We are continuing to share insights from our 2022 Financial Services Executive Survey that was conducted with decision-makers from 320 North American financial services corporations. Today, we are taking a closer look at digital transformation through an organizational lens.
When we asked participants to identify the top five drivers of their transformation efforts, after listing innovation (identified by 61% of the respondents), risk and compliance (59%) and growth agenda (46%), the next most frequently mentioned driver was talent (44%).
What’s even more interesting is that talent was also named the #4 enabler (after data, insights, and precision of analytics).
We were quite excited to hear that executives in business, technology, and data and analytics functions unanimously agree that people, skills, and organization are the key components of the capability they are building. However, we were stunned to learn that in 53% of cases, talent acquisition is not aligned with the needs of the organization. For the same number of respondents, talent acquisition does not provide enough quality resources and talent development does not do a good job of keeping people onboard.
Here is an example of an innovative AI solution that allows recruiting managers of a top financial services firm to accelerate the recruiting timeline, improve the effectiveness of selection, contribute to better employee attrition, and allocate people with the right skills to the right opportunities. To do all of that, a special natural language processing algorithm was developed and neural networks were used to intelligently match financial services talent to opportunities, delivering a matching score and explanation along with a rich visualization (word cloud) for each of the candidates.
The company was able to reduce process elapsed time to screen applicants by more than 90%, which converts to $1.5 million savings based on a 33-hour recruiting effort to onboard 978 employees. It achieved on-target staffing for the team, reducing risks of profitability leakage, improving quality delivery, and denying compliance risks. Finally, they reduced losses related to overstaffing or understaffing jobs and improved employee churn by offering dynamic skills refinement programs.
If you want to learn more about the AI@Recruiting solution, please let us know, and stay tuned for more insights and results from our 2022 Financial Services Executive Survey that can drastically change the way you lead your digital transformation efforts.