Other parts of this series:
- How living businesses evolve in a GAFA world.
- Does AI promise happier, more productive employees?
- What do you do when people in the FS workforce feel threatened by AI?
- Four ways the FS employment model is being disrupted
- Transform the people and you can transform the organisation
- Checklist to boost the productivity of your future FS workforce
Predictive intelligence aids recruitment
Financial services is one of the industries most susceptible to future disruption, according to Accenture’s latest Disruptability Index But when people think about disruption, they often focus almost exclusively on the technology. It’s easy to overlook the impact disruption will have on how people work in organisations, and inevitably on leadership as well.
And even here, technology has a role to play. It’s no secret that something as personal as recruitment can be improved with technology.
One of the big problems that the C-suite faces is how to re-skill and new-skill in a disrupted world. Executives are asking the following strategic questions:
- How will we deliver our next product/service?
- Do we have the workforce to enact our growth agenda in a way that beats the competition?
- How are we prioritizing and nurturing our people through this transformation?
These are questions that the C-Suite can productively address with HR. In turn, HR can partner with the C-Suite to deliver valuable data-driven insights that can help guide the organization into the future.
This approach has worked well in other industries: for years, Google has gathered information about its most effective teams in order to learn lessons about the leadership competencies that best serve its business. This is hardly surprising, given that Google is a business built on analysing data and re-presenting it in ways that are useful to people.
But does this approach work in financial services? We helped an Indian insurer to leverage analytics to identify … not leadership characteristics, but employee characteristics, including demographics, competency factors and recruitment sources that correlated well with retention and performance.
It sounds like a cold-hearted process, but its results are decidedly people-friendly: retention went up by 68%, which suggests that a lot of people are happier in their jobs. The time taken to fill positions nearly halved – from 108 days to only 60 days. That’s not the only area where productivity went up: the number of policies written more than doubled, resulting in a 114% increase in premium revenue.
Getting and keeping the right people is a core requirement for a disrupted future. In our research we found 10% of FS companies are significantly better at change than their peers. These ‘change leaders’ develop and foster a culture that embraces innovation and transformation. Analytics can help get the right people – and even show leaders how best to lead their teams – but only people can innovate and transform businesses. Predictive intelligence is a powerful tool to accelerate that innovation and transformation.
Learn more about how to manage disruption by downloading the summary of our Strategy Director’s book The Wise Pivot. Or, contact me to discuss how Accenture’s international research can help you understand and prepare for the coming disruption.