By Ian Roth
changeSourcing provides financial services organizations access to strategic business and technology change (B&TC) resources via an external service provider, while the bank enjoys the benefit of consistent, high-quality service within its change organization.
The changeSourcing model offers a new career path for a portion of the bank’s B&TC workforce, who can become part of a rapidly growing organization that values and helps advance their skills as they work on change projects within the financial services institution. Participants in a changeSourcing contract receive numerous benefits, including the ability to:
Work on dedicated project and consulting work in financial services. Change professionals thrive on working on different projects, and service providers offer their employees project-based work. changeSourcing offers B&TC professionals the opportunity to continue working in the project-based environment to which they are accustomed to as well as the mobility to move to other projects within the same bank or within another financial services organization. Employees are seldom stuck working in the same role in the same place year after year.
Develop deep content knowledge in multiple top-tier organizations. Few employees in today’s labor market work for the same company throughout their entire career. changeSourcing offers professionals the opportunity to work with the same client in a variety of different roles and gain expertise within that organization, with the understanding that, should they desire, they can apply that change expertise and knowledge with them to work on other projects in the future.
Accelerate career growth and develop leadership potential. B&TC bank professionals who work on changeSourcing projects alongside change professionals from the service provider can be part of larger accounts with bigger teams, gaining experience and visibility that can help put their careers on a faster track than they may experience otherwise. Additionally, changeSourcing projects are substantial in size, both from a financial and resource perspective. With that size and scale comes increased exposure to senior leaders at the service provider that change professionals might not get if they were simply working on one-off projects.
Gain access to training, coaching, mentoring and networking programs. For a changeSourcing partnership to be successful, retaining key talent is crucial. As a result, senior leaders at a professional change organization devote significant time and effort in developing tailored training, coaching, mentoring and networking opportunities to retain their top B&TC resources.
Advance skills in a rapidly growing organization. Professionals working on changeSourcing accounts have the opportunity to leverage the skills and best practices they’ve honed from one role to another within the same client. Employees who stand out have more opportunities to move up the ladder quickly.
Develop breadth of core skills early in career. For junior-level professionals who are only a few years into their career, changeSourcing offers an environment in which they can develop a breadth of core business analysis and project management skills. Building those skills early in their career also allows change professionals the chance to accelerate their career aspirations.
Specialize in areas of interest within financial services. Mid- to senior-level professionals who have several years of industry experience but are not quite at the managerial level need to start thinking about developing specialized skills if they want to move up and become managers within an organization. Change professionals who work as full-time employees at a bank likely do not have many opportunities for mobility. However, those who work at a service provider as part of a changeSourcing contract have more opportunities to develop a depth of industry knowledge and specialization due to the nature of the change projects they work on. These opportunities provided by a changeSourcing contract allow resources to further accelerate their career path as part of a rapidly growing organization.
How can changeSourcing help your bank advance the skills of its change professionals? Join the discussion.
Ian Roth is a Consultant in Capco’s Capital Markets practice