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The financial services industry is evolving at an unprecedented pace, driven by digital transformation, regulatory shifts, and changing customer expectations. People Director Helen Norris explains that for founders and leaders of mid-tier financial firms, the challenge is twofold: harnessing technology to stay competitive while building a dynamic workforce that can adapt to constant change. The role of HR has never been more critical in aligning people strategies with business objectives.
The role of HR in driving business strategy
For financial services firms to be successful they need to have the right people to execute strategic goals. A key decision for leaders is whether to grow talent internally or attract new expertise from the wider market. A robust Employee Value Proposition (EVP) is essential to attract and retain top professionals, ensuring that the company’s purpose resonates with employees and that they see their role as meaningful.
HR acts as the enabler, embedding organisational purpose into daily operations. When employees understand how their contributions align with business goals, engagement improves, and performance accelerates. When Helen worked at the British Business Bank, she implemented a focused engagement strategy which transformed employee engagement from average to upper quartile levels. Through workshops and discussions, employees at all levels connected their roles to the organisation’s mission of growing the SME market in the UK, reinforcing their sense of purpose and improving career progression opportunities.
Agile workforce strategies for financial services firms
Financial services firms must embrace agility, not just in technology but in the way they manage their people. Helen shifted the cultural mindset at Nationwide, in support of an agile methodology for change. Instead of rigid hierarchies, teams were formed based on capability to focus on outcomes rather than traditional structures. This approach allowed the organisation to develop a multi-channel digital strategy while creating a culture of innovation and learning.
By empowering teams to work autonomously and learn from mistakes, Nationwide improved its ability to respond to market demands while enhancing collaboration and innovation across functions.
Talent mobility and capability building
One of the biggest challenges financial services firms face is balancing growth with maintaining a strong organisational culture. Encouraging individuals to move across teams— known as talent mobility – can enhance skills and share knowledge, increasing agility, adaptability and resilience. At the British Business Bank, internal talent mobility initiatives strengthened employee skills and improved cross-functional collaboration. This approach not only helped with retention but also created a more resilient workforce, prepared for future challenges.
Leadership Development and Executive Coaching
Leadership capability is another critical factor in a firm’s success. Helen’s training as a senior executive coach has helped founders and senior leaders not only to drive strategy but also to handle difficult conversations and build high-performing teams. She has guided leaders to assess whether they have the right skills and structures in place to achieve their goals.
For example, she worked with one CEO to evaluate his leadership team’s capability. The coaching process led to structural changes and the addition of new expertise, ultimately driving profit growth. Ensuring that leadership teams have the right mix of skills and experience is essential for long-term success.
Creating a culture of innovation and inclusion
Helen advises financial services companies who want to stand out from the competition in the current market to:
“Encourage a speak-up culture that values diverse thought across the organisation. This leads to better outcomes by incorporating multiple perspectives, resulting in more creative and effective solutions,”
Diversity, Equity, and Inclusion (DEI) initiatives should go beyond compliance; they should be embedded into business strategy, ensuring that talent from all backgrounds has opportunities to grow and contribute meaningfully.
Key takeaways for leaders of financial services firms
For mid-tier financial services firms looking to scale, a people-first approach is essential. Leaders should focus on:
- Building a strong EVP to attract and retain top talent
- Communicating your organisational purpose in daily work to enhance engagement
- Encouraging talent mobility to develop skills and improve agility
- Adopting agile workforce strategies to remain competitive in a fast-changing market
- Investing in leadership development to ensure teams have the right capability
- Developing an inclusive culture where diverse perspectives drive innovation
By aligning HR strategy with business objectives, financial services firms can create a workforce that is not only skilled and engaged but also resilient in the face of industry challenges.
People Director Helen Norris