Other parts of this series:
Financial services (FS) organizations are struggling to attract young talent, to engage their existing employees and to optimize performance. Over the course of this blog series, I’ll be discussing how they can change this and transform the employee experience by investing in workforce analytics. This is not as complex and expensive as many organizations imagine.
I’ll also introduce a concept Accenture calls the employee genome, which holds the key to employee productivity and contentment. It makes it possible to shift from mass-management of HR to individual profiles, services and experiences that will maximize motivation and productivity and make the firm a preferred employer.
Organizations can leverage predictive analytics, artificial intelligence and the cheap computing power of the cloud to analyze and act on HR data and other data sources such 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.
HR analytics will help banks and insurers to address some of their key challenges:
- The industry faces a growing crisis as its existing workforce ages and it struggles to recruit top talent to replace people who are nearing the age of retirement.
- Banks and insurers are not rated as employers of choice for young professionals with in-demand skills in areas such as digital technology and data science.
- Many FS organizations are failing to deliver workplace experiences that engage younger workers.
- They are battling to reskill older workers for the digital age.
- Many lack the tools they need to drive productivity and skills retention across the board.
HR analytics helps FS organizations tackle these issues by allowing them to personalize the employee experience in much the same way as marketing departments are working to personalize the customer experience. Read my next post in this series for more detail about the benefits of HR analytics in FS.
For more on this topic, download Cracking the Genome Workforce with HR Analytics here.