Other parts of this series:
In this series so far, my colleague Susan Rice and I have spoken about how to attract, engage and retain top talent. To bolster your talent acquisition and management strategy, you need a strong arsenal of digital tools.
In financial services (FS) companies, attracting young talent and engaging existing employees remains a challenge. Companies that wish to gain an edge as they compete for the best talent need to invest in advanced technology, especially workforce analytics.
Transform the employee experience with workforce analytics
At Accenture, we’ve developed a concept called the workforce genome, which we believe holds the key to employee productivity and happiness. The workforce genome allows companies to shift from mass-management of HR to individual profiles, services and experiences that motivate employees to do their best and that make the firm a preferred employer.
Organizations can use predictive analytics, artificial intelligence (AI) and the cheap computing power of the cloud to analyze and act on HR data and other data sources such as social media. They can use their data to build a rich, digital representation of each employee—then use this to drive better, hyper-personalized experiences at the moments that matter in the employee journey.
How technology can help companies attract, engage and retain top talent
Equipped with the right technology, FS companies can listen to each employee’s story, understand their goals and deliver a workplace experience that meets the liquid expectations of today’s top performers.
But how do you manage all of the technology that’s out there? And how do you choose the right add-ons for your business?
Companies need to be more creative and human-centered in their recruitment approach. People look for authentic experiences, so look beyond HR—for example, to what dating apps are doing. Another example is the #WeAreCisco case study, which remains a great example of how employees can generate content for your brand on blogs, forums and social media.
A dashboard of your employee data could also be useful, empowering your managers with a wealth of information to make speedier decisions. With employee data and analytics, you can determine and visualize:
- How many roles are open?
- How many people have applied for each job?
- Who were the best applicants for the job?
- What skills did the other candidates have?
- When did you last contact your applicants?
With this information, you can store the details of unsuccessful applicants in a central database to draw from when the right position arises. You can also use technology to better connect with your candidates by sending them frequent updates and encouragement.
The timelines between recruitment and hiring are often long, but companies can use technology to make real, human connections that mitigate this delay. For example, you can use AI and chatbots to interact with candidates, and you can use AI and machine learning to compile a shortlist of candidates. While 80 percent of business leaders still rely on gut feel and personal opinions to make talent decisions, AI and machine learning can minimize bias when it comes to selecting the best person for the job.
Case study 1: how a large supermarket chain got to know its employees
A large retail group engaged Accenture to build a custom extension to help manage high-volume hiring, as normal applicant tracking systems weren’t able to cope with the large numbers of part-time employees—for example students—who came in and out of the business.
We created an app to address this challenge and to get to know each applicant personally. It sounds like a mammoth task, but with the app we could:
- Ask candidates about their hobbies and interests.
- Ask psychometric questions to gauge each candidate’s suitability for a role based on personality traits and aptitude.
- Push out messages regarding their likelihood of success, for example: “Yes, you’re a potential candidate for the role” or “We’ll keep you on the list for future roles”.
This helped the retailer to streamline and personalize how it manages its people—cutting costs and creating more human experiences in the process.
Case study 2: How analytics boosted an insurer’s new-recruit performance
An insurance provider in India engaged Accenture to help improve the quality of its recruitment process and its ability to retain staff. The company had a 70 percent attrition rate among its more than 8 500 managers.
We used analytics tools to identify the employee characteristics—including demographics, competency factors, and recruitment sources—that correlated with retention and high performance. We segmented the managers by recruitment source, demographics and competencies, which helped the company to improve average workplace performance for new hires in their first nine months. The upshot was:
- Premium revenue rose by 114 percent
- Policies written went up 111 percent
- Retention increased by 68 percent
- Time to fill a position was reduced from 108 to 60 days
These are just two examples of how companies can use technology to address employment pain points and boost performance.
In our final post, Susan and I will talk about why it’s important to get C-suite buy-in for your recruitment efforts. Read the following resources for more insight:
To find out more about digital HR in financial services or to join us at the Change Directors Forum and People Innovation Forum in London, contact Nicole Knott here or on Twitter @knott_nic. For more on transformative recruitment strategies, contact Susan Rice on LinkedIn.