2020 has been a year of unprecedented agility and evolution as existing digital transformation initiatives were pushed into over-drive by efforts to pivot and adapt operations in the wake of COVID-19.
Nowhere is this truer than in the world of asset management, in which companies were forced to adapt to remote environments, increase safety protocols, maintain compliance to strict distancing regulations and more. But this seems like an extreme reaction to a very unique and impermanent situation – which begs the question, which of these changes are here to stay and what new trends should we expect in 2021 and beyond?
9 Asset Management Trends for 2021 and Beyond
1.There Will be Increased Focus on Creating a Highly Skilled Team
Particularly in the manufacturing industry, there is a growing and costly skills gap: Baby Boomers are aging out and taking their skills and knowledge with them. What’s more, younger generations are uninterested in replacing them – and poorly trained when they do get the job.
The result? A Deloitte study reveals that the skills gap may leave an estimated 2.4 million positions unfilled between 2018 and 2028, with a potential economic impact of $2.5 trillion.
In the next decade, this skills gap will be necessarily closed, with an increased emphasis on technology/computer skills, digital skills, programming skills for robots/automation, working with tools and technology, and critical thinking skills. This will also involve:
- Improved training and onboarding
- Intuitive digital systems
- The use of digital tools like augmented reality to improve training and attract digital native top talent
- A continuous reassessment of talent strategies
- A mix of tried-and-true old-school talent and a new wave of digital native employees
Overall, this shift will allow companies to effectively execute a hybrid model of business that will see people and machines working side-by-side to foster innovation and achieve lasting business growth.