This is the question many business leaders are now asking themselves. The recession woke us up, forced us to evaluate our business propositions (a good thing in my view), prompted us to redefine our strategies for the changing marketplace and that is now bringing hard questions about our current talent into sharp focus.
I think it’s shown that in the good times we were much more focused on managing the talent we needed for today; attracting the best, developing and retaining the people that are critical to delivering results in the short term. And we didn’t have to worry too much
‘Bonuses are back’ makes a good headline, but it disguises the reality of life in the city. Research by ORC Guideline shows that job losses in financial services represent about eight percent of the total UK unemployment figure of 2.4 million.
The old model is broken – for the time being, at least. Many people will look in vain for their big bonus. Without it, people accustomed to this powerful financial incentive for high performance may drift, or become actively disengaged. This is a serious business risk when a demotivated fund manager could mean the loss of millions in minutes.