Publication
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HR has key role in preparing central banks for new realities

Portrait of Adrian Weber
シニアパートナー
チューリッヒオフィス, Central Europe
+41 43 336-8759
2019年2月14日

How HR can help drive innovative and strategic change

Central banks aren't immune to the disruptive forces hitting our economies. Just like any other organization these institutions need to adapt to rapid technological change and digitalization, while at the same time having to cope with the regulatory challenges of fintech innovation or cryptocurrencies. In our latest publication on the new realities of central banking, we focus on the proactive and strategic role human resources should play in preparing central banks for tomorrow's business environment.

HR needs to foster an environment that encourages collaboration and continuous process improvements.
HR needs to foster an environment that encourages collaboration and continuous process improvements.

Clearly an important part of the job will be adapting the workforce to the coming changes - on the one hand by developing the necessary skills internally and on the other by attracting and retaining the right talent from without. But HR's future role goes beyond training and recruitment. Crucially, the function must act as a transformation partner, redesigning the organization for speed, agility and adaptability. It needs to foster and actively drive change by breaking through traditional hierarchies, tearing down internal silos and instilling an in­novative mindset in the organization.

Ultimately, this means central banks and their HR departments need to re­think their traditional working structures and discuss new collaboration models to leverage untapped poten­tial by building up a network. The central bank of the future is not isolated but rather part of an open platform, bringing together the best in class around the topics of emerging technologies and other capabil­ities.

Our study shows three key areas that HR should focus on to prepare central banks for the future and drive strategic change:

  • Push end-to end process digitization: Central banks need to move away from rigid orga­nizational structures and their function-by-function view by breaking up silos and moving towards an end-to-end process view that fosters collaboration and continu­ous process improvements.
  • Instill an innovative mindset: Central banks need to become more innovative and flexible; they need to infuse an entrepreneurial mindset into their traditional structures, one that constantly challenges the status quo.
  • Transform into a borderless organization: The central bank of the future is not isolated but rather part of an open platform, bringing together the best in class around the topics of emerging technologies and other capabil­ities.

This study is the fourth of the series "new realities in central banking". The first dealt with the "The Organizational Challenge", exploring the difficulties central banks are facing in fostering cultural change within their organization. The second publication, "The Rise of Cryptocurrency", shed light on the impact of digital currencies and other emerging technologies on central banks. Our third study, "Central Banking IT of the Future", focused on how central banks can transform their IT departments into proactive business partners with a clear strategic mandate.

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Study

HR has key role in preparing central banks for new realities

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HR has a key role to play in future-proofing central banks. Their success will be strongly determined by the skills of their employees and a supportive organizational set-up.

Published February 2019. Available in
Further reading
Portrait of Philippe Chassat
シニアパートナー
シンガポールオフィス, Southeast Asia
+65 6597-4545
Portrait of Knut Storholm
シニアパートナー
ドバイオフィス, Middle East
+971 4 446-4080