How can reimagining today's workforce help banks shape their future?

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16 minute read 09 Sep 2025
Related topics
Banking and capital markets
Transformation strategies for banking leaders
Financial services
Workforce

Four visions of the future of work can transform the employee value proposition and drive talent ROI in banking.

In brief:

    • Reimagining the workforce and employee value proposition is essential for attracting top talent and boosting long-term performance.
    • Increased talent fluidity, smarter workspaces and tools, and a clear purpose empower people and teams and increase banks’ talent ROI.
    • By embracing transformative talent strategies, banks can bridge today’s skills gaps and build a sustainable talent advantage.

    Future-ready banking starts with your workforce

    Watch the video to explore four bold visions that can help banking leaders transform the employee value proposition and drive talent ROI in banking.

    A high-performance bank needs a high-performing workforce, with dynamic talent, modern employee value propositions and advanced systems that engage and bring out the best in all workers.

    In response to economic pressures and market uncertainty, many banks are focused on reducing their labor expenses. But cost-cutting isn’t the answer at a time when banks face critical talent shortages in key domains. Rather, banks can redirect talent investments to drive more value for the business and build a strategic and high-impact people function.

    As highlighted in the EY 2024 Work Reimagined Survey, new measures of talent health can account for how well organizations do onboarding and culture. Currently, the financial services sector sits at 61, slightly above the industry average, but still pointing to a significant opportunity for banks to improve. Leaders that surrender legacy thinking and embrace bold new trends and ideas, will be best positioned to capitalize on this growth opportunity. 

    Improving future business outcomes requires creating new roles and new ways of working; empowering people with next-generation tools, deep intelligence and personalized training; matching the right people to the right projects; and defining a clear purpose. Banks that stick to old talent management strategies risk losing ground to FinTechs, neobanks and other non-traditional competitors. And they’ll see their skills gaps continue to widen.

    How EY can help

    Reimagining work — the employee experience, the workplace, talent programs, roles and job types — is essential to long-term success. Why? Because it enriches the organizational culture, strengthens workforce capability, and enables gains not only in productivity and efficiency, but also in growth and innovation.
     

    By focusing on four bold imperatives, banks can differentiate in the competition for top talent and drive higher returns on people investments:

    1. Liquid careers: tailored career pathing and coaching, dynamic learning and development, and platforms and tools that auto-match talent and opportunities in line with business needs.
    2. Empathic design: wellness systems and dashboards, artificial intelligence (AI)-based personal productivity tools, biometric schedulers and smart, responsive workspaces that adapt to the needs and moods of individuals and teams. 
    3. Omniscient operations: always-on, corporate intelligence systems built on deep historical knowledge to inform decision making, promote best practices and inspire peak performance across all operations and projects.
    4. Responsible results: a clear narrative around purpose to attract top talent, fostering an environment where employees see the social impact of their contributions.

    No one can predict the future with precision. But technology developments and talent management trends make it clear that tomorrow’s banking jobs will demand more adaptive skill sets and fluency with AI. Rich, varied and purpose-oriented careers will be within reach for more bank employees. There’s never been a better time to explore what’s possible for banks that establish and execute a compelling vision for the future of work in banking. Stefanie Coleman, a leader in the EY global People Consulting practice focusing on the banking sector says, “In addition to exploring the possibilities of AI, putting humans at the center of business strategy will lead to better outcomes for everyone — banks, employees, customers and society at large. The more banking leaders prepare the workforce for a dynamic future, the better.”

    The more banking leaders prepare the workforce for a dynamic future, the better the outcomes will be for everyone — banks, employees, customers and society at large.

    Stefanie Coleman

    Principal, People Consulting, Banking & Capital Markets Ernst & Young LLP

    Portrait of young businesswoman
    1

    Chapter 1

    Liquid careers: embracing talent fluidity in banking

    Getting the right people in the right roles drives higher employee satisfaction and performance.

    The global skills shortage is accelerating alongside mounting regulatory, customer and technological pressures. According to the EY 2024 Work Reimagined Survey, a third of employees surveyed lack confidence in their ability to keep up with the hard and soft skills predicted to be essential in the future, including creative thinking, resilience and agility.

    Redefining operating models through intelligent automation and thoughtful workforce design can effectively tackle the skills gaps and enhance overall employee satisfaction. Given that 38% of employees are likely to leave their jobs within the next 12 months, prioritizing talent satisfaction becomes crucial. Empowering employees with personalized career trajectories can serve as a powerful lever for talent retention, ensuring that employees feel supported and engaged in their professional growth.

    Employee retention in financial services
    of respondents are likely to quit their jobs.

    Imagine talent flowing fluidly across the bank to meet the dynamic needs of the business, with specialized skills and knowledge being repurposed and redeployed in line with shifting priorities and sudden disruptions. Think of deal teams being infused with deep expertise and new energy at a moment’s notice. Or imagine compliance staff mobilizing to support and engage directly with front-line service teams during a regulatory change.

    What if always-on career paths automatically directed employees to suitable development opportunities and learning programs, which are fully personalized? Imagine AI mentors and avatars providing in-the-moment coaching. And blockchain-based CVs giving leaders direct visibility into verified skills and qualifications, as well as past performance.

    Think about how intelligent talent matching systems can look beyond traditional credentials to match talent to roles and where historic experiences or skills adjacencies detect good fits. Picture an environment where everyone is expected to work in multiple parts of the bank and where short-term, rotational assignments are the norm. Where processes and systems are designed to bring together diverse, creative and analytical minds to solve problems. Imagine credit specialists working in cross-functional teams to develop crypto offerings or high-performing tellers being promoted to manage virtual branches.

    Realizing the vision of liquid careers requires banks to deploy AI and other advanced technology in creative ways, and revolutionize key people processes — from recruiting, hiring and onboarding, to learning and development, to offboarding. It’s about understanding what skills are most important for the future, expanding the concept of who can do which jobs, identifying how, when and where people work most effectively and productively, and clarifying why their work matters.

    Innovation spotlight

    Early adopters are showing how talent fluidity boosts employee engagement and satisfaction and helps banks stay ahead of evolving market demands:

    • Dynamic, AI-powered talent marketplaces promote workforce agility and a culture of adaptability by enabling employees to explore short-term assignments across various departments.
    • Skills passports identify suitable new roles across departments and projects, as well as training and upskilling opportunities.
    • Virtual reality enhances onboarding, upskilling and coaching programs, with immersive experiences that introduce employee benefits and prepare employees for future roles.
    • Mentorship programs that connect seasoned employees to newer talent via rotational assignments, enhancing skill development and cross-functional teamwork.

    The top business practices to improve talent availability are providing effective re-skilling and up-skilling, supporting employee health and well-being and improving talent progression, promotion and processes.1

    Ready to get started?

    Tangible first steps to create the infrastructure for liquid careers:

    1. Review job architectures, including job families and role profiles, to clarify the work done in the bank.
    2. Establish an enterprise-wide skills taxonomy that defines common skills needed across jobs and identify roles with significant skills overlaps and adjacencies. 
    3. Review learning assets against the skills taxonomy and develop learning solutions that support the most critical skills.
    4. Create frameworks for individual and team-based skills assessments to improve role transitions and prioritize development needs. 
    5. Transparently communicate about open roles and skill requirements to help employees find transitional opportunities (e.g., launch internal job markets or gig platforms).
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    2

    Chapter 2

    Empathic design: prioritizing wellness as a path to peak performance

    Intelligent and adaptive spaces can optimize employee wellness, creativity and productivity.

    According to the EY 2024 Work Reimagined Survey, the number one reason knowledge workers come to the office is a workspace that is designed for social connectivity and driving positive outcomes. This is a powerful indicator as to the importance of well-being to promote productivity. But what would this look like?

    Imagine a workplace designed to inspire individuals to feel great and perform at their best — an environment where people want to be because they can easily connect with colleagues. Think about knowing when workers are most engaged and collaborative and optimizing schedules and workflows around these cycles.

    Imagine a workplace optimized for everyone, with real-time visibility into employee sentiment continuously adapting policies and physical spaces, a workspace with custom settings for ergonomic seating, and where screen brightness, lighting and headsets are programmed to suit unique physiological needs.

    Think about AI wellness concierges and company-assigned bots that live with employees at their workspaces, reducing the risk of burnout. Imagine analysts who have been working long nights (as detected by keystrokes and badge swipes) being prompted to take periodic breaks (with prompts for virtual meditation sessions and stretching routines). What if employees with outstanding vacation balances were nudged with tailored travel ideas?

    Given banking’s “work hard, play hard” ethos, innovations like these allow workers to balance health and performance, while still driving value for banks through increased engagement and higher productivity. They also provide convincing evidence that human capital is the bank’s most critical asset and further position CHROs as strategic partners vital to driving bottom-line results.  

    Innovation spotlight

    HSBC2 has implemented a mindfulness program that originated from an employee's passion for mindfulness rather than a corporate directive. Over the years, this initiative has grown organically, fostering trust among employees. The program focuses on various mindfulness techniques tailored to individual preferences, helping employees manage stress and workload overwhelm. With support from senior management and a structured budget, the program has expanded significantly, with hundreds of sessions conducted monthly and thousands of employees participating. Notably, the initiative has led to a 30% increase in stress resilience and a 50% reduction in error rates within teams. The program's success has been recognized with an award for its positive impact on workplace mental health and well-being.

    The number one reason knowledge workers come to the office is a workspace that is designed for social connectivity and driving positive outcomes.3

    Ready to get started?

    Tangible first steps in creating an empathic work experience:

    1. Establish metrics to track the vitality of the workforce — measuring happiness, productivity and social connectivity on a transparent, opt-in basis.
    2. Assign a leader for wellness innovation across the bank and embed wellness into automation strategies.
    3. Mine the bank’s wellness resources, using AI solutions to curate and manage them, on demand, in support of unique employee needs and queries.
    4. Ask employees what they want and need from their day-to-day experiences, and look for patterns by role, tenure and persona.
    5. Create targeted strategies to optimize the experience based on critical factors (e.g., specific role types, generational cohort, on-site and remote worker profiles, geographic differences).
    6. Launch cultural programs that reinforce the importance of wellness and its positive effect on business and team performance.
    7. Quantify the return on wellness investments and regularly communicate results to business leaders, managers and employees.
    8. Encourage in-person meetings for on-site workers (instead of taking video calls from the desk) to promote socialization and bonding via live collaboration.
    Portrait of smiling male entrepreneur with long hairs outside office building
    3

    Chapter 3

    Omniscient operations: creating an ecosystem of intelligence

    Enabling tools and democratized knowledge make work smarter, faster and more collaborative.

    Imagine a bank functioning as an ecosystem of systems, where silos disappear and work is coordinated across teams and functions. In this environment, human connectivity drives business outcomes, with workers collaborating to achieve specific objectives, creating value around the clock, with the full support of the bank’s intellectual property (IP). The top talent for any task is always in the room—whether live or virtual—because it is easy to identify the most qualified employee globally to join a meeting, project team or transaction.

    Imagine hive intelligence systems surfacing top insights and perspectives on relevant topics as workers ideate on innovation, analyze business issues and make big decisions. Instead of workers spending time manually gathering data and prepping reports, the bank’s best thinking is always at their fingertips and served up by AI avatars just when people and teams need it. Consider how algorithmically orchestrated workflows can disseminate leading practices across business units and to every level of the organization.

    Innovation spotlight

    Some first movers are leveraging enabling tools and democratized knowledge to transform their operations into interconnected ecosystems.

    HSBC4 is using AI-driven technology to create a centralized content platform for the global workforce, enhancing content findability by 83% and increasing usage by 32%. This initiative has not only improved operational efficiency but also empowered employees with timely access to critical insights, transforming the way they engage with clients and share best practices.

    A leading investment bank used AI to integrate external data sources, such as social media sentiment and global news, into its trading algorithms, enabling the firm to develop adaptive trading strategies that respond to real-time market dynamics. This innovative approach not only enhanced decision-making but also allowed for the creation of personalized financial products tailored to client needs, driving a significant increase in cross-sell opportunities and client engagement.

    What if AI agents and digital twins help you see the future by testing a range of scenarios long before it’s necessary to commit major resources? Imagine running product configurations for new crypto offerings through simulated regulatory reviews? Or modeling the optimal segmentations for new credit cards and accurately projecting the impact of new marketing campaigns? Or investment banking teams identifying market white space well before competitors?

    Imagine the possibilities for global capability centers in countries like India, where the last decade has seen a shift in the business case from primarily cost arbitrage to strategic value creation. With ongoing optimization via improved tooling and increased access to information, the productivity and contribution of workers in these locations will continue to grow.  

    Advanced tooling and increased access to data assets, enterprise resources and market intelligence can make everyone better at their jobs. AI-enabled tools and platforms can even help banks address their needs for scarce skills and niche talent. Ultimately, omniscient operations will provide the agility banks need to stay ahead of ever-changing industry dynamics.

    Global investment in AI within the banking and financial services industry is projected to surge to over $126 billion by 20285

    Ready to get started?

    Tangible first steps to enable omniscient operations:

    1. Invest in knowledge management platforms that serve as the golden source of organizational intelligence.
    2. Redesign jobs and workflows to continuously draw from centralized intelligence systems and knowledge management platforms, instead of creating shadow or localized infrastructure. 
    3. Evaluate employee skill sets to identify pockets of expertise, with “skill-master” designations for employees and teams with distinct expertise.
    4. Invest in learning programs that support data-driven decision making and increase proficiency in data analysis, interpretation and governance.      
    5. Explore tools that can scale access to insights and information (while respecting data privacy limitations) and define requirements for building these solutions internally with technology and automation partners. 
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    4

    Chapter 4

    Responsible results: harnessing the power of purpose

    Aligning jobs to a clear mission and values helps attract and motivate top talent.

    Imagine rallying the entire organization around a compelling vision — where the company’s why is clear and inspiring. And imagine creating a workplace where all employees understand the social impact of their work and recognize how their specific role supports the overall mission.

    Imagine a workforce energized and motivated by a shared purpose that’s reflected in deal pursuits, new product offerings and core business strategies. Where social impact, as a business metric, is viewed as equally important as financial results in driving shareholder value.

    Consider how collective employee sentiment can guide banks’ social impact and corporate responsibility initiatives. And how new metrics can track not only bottom-line performance but also contributions to the community, stakeholder wellbeing and the financial outcomes of people, businesses and communities around the world.

    Purpose is the number one factor influencing employee decisions to work in financial services6

    A shared purpose not only unites employees but enhances culture, especially when individuals can see how the bank contributes to the global economy and supports financial wellness. Purpose is essential to attracting talent who want more than a paycheck from their jobs and who value opportunities to make a positive impact. In their recruiting efforts, banks can highlight their role as a force for growth and social prosperity. 

    Innovation spotlight

    One regional bank has implemented a unique employee engagement program that encourages employees to become brand ambassadors by creating and sharing authentic social media content that reflects the bank's commitment to community involvement and social impact. The initiative allows employees to showcase their volunteer efforts and community engagement, thereby humanizing the brand and enhancing its reputation.

    The bank utilizes a content and compliance management platform to streamline the process of content creation and ensure compliance with regulations. Employees are empowered to track their community involvement, submit stories and photos, and participate in brainstorming sessions to generate ideas for social media content. This approach not only increases employee engagement but also enhances the bank's social media presence and community impact.

    Ready to get started?

    Tangible first steps to orienting the culture around responsible results:

    1. Articulate a clear narrative around how the bank serves its stakeholders and amplify through internal and external communications.
    2. Identify quantifiable environmental, social and governance (ESG) metrics and conduct rigorous reporting — including transparent disclosures where appropriate.
    3. Ensure job descriptions define how roles contribute to the organizational mission.
    4. Conduct social listening to understand the social causes that employees care about and, where practical, infuse these in corporate responsibility programs.
    A small group of adults casually sit around and discuss business while on a break. They are each dressed professionally and are smiling as they talk amongst each other.
    5

    Chapter 5

    The ROI model for future-proofing workforce strategies

    Building the business case for talent investments.

    Recognizing the importance of their people, many banks are already investing to enhance the employee value proposition and enrich their organizational cultures. The priorities have been employee wellbeing and flexible working arrangements, clearer career paths and more robust upskilling. Some are consolidating and refining job architectures to create nimble career experiences for their people and to apply new compensation techniques and strategies. Others are complementing standard talent management metrics (e.g., engagement, productivity, mobility) with new measures of talent innovation. “To truly modernize their workforce and innovate their talent management strategies, banks need to define a bold vision of the future. That’s how they can translate a talent advantage into competitive advantage and, ultimately, market leadership,” says Nigel Moden, Global Banking & Capital Markets Sector Leader.

    The EY 2025 Mobility Reimagined Survey underscores the importance of mobility in both filling roles and fostering a more agile and responsive workforce. According to our findings, organizations with mature people mobility functions are significantly more effective in addressing medium-term talent shortages and driving business growth. These functions are 3.7 times more likely to help organizations tackle talent gaps and 1.8 times more likely to say mobility significantly helps drive business growth.

    Additional EY research confirms the significant upside of strategic people functions: when CHROs and HR teams are fully engaged with the business and have strong technology in place, banks are 6.5 times more likely to say productivity has improved significantly in the past two years.

    Banks need to define a bold vision of the future and explore the full range of possibilities if they are to translate a talent advantage into competitive advantage and market leadership.

    Nigel Moden

    Global Banking & Capital Markets Sector Leader

    Many banks and people functions are focused on immediate challenges: personnel issues, regulatory compliance and technology integration. While managing day-to-day issues is important, so is investing the time and resources to plan for the future of work. Bold thinking and scenario planning for various potential futures, even those that seem idealistic, is crucial for long-term success.

    Technological disruption is critical to creating a talent advantage. The priority should be to invest in tools that enable smart and collaboration-friendly workspaces that support rapid talent deployments, enable fluid and personalized career paths, and equip the workforce with the best information and intelligence — right here and right now, for every role, position and function in the bank.

    The greater benefits will come in the combination of increased productivity and greater value contribution. It could even mean that despite a dynamic talent market, where job hopping and career change become more frequent, employees stay longer at the bank because they’re more engaged and satisfied by the employee experience, the overall work environment and opportunities to grow.

    Tech enablement is critical, but not enough on its own to win the future of work in banking. More sophisticated tools, data-driven processes and tech-savvy cultures, when coupled with principles of empathy and human centricity, are the winning combination that is most likely to produce a competitive talent advantage.  

    Case study

    A bank sought more dynamic workforce practices to deploy talent, efficiently and at scale, across the bank in response to market needs. How did we help?

    • Created a “skills-sphere” needed to support the bank’s success in the current and future operating environment
    • Mapped skills to roles across the bank and defined cross-functional career paths
    • Defined use cases for applying the skills-sphere in hiring, learning and development and retention
    • Designed a change management strategy to facilitate adoption of the skills-sphere

    Asking the right questions

    To get started on the right course for the long term, both people function and business leaders in banking should ask themselves:

    •  How can the value proposition we offer employees be made more compelling for all generations of workers? How does our employee experience meaningfully differ from what our competitors offer?
    • How much of our current workforce and operating model are future-fit? Do we have the right people — including contractors and freelance resources — working in the right ways, at the right place and right time?
    • How do we use technology and data to boost workforce productivity and minimize tedious tasks? Which of our AI use cases enhance our employees’ jobs and experiences?
    • Is our operating model optimized to deliver the best business outcomes for the right cost? And is it structured so that people and teams can contribute more value and focus on the right work?
    • Are we harnessing workforce data to manage risks, predict behaviors and inform talent goals?
    • Do we know the skills we need in the future and our benchmark of those skills today?
    • How can our culture inspire our people to perform at their best, cultivate risk intelligence and innovate continually?
    • How can we create a workforce of “athletes” who can rapidly reskill and add value in new areas?

    Summary

    For all the tech-driven transformation of banking, people and talent remain essential for future success. That’s why banks that invest the time today to reimagine tomorrow’s workforce, workplace and employee value proposition will be that much closer to gaining a sustainable talent advantage and higher returns on their investments in people.

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      About this article

      Authors

      Related topics
      Banking and capital markets
      Transformation strategies for banking leaders
      Financial services
      Workforce

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