HR Strategy and Workforce Planning for Banking, Financial Services and Insurance
How many people, in which roles, by when — and what they will cost.
What this looks like in banking, financial services and insurance
The parts of hr strategy and workforce planning that are specific to this sector, rather than general.
Planning a Sales Force
Where the plan is a function of productivity and attrition.
What this coversHide
Planning a Sales Force
Where the plan is a function of productivity and attrition.
What this coversHideFinancial services workforce planning is arithmetic: target divided by expected productivity, adjusted for ramp-up time and expected attrition. Getting any of the three wrong invalidates the plan.
- Business target
- Productivity by vintage
- Attrition assumption
- Gross hiring requirement
- Recruitment plan by month
- Productivity assumptions based on actual vintage data, not aspiration
- Attrition assumptions by vintage and location
- Ramp-up period built into the plan explicitly
- Gross versus net hiring requirement distinguished
- Branch and cluster level planning, not just national
- Support and operations headcount planned alongside sales
- Cost of the plan including recruitment and ramp-up
- Scenario planning for target changes
Planning gross rather than net hiring is the correction most needed. A business needing fifty more people with forty per cent attrition is hiring far more than fifty.
The general method — what hr strategy and workforce planning covers, the questions it answers and what an engagement produces — is the same whatever the sector, and is set out on the hr strategy and workforce planning page. What is above is the part that differs for banking, financial services and insurance.
Other HR topics for banking, financial services and insurance
Where to start
Most engagements begin with a review of how this runs in your business today, then a written process and the sequence to implement it.
See all HR topics for banking, financial services and insurance, or another industry.