solution for plugging the gap is relying on an extended workforce. Accenture research shows that 82 percent of all organisations use part-time workers, freelancers, contract employees and consultants. Many retiring staff may be seeking such employment but many new entrants to the marketplace may want such work too, as flexibility is a key buzz word amongst millennials. Indeed, according to Accenture research, after salary and benefits, more than one third of 2015 graduates said they valued flexible work hours.
Put simply, banks will need to seek out staff with broader skill sets who can work within the framework of increasingly digitally enabled environments. To retain staff, they will need to create environments that truly fosters work-life integration, innovative work environments, opportunities for challenging work and opportunities for advancement.
For more information see Accenture's report: Top 10 challenges for investment banks in 2016.
Beat Monnerat is a senior managing director based in Singapore. He is head of Accenture's Asia-Pacific financial services business.
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