Putting human skills at the heart of competitiveness and growth in the age of intelligent technology.
A comprehensive approach that creates a more productive and adaptive workforce, uses digital technology to reinvent the employee experience, and redesigns organizations to be more agile.
Digital technologies demand that people acquire new skills. And people are demanding new ways of working. These two trends call for new talent and organizational strategies
Leading businesses are reimagining the nature of work, pivoting their workforce to create new forms of value, and scaling up "new skilling."
Financial services organizations of all kinds are waking up to a new source of business growth: the ability to unlock the potential of their people by using new technologies to secure vast amounts of data on work and the workforce. Over 90 percent of leaders in banking and insurance recognize the potential of this data to release value currently “trapped” in the enterprise. It can unleash new levels of business performance by boosting agility, productivity, innovation, and workforce planning. It can also improve the lives of employees.
Such benefits are attracting growing attention from financial services executives. Our research reveals that nine out of 10 financial services firms are using new technologies and sources of workplace data to a large or significant extent. But just because we can collect this data, does it mean we should? Gathering and using new workforce data comes with real risk, as it places not only employee trust but even future revenue growth at stake.
The cost of decoding organizational DNA irresponsibly is high—as are the rewards of getting it right. And just a quarter of industry leaders say they’re very confident they are using workforce data in a highly responsible way.
26% of insurance leaders say a C-suite executive is accountable for the responsible use of data.
27% of banking leaders say they’re very confident that they’re using data in a highly responsible way.
67% of banking employees say recent data scandals make them concerned that their employee data will be misused.
89% of insurance employees are open to the collection of data on them and their work if it improves their performance or well-being, or provides other benefits.
Irresponsible use of workforce data could undermine revenue growth in financial services. Our research shows that 7.4 percentage points of future revenue growth are at stake in banking, while 5.9 are on the line for insurance.
But the rewards are high too. A responsible approach to workforce data management could increase revenue growth by 6.4 points for insurance and 7.7 for banking. The global value at stake for large publicly-listed companies is US$3.1 trillion.
Most financial services organizations have yet to put in place the right frameworks, policies, and systems to ensure that they’re using workplace data in responsible, ethical ways that benefit employees. This is tough to get right—moving too fast exposes a company to dangerous risks while moving too slowly can jeopardize its competitive position.
Empower employees with greater control of their own data.
A majority of financial services employees say that in return for their data, employers will have to give them control over how it’s used. They want to own their work-related data and take it with them when they leave.
Financial services firms should ask employees whether they want to share data in exchange for benefits each time it is collected.
Earning the trust and maintaining it over time are two different things. The latter requires sharing responsibility across the C-suite—and even beyond the organization.
Just 26 percent of insurance leaders and 25 percent of banking leaders say a C-suite executive is accountable for the responsible use of data right now. Consider employing ethicists to evaluate the potential impact of new data collection tools on employees and society. One option: Hire a Chief Ethics Officer.
The unintended consequences of new technology can be startling. But, used responsibly, it can itself help address these downsides.
For instance, AI can introduce subtle bias in workforce practices. But it can also help financial services organizations to identify people’s hidden and adjacent skills, to ease reskilling and retaining workers displaced by automation.
But just 37 percent of businesses validate the outcomes and recommendations of AI algorithms right now.
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