“Business school professors need to ‘get real’ more often. Publishing work “…read only by a limited number of scholars…[with] often…little to no value to practicing mangers and leaders” won’t maintain our status and pay (J. Byrne in Poets & Quants, 2014). The Journal of Risk Management in Financial Institutions is an antidote we need.”
The future of the financial workplace: Banks, workplace and property in a changing world
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Abstract: The global financial crisis has been a wake-up call for the banking industry, which has faced increased costs and regulation coupled with reduced profit margins. This situation has resulted in cutbacks in people and property, and many workplaces have not evolved relative to other sectors such as technology, media and telecommunications (TMT). Consequently, banks are in danger of missing out on new opportunities associated with changes in consumer demand, the continuing technology revolution, evolving worker requirements and the so called‘war for talent’.
This paper identifies five key forces impacting the banking sector, assesses what these mean for the future of banking and the workplace, and makes recommendations as to how banks should respond. The paper references a recent DTZ and Unwork report that leveraged 100 interviews with senior figures in the world’s largest retail and commercial banks. The paper provides insights that corporate real estate executives, in banks and other sectors, could use to inform workplace strategy and business planning.
Keywords: banking, workplace, regulation, cost, technology, location, talent, organisational structure, retail, prediction, strategy