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Cracking the Workforce Genome with HR Analytics

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HR analytics addresses the complexities financial services organizations face as they transition to the workforce of the future. Read more https://www.accenture.com/ca-en/insight-hr-analytics-cracking-workforce-genome

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Cracking the Workforce Genome with HR Analytics

  1. 1. Copyright © 2018 Accenture. All rights reserved. 2 DECODING THE SECRETS TO CREATING AN ENGAGED, HIGH-PERFORMANCE WORKFORCE The human genome, our genetic fingerprint, contains rich biological information that holds the promise of personalized medical insights and treatments. Likewise, the employee genome enables financial services organizations to move from intuition-based mass-management of the workforce to creating and managing individual experiences that attract the best talent and get the best out of every employee.
  2. 2. Copyright © 2018 Accenture. All rights reserved. 3 FS FIRMS ARE LOSING THE WAR FOR TALENT Half of the US banks that are trying to recruit millennial talent are having difficulty doing so.* *“2016 Compensation Survey”, Compensation Advisors. http://compensationadvisors.com/wp-content/uploads/2016- Compensation-Survey-REPORT.pdf.
  3. 3. Copyright © 2018 Accenture. All rights reserved. 4 FS FIRMS ARE LOSING THE WAR FOR TALENT FINANCIAL SERVICES FACES A CRISIS AS ITS EXISTING WORKFORCE AGES AND IT STRUGGLES TO RECRUIT TOP YOUNG TALENT: • Banks and insurers are not rated as employers of choice for young professionals • Many organizations are failing to: • Engage younger workers • Reskill older workers for the digital age • Drive productivity and skills retention
  4. 4. Copyright © 2018 Accenture. All rights reserved. UNHAPPY EMPLOYEES AND POOR EMPLOYEE ENGAGEMENT COST THE U.S. BETWEEN 5 THE HIGH COST OF POOR WORKFORCE ENGAGEMENT *“How to Tackle U.S. Employees’ Stagnating Engagement”, Gallup, June 11, 2013. http://news.gallup.com/businessjournal/162953/tackleemployees-stagnating-engagement.aspx IN LOST PRODUCTIVITY EACH YEAR.* BILLION
  5. 5. Copyright © 2018 Accenture. All rights reserved. FS organizations are collectively losing billions of dollars a year as a result of low productivity, poor employee engagement and sub-optimal recruitment practices. 6 THE HIGH COST OF POOR WORKFORCE ENGAGEMENT Harvard Business Review: Organizations with low employee engagement scores experience: 18% 16% 37% Poor hiring decisions and poor retention of employees can take a heavy toll on the business Lower productivity Lower profitability Lower job growth 65% Lower share price over time
  6. 6. Copyright © 2018 Accenture. All rights reserved. 7 THE SOLUTION? PERFORMANCE THROUGH PERSONALIZATION Nearly any FS company can use cloud, big data, AI and advanced analytics technology to shift from mass management of HR to personalized employee experiences. Equipped with the right technology, it can listen to each employee’s story, understand their goals and deliver workplace engagements and experiences that meet the liquid expectations of today’s top performers.
  7. 7. Copyright © 2018 Accenture. All rights reserved. FS companies succeed when they cater to individual employees and make it easier for them to consume what they want, how and when they want. 8 Like customers, employees are more engaged when they are recognized, remembered, and receive relevant recommendations. RECOGNIZE. REMEMBER. RECOMMEND. • Employers should use HR data to build a rich, digital representation of each employee: the ‘employee genome’ • Leading organizations are already using HR analytics to decode the employee genome and deliver personalized experiences • They are raising employee performance, generating more useful HR metrics, and improving HR performance across all functions
  9. 9. USING AI TO DELIVER PERSONALIZED EXPERIENCES AT SCALE MACHINE LEARNING AND AI WILL PLAY AN IMPORTANT PART IN DELIVERING PERSONALIZED EXPERIENCES AT SCALE TO THE FS WORKFORCE OF THE FUTURE: • Machine learning for data assimilation and enrichment • Algorithms to target employees with the right recommendations and advice • Natural language processing, contextual analysis, image recognition and deep-learning algorithms to enable employees to interact with HR systems in ways that feel personal and human
  10. 10. A LIVING BUSINESS CULTURE WITH HR ANALYTICS, FS ORGANIZATIONS CAN PUT THE RIGHT INFORMATION IN THE HANDS OF THE PEOPLE RESPONSIBLE FOR THE DECISIONS. THIS HELPS ORGANIZATIONS TO BUILD A ‘LIVING BUSINESS’ CULTURE, DELIVERING TRUE PERSONALIZATION AND A HUMAN TOUCH AT MASSIVE SCALE. • Human capital management platforms such as ServiceNow, WorkDay, SAP SuccessFactors and Oracle HCM make analytics insights and tools accessible to everyone in the workforce • Visualization enables users to shape a story out of their data, make bold decisions and track the impact of their actions
  11. 11. Copyright © 2018 Accenture. All rights reserved. 12 HR ANALYTICS: FROM VISION TO REALITY FS organizations need to know their people down to the employee genome level and be able to respond to their individual needs to deliver the personalized employee experiences today’s workforce demands.
  12. 12. Copyright © 2018 Accenture. All rights reserved. 13 KEY STEPSIN BUILDING AN HR ANALYTICS CAPABILITY
  13. 13. Copyright © 2018 Accenture. All rights reserved. To win with HR analytics, FS organizations should focus on ROI rather than just on costs, and work to create a culture that embraces data-driven insights across the business 14 • Accommodate needs from simple queries and reports to bespoke reports and modelling to advanced analytics and research • Do the basics brilliantly and build advanced capabilities in parallel • Prioritize insights about productivity and performance, rather than focusing only on HR services • Look to data sources such as social platforms, derived data, and devices such as printers, door security and wearables to enrich insights • Make a pact with employees about the data the organization will hold and how it will use it • Use cloud platforms for low-cost, high-power analytics CRITICAL SUCCESS FACTORS FOR HR ANALYTICS
  14. 14. Copyright © 2018 Accenture. All rights reserved. 15 UNLOCKING THE WORKFORCE OF TOMORROW Looking to the future, HR analytics will be key to unlocking the potential of tomorrow’s blended human-and-machine teams, as well as realizing the true value of an adaptive workforce made up of contractors, permanent employees, freelancers, and workers sourced from labor platforms. FS organizations that successfully embed HR analytics and AI into their ways of working can transform into hyper-productive enterprises with highly-engaged workforces that differentiate them from competitors.
  15. 15. THANK YOU