ThinkStock PhotosBENGALURU: With the introduction of AI (artificial intelligence) in banks, the average tenure of employees has doubled from the industry average of 1.5 years to 3.02 years, finds a report titled ‘The BFSI Engagement Index 2020’, by SaaS-based HR-tech startup inFeedo.
More than 80,000 personnel from 18 banking majors nationwide participated in the study, which brought out key insights on the experiences and sentiments of employees working in these firms, as well as how HR practices could be improved upon across the banking, financial services and insurance (BFSI) sector.
Across organisations, it was also observed that the response rate had doubled from 33% through annual surveys to 60% when engaging with AI. The response rate touched 85% for top performing HR teams in financial institutions while even the lowest performing HR teams experienced a response rate of 58% when AI came into the picture, in a traditionally technology-averse sector for the HR space. AI also improved the human resource business partner’s (HRBP) productivity by 40%. This included reduction in time spent on manually collecting, collating, and analysing employee feedback.
The report observed that with AI, HRBPs are able to predict, strategise, measure, and track initiatives around preventing possible attrition. This in turn has led to the HRBP:employee ratio reducing from 1:336 to 1:30, helping HRBPs focus on employees with turnover intent.
In terms of average employee experience, a majority of the respondents felt that their managers played a crucial and positive role in their experience and were least influenced by senior leadership.
“Through this report, our aim is to highlight how the introduction of AI in HR, such as Amber, can bring about significant changes within the workforce and help provide insights on what’s working for different enterprises and employees. This report should showcase the significant difference an AI-enabled engagement tool can make over traditional employee engagement methodologies on the workforce,” said Tanmaya Jain, founder, inFeedo.
The report was created based on findings from inFeedo’s AI-enabled engagement bot Amber which analysed more than 1,85,000 chats across 80,000+ employees.
More than 80,000 personnel from 18 banking majors nationwide participated in the study, which brought out key insights on the experiences and sentiments of employees working in these firms, as well as how HR practices could be improved upon across the banking, financial services and insurance (BFSI) sector.
Across organisations, it was also observed that the response rate had doubled from 33% through annual surveys to 60% when engaging with AI. The response rate touched 85% for top performing HR teams in financial institutions while even the lowest performing HR teams experienced a response rate of 58% when AI came into the picture, in a traditionally technology-averse sector for the HR space. AI also improved the human resource business partner’s (HRBP) productivity by 40%. This included reduction in time spent on manually collecting, collating, and analysing employee feedback.
The report observed that with AI, HRBPs are able to predict, strategise, measure, and track initiatives around preventing possible attrition. This in turn has led to the HRBP:employee ratio reducing from 1:336 to 1:30, helping HRBPs focus on employees with turnover intent.
In terms of average employee experience, a majority of the respondents felt that their managers played a crucial and positive role in their experience and were least influenced by senior leadership.
“Through this report, our aim is to highlight how the introduction of AI in HR, such as Amber, can bring about significant changes within the workforce and help provide insights on what’s working for different enterprises and employees. This report should showcase the significant difference an AI-enabled engagement tool can make over traditional employee engagement methodologies on the workforce,” said Tanmaya Jain, founder, inFeedo.
The report was created based on findings from inFeedo’s AI-enabled engagement bot Amber which analysed more than 1,85,000 chats across 80,000+ employees.
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