Exploring changes in banking workplaces because of digital technology implementation

Abstract

ORIENTATION: The study was conducted in a banking organisation that was undergoing the implementation of digital technologies as part of the organisation's strategy. RESEARCH PURPOSE: The purpose of the study was to determine how work and work processes have changed because of the implementation of digital technologies in the banking workplace. The findings would allow the banking workplace to implement talent management practices that are aligned with the new digital environment. MOTIVATION FOR THE STUDY: The study was prompted by the implementation of digital technologies that is underway in the banking industry, which is precipitating an evolution of the human capital (HC) function, and talent management processes and practices. To appropriately respond to the Fourth Industrial Revolution (4IR), the new digital workplace of banking requires a novel approach to talent management. RESEARCH APPROACH/DESIGN AND METHOD: This study employed a qualitative approach, and 18 interviews were conducted with employees from the selected banking organisation. MAIN FINDINGS: The present study found that the implementation of digital technologies influenced work and work processes, and thus the talent management value chain within the banking sector. The effective implementation of these technologies requires the transformation of talent management processes and practices. Furthermore, it was found that a reimagined HC function delivery is required. The study established that the HC function delivery must incorporate a digitalised HC function to improve the efficiencies of people-related work processes. Human capital must operate as a strategic business partner and must become a change management agent primed by the action of partnering with business leaders to lead digital transformations from a people perspective in the banking workplace PRACTICAL/MANAGERIAL IMPLICATIONS: Practical recommendations for the HC function, HC professionals, leaders and talent management in the world of banking are provided. CONTRIBUTION/ VALUE-ADD: The study contributes to extant literature by exploring theory on the implementation of 4IR technologies and the resultant implications for talent management practices in the digital workplace.