In today’s unpredictable economic landscape, financial services companies face unique challenges. Market volatility, regulatory changes, and fluctuating consumer confidence can all impact profitability and long-term success. As the Financial services industry is expected to grow at a rate of 6% in the next coming years it’s important to be quick and adaptable. However, one of the most critical factors in weathering these uncertainties is the ability to build resilient teams. A strong, adaptable workforce enables businesses to navigate financial disruptions, innovate through challenges, and emerge stronger on the other side.
But how can financial services companies cultivate the resilience necessary to thrive in these uncertain times? It starts with strategic hiring, fostering a culture of adaptability, and providing ongoing development opportunities that empower employees to meet changing demands head-on.
Why Resilient Teams Matter in Financial Services
The financial services industry operates in an environment that’s often at the mercy of external forces—whether that’s inflation, rising interest rates, or geopolitical tensions. These factors, combined with increasing consumer expectations for seamless digital experiences, mean that financial firms must be nimble and quick to adapt. We are seeing a prominent surge of teamwork in this sector. “In 2007, about 15% of advisors co-managed their book of business. Today, it’s 32%,” says Capital Group. This surge in teamwork leads to better quality work while taking less time to complete.
Resilient teams are essential because they:
Adapt Quickly to Change: In an industry where regulations and market conditions can shift overnight, resilient employees are able to pivot and adjust to new realities with minimal disruption.
Innovate Under Pressure: Resilient teams don’t just react to challenges; they use them as opportunities to innovate. Whether it’s finding creative solutions to customer service issues or optimizing financial products, they stay forward-thinking even in tough times.
Sustain Long-Term Growth: Companies that can weather economic downturns or market fluctuations maintain steady operations, keep their clients satisfied, and position themselves for success when the economy recovers.
Not to mention that teams scientifically get work done better and faster. According to a study done by the National Academy of Sciences, “Researchers found that teams completed complex tasks a minute-and-a-half faster than individuals for tasks that took about 10 minutes total. More importantly, teams were more efficient—they completed more work per person-hour.” Not only do teams help productivity times, but also inspire collaborative ideas, and creativity to flow openly.
Key Strategies for Building Resilient Teams
Prioritize Adaptability and Problem-Solving Skills in Hiring
Hiring for technical skills and industry experience is essential in financial services, but in an unpredictable economy, adaptability is just as important. When recruiting, companies should look for candidates who:
- Have demonstrated the ability to thrive in fast-paced or challenging environments.
- Are proactive problem-solvers who don’t wait for direction to handle emerging issues.
- Show curiosity and a willingness to learn new skills, technologies, or processes.
By prioritizing these soft skills, companies can bring in employees who are better equipped to navigate the unexpected. Hiring for these skills can lessen the chance for skill gaps which are a very common problem. In a survey from McKinsey, 87% of respondents said that their organization is either experiencing these gaps right now or set to experience them down the line.
Invest in Cross-Training and Upskilling
A resilient team is a versatile team. When employees are cross-trained across different roles or departments, they can step in when staffing needs shift or when rapid changes occur in the business. This not only keeps operations running smoothly but also builds a deeper understanding of the business as a whole.
In addition, offering regular upskilling opportunities helps employees keep pace with industry advancements and develop new competencies, making them more adaptable in uncertain conditions. Upskilling can focus on areas such as:
- Technology Proficiency: As digital transformation continues to shape the financial sector, employees must be well-versed in the latest fintech tools and platforms.
- Regulatory Compliance: Given the evolving regulatory landscape, training that keeps staff up-to-date on compliance requirements ensures teams can quickly adapt to new rules.
- Data Analytics: Understanding data and making data-driven decisions is increasingly critical in financial services. Training employees to leverage data effectively builds a more informed and adaptable workforce.
Focusing on improving the skills of your employees individually will only result in stronger, more competent teams. Upskilling as a whole has seen great success. According to a survey, “91% of companies and 81% of employees say upskilling/reskilling training has boosted productivity at work.”
Foster a Culture of Agility and Continuous Improvement
Building resilience is not just about hiring the right people or training them—it’s also about creating a culture that encourages flexibility and continuous improvement. According to Deloitte, “94% of executives and 88% of employees believe a distinct workplace culture is important to business success.”
Financial services companies should:
- Encourage Open Communication: Employees should feel comfortable discussing challenges, voicing concerns, and suggesting improvements. Transparent communication fosters a more collaborative environment where employees can work together to overcome obstacles.
- Promote Agility: Organizations that foster a culture of agility are able to pivot quickly when market conditions change. This can be achieved by empowering teams to make decisions, encouraging experimentation, and not being afraid to course-correct when necessary.
- Celebrate Innovation and Resilience: Recognizing and rewarding employees who find creative solutions during tough times not only boosts morale but also reinforces the value of resilience within the organization.
Leveraging Staffing Expertise to Build Resilient Teams
In an uncertain economy, financial services companies may face additional staffing challenges, from hiring freezes to unexpected vacancies. Partnering with a specialized staffing agency can help businesses stay agile and responsive to changes in the marketplace.
At CSS Professional Staffing Group (PSG), we specialize in helping financial services companies build resilient teams through strategic staffing solutions. Whether you’re looking to bring in temporary talent during peak seasons or make permanent hires to drive long-term success, our team can provide the expertise and support you need.