Other parts of this series:
As I’ve shown throughout this series of blog posts, digital technology is changing how banks interact with employees as profoundly as it has already changed the ways they interact with customers. For their HR organizations and their workforces, the transformation is only just beginning. HR is about to be revolutionized by digital technology as marketing already has been.
As we head toward a future characterized by big data, integration, mobility, social media, gamification, and cloud computing, financial services organizations will be able to manage their people in ways that are more flexible, agile and customized. These new digital technologies promise not only greater integration and flexibility than before, but also the ability for employees to have a greater share of voice and to participate in defining their work experiences.
Technology revolutionized marketing by enabling customization of products, services and marketing messages. The same is happening in HR, with HR organizations looking at employees in much the same way as marketers do their customers. HR leaders, increasingly, are trying to understand what each member of the workforce needs (by using data and analytics) and to design services that delivered personalized employee experiences.
Technology can now help an organization better know individual employees through data on everything from demographics and behaviors to e-mail patterns to determine customized offerings. Thus, we’re seeing HR adopt much of the marketing department’s language. HR organizations—understanding that not all employees or jobseekers want and need the same things—are beginning to use HR analytics to segment the workforce.
This allows them to create user experiences that match the needs of different personas, recognizing that a young father working in sale might have different aspirations, requirements and performance levels to a middle-aged woman in the finance team, for example. Rather than treating everyone the same, companies can offer different compensation, development or performance appraisal processes to different employee segments.
HR organizations are tailoring their message and ‘product’ to the needs of different people in the company, delivering the right message or incentive to the right person at the right time. They are looking at what employees need and want at each moment of truth—recruitment, on-boarding, performance appraisals, training and so—and delivering customized offers.
In future, HR organizations may even be able to analyze an individual’s social media digital trail and use artificial intelligence that predict what the person needs and values based on their unique employee segment.
In much the same way, as personalized marketing attracts, retains and engages customers, personalized HR does the same for employees. The goal is ultimately to treat each person as a workforce of one so that they can get the best from the organization and the organization can get the best from them.