changes to organisational structures will have to be an ever-closer relationship between Human Resources ( HR ) departments and Board Executives . Since the unpredictability of the virus makes rigid decision-making ineffective at best and potentially hazardous at worst , banks will need to ensure a harmonious collaboration between the two for the foreseeable future . “ HR should be a strategic partner in the ‘ nerve centre ’ crisis-response team ( which nearly all financial institutions established weeks ago ) and also any ‘ plan-ahead team ’ working to get ahead of the crisis ,” said the report . Accordingly , bank HR departments will be able to enact on-a-dime decisions on everything from entire buildings to individual workers .
This ultimately comes down to establishing a system which ensures a higher degree of employee wellbeing . Whatever initiatives promoting mental and physical health existed previously will need to be accelerated and intensified to ensure staff are coping under the pressure . In fact , McKinsey ’ s report suggests that this might even be taken one step further , with some
43 fintechmagazine . com