The importance of hiring a Chief Data Officer, What is People Risk?, Mental health awareness month
In this week's Hanover Talent Insights:
?? The importance of hiring a Chief Data Officer
?? People Risk - What is it and why is it important?
?? Mental health awareness month
The importance of hiring a Chief Data Officer: How credit unions can deliver more value in 2024
In a market defined by economic headwinds, slow growth and constant change, credit unions in 2024 face mounting challenges. These demand faster, data-driven decisions that align the needs of today with the goals of tomorrow.
In response to this, I see successful credit unions investing in growth in a new way. The emphasis is now on using data intelligently to deliver enhanced value to members - and Chief Data Officers emerge as the key to achieving this.
The role of Chief Data Officer (CDO) is becoming a popular hiring trend across the financial sector. In 2022, over half of banks and insurers had a CDO, accounting for 22% of CDOs globally, and the number only continues to rise.
The potential for credit unions seizing this talent is huge. Those with their fingers on the pulse have a better chance of delivering member-centric strategies, growing their market share and reaching their goals for 2024.
The rise of Chief Data Officers in 2024
CDOs play an increasingly crucial role in our data-centric world, where data volume is ballooning from 1 ZB in 2010 to an estimated 175 ZB in 2025.
Correlating with this rapid growth is the rise of artificial intelligence (AI) technologies, which hold exciting possibilities for the financial sector. For credit unions, AI provides the insights needed to enhance member experiences and adapt to market trends, revealing itself as an instrumental tool to staying competitive.
But this must be tempered with the knowledge that with new possibilities comes new risks, highlighting the need to have someone on board who can oversee and protect data initiatives.??
This is precisely what CDOs do. Not only are they responsible for the management, governance and utilization of data, they also identify opportunities for leveraging that data into business growth, operational efficiency and enhanced customer experiences.?
Through this work, CDOs are the beating heart of an organization’s digital transformation, enabling them to harness the full potential of their data assets.?
People Risk - What is it and why is it important?
Managing people risk is crucial for safeguarding your organisation’s interests, fostering a positive work environment, and ensuring business continuity. It involves addressing workforce-related challenges, building trust, and promoting long-term success.
We recently surveyed multiple c-suite executives on people risk and the potential challenges stemming from workforce-related factors.
We asked about three key people risk areas that our clients consistently talk to us about: Employee Engagement | Diversity, Equity, and Inclusion | Working Arrangements.
If you'd like to discuss this topic further or find out how Hanover can help you, then please contact either Brent Herman, Elle Robinson or Clinton Poore who will be happy to help.
As we draw a close on this years Mental Health Awareness Month, here are some of our employees who have shared how they prioritise their mental health.
Together, let’s help break the stigma by embracing understanding, spreading compassion, and continuing to spark conversations that foster a community of empathy.
How will you take a moment to prioritise your mental health?