The COVID-19 pandemic has disrupted and permanently changed how employers recruit and the way top candidates consider their work environment. This is especially true in asset management. Just as businesses operations require agility to weather the storm and come out on top of their competitors, firms' talent strategy needs to evolve to address the new normal.
The new normal means many things. It includes a hybrid workplace, an engaged and inclusive culture, potential hires interviewing employers instead of the other way around, and accommodating and flexible recruitment and retention strategies. Yesterday's talent strategy of the tactical ''one-in-one-out and fill-the-seat'' must evolve with the changing dynamics of the industry in a more holistic way. And the job doesn't just fall on human resources; attracting and retaining the industry's top talent during this Great Resignation requires a multifaceted engine.
The firms where leading executives consider talent strategy as a top business concern and work with their business heads to address talent concerns from the top are the firms that win the best candidates. The firms where top executives see human resources as a functional expense for their company and where talent strategy is not integrated into their business strategy are losing out.
While this is true across any major global industry, there are three underlying shifts that asset-management business leaders must navigate to stay ahead of the game — in time, culture and power.