'The magic happens when you integrate business planning with the people or talent agenda'

Anna Zec is a well-known figure in HR when it comes to financial services sector.
That’s because her entire career in human resources in Canada has spanned three big banks: Scotiabank (seven years and counting), CIBC (four years) and TD Bank Group (eight years).
Now senior vice president of talent strategy at Scotiabank, Zec highlights the appeal of the sector.
“Financial services is just a highly dynamic sector, really competitive,” she says. “But what’s kept me here is the importance of the talent agenda. I think in banking, we really understand that we compete on a talent basis, especially today — we can copy products and services relatively quickly and with AI, it’s even faster going forward. So, your true competitive advantage is the calibre of your talent bench, and we invest tremendously in that strategic pillar.”
Scotiabank’s scale and resources also appeal to Zec.
“We are able to bring innovation into what we do and how we work so it’s really critical that we’re creating space for HR to learn… to innovate, to do things differently, and continue to elevate the bar in how we add value to the organization. And in banking, the scale is critical — we’re able to do that in a safe environment and really test to learn as we go.”
From psychology to HR
Like many, Zec didn’t originally decide to pursue HR as a career.
“It really was one of those things that happened — not by accident, but life happened,” she says.
Her path began unexpectedly after graduating with a psychology degree from the University of Toronto and plans to attend law school; student loans and other expenses prompted Zec to take a job at TD Bank on the investment banking side.
“I worked really closely with the business on a number of people-related initiatives,” she says, which sparked an interest in HR, and within a year, she transitioned into the field.
“I’ve never looked back. I found my home, and the law school plans never actually happened, so life intervened in a good way.”
Leading transformational change
Zec has played a pivotal role in leading workforce transformations throughout her career.
“For me, the most rewarding things that I’ve been able to work on have been around ‘How do you transform your workforce and your business model with a talent lens?’ The magic for me really happens when you integrate that business planning with the people or talent agenda, and you work together in tandem to move the objectives forward.”
At Scotiabank, this integration has been especially crucial under the leadership of CEO Scott Thomson, with HR at the table, she says.
“[He’s] significantly amplified the importance of both talent and culture,” Zec shares. “We’ve launched our new strategic refresh in terms of where the business is going; we’ve also launched our new culture framework, the way that we work, both at the exact same time, because we realize that if we don’t have the culture, we’re not going to be able to execute on a strategy.”
Building a bond: Scotiabank’s culture framework
The culture framework, ScotiaBond, is one of Zec’s most recent initiatives, emphasizing shared values and behaviours across Scotiabank’s 90,000 employees.
“It’s our commitment to one another, so that’s why we call it a bond. It’s about creating safe spaces to learn, to grow, to question, to challenge, to promote accountability, make sure we’re aligning behind common objectives, common goals,” says Zec, adding inclusivity and inclusion are core values and behaviours behind the framework.
ScotiaBond is more than a concept; it’s being incorporated into the bank’s processes.
“We’ve embedded it into our performance, year-end cycle, and our development planning,” she says. “This year, we’ll be integrating it into our rewards programs and everything else so that it’s fully integrated into the entire ecosystem and the lifecycle of an employee at Scotiabank.”
Leadership and tech focus at Scotiabank
Looking ahead, building a pipeline of future-ready leaders is also a top priority, says Zec.
“So, how do we make sure that we have the leaders that are ready to take the bank into the future? The skills required for the future are different than the skills that are needed today or were needed previously.”
Scotiabank is also investing in the enablers, she says.
“We’re just refreshing our five-year strategic vision for the function, and really it’s about making sure that from data, from technology, from the foundational elements of what helps to drive a strong HR performance, that we have all the right pieces in place, and then we can build at scale on some of these more transformative pieces coming into the HR space, like AI.”
But addressing skill shortages in specialized areas like cybersecurity and data is a potential hurdle.
“The shortage is real globally, not just here in Canada” says Zec. “So, how are we modelling our recruitment strategies around that? But also, how are we really, truly reskilling our existing workforce and focusing on in-house talent development? That pivot is one we’re making for sure.”
Zec is also candid about the challenges of having a future-ready workforce: “The skills required for the future are different than the skills that were needed previously. So, how do we make sure we keep pace with the changing needs?”
The multi-generational workforce also presents complexities.
“With Gen Zs coming in, that raises the bar again in a very different way. How do we get ready for those expectations?” she says, highlighting the need for tools, technology and enablement to support employees globally.
Curiosity drives success as HR leader
When asked why she has succeeded as an HR leader, Zec points to her curiosity and focus on innovation, “and really grounding myself and my team in business value.”
It’s this strategic mindset and alignment with business goals that have defined her career.
“You have to kind of straddle towards... understanding ‘What are the best practices, emerging trends and what makes sense?’” she says. “Then [it’s about] making sure you’re able to mirror that in the needs of the business.”
As Scotiabank continues to navigate a rapidly changing landscape, Zec’s leadership exemplifies the transformative potential of HR “in meeting the business where they’re at and helping to evolve them,” she says.
When asked whether the field of HR has turned out as she expected, she admits she didn’t have clear expectations at the start of her career.
“I was just so excited to do interesting work.”
But over two decades, Zec has witnessed HR evolve into a critical strategic function.
“When I think about where I started 20 years ago and what I was working on and what my leaders were working on relative to where we play today, it’s been a really wonderful evolution of that strategic advisory capability within the function.”