Financial Manpower Management in Slow Times

November 15, 2013 3 mins read
Financial Manpower Management in Slow Times

With the real economy looking listless, it’s clear that China has entered a period of slow growth.

Against a backdrop of systematic financial and political change, how should Chinese financial companies secure their forward momentum? As a manager of human resources within one of these financial companies, how can your work help your company transform and lead to new breakthroughs within this slow growth environment?

I. Engage in strategic human-resources management.

Finance is a tertiary industry—the core competitive strength of the service industry is human resources. For this reason, human resources departments must change their colors and swap their role as a supporting department for that of a strategic department. They should become the true leaders of the companies’ strategic planning, not assistants to it. Managers of human resources must consider how to use human resources management to spur financial companies to better face the intense competition of increased marketization, and how human resources management can help firms strengthen their management of financial risk and sense of service, etc.

II. Think outside the traditional human resources management box.

Due to the industry downturn. This is exactly the time, however, to strengthen recruiting, reorganize the internal talent structure, establish a solid echelon of competent employees and begin to horde young, excellent talent. From a training point of view, it’s time to strengthen a sense of market and customer service rather than focus on traditional, superficial training of professional skills.

III. Capitalize on the evolution in human resource management spurred by the Internet and other new technologies.

Computers, the web and today’s mobile Internet have already brought a powerful shock to tradition industries, regardless of whether they’re financial or part of the real economy. People and companies using weibo to search for jobs and conduct recruiting have gradually drifted into the human-resource manager’s field of vision. For this reason, every aspect of human-resource management—including employee relations, internal communication, and training management—will all continue to experience the qualitative changes brought about by the development of the Internet.

IV. Establish an appetite for change and foster a corresponding corporate culture.

Only change is constant. Though unseen, the twin evils of calcified thinking and overreliance on old patterns are always a company’s greatest adversaries. The trend towards increasing marketization in finance places a high demand on a company’s ability to engage in flexible management. Strategy, operations, services, businesses and products are all becoming increasingly dynamic, thus requiring organizational structures and functions, job configurations, and staff compositions and arrangements to become more agile in response. As a human-resources manager in the financial industry, there are many ways to help your company establish a corporate culture of change, and multiple ways to cultivate its hidden competitive strengths.

Tracy Luo's picture
Tracy Luo
Associate Director | Finance & Strategy Recruitment
tluo@morganmckinley.com