Industry: Financial Services

Reskilling for Tech Roles Results in $2.5M in Savings for Global Bank

Posted on by akessler
Reskilling for Tech roles Results in $2.5M in Savings for Global Bank

TALENT CONSULTING

Reskilling for Tech roles Results in $2.5M in Savings for Global Bank

PeopleScout helped a global financial services company in their digital transformation efforts with a reskilling program to move employees from declining customer service roles to tech and digital roles.

150 customer service staff redeployed to tech roles in pilot program
5,000 more employees will be reskilled following the successful pilot
70 % reduction in reskilling cost-per-person achieved

Situation

A large global financial services company needed to undertake a major digital transformation program, which required new digital and tech skills. With the growth of online and digital channels, in-person transactions through bank branches and call centres have declined. The organisation needed to acquire hard-to-find tech and digital skills to grow and maintain digital banking tools while leveraging the existing company knowledge of employees in declining customer service roles by reskilling them into new high-growth roles.

Reskilling efforts focused on developing new hard skills, so finding the best candidates meant identifying those with the soft skills most aligned with the new job opportunities. Previous efforts by the financial services organisation to assess candidate suitability for reskilling were led internally and included multiple, time-consuming line manager interviews. Of even greater concern, around a quarter of those who began the reskilling
program dropped out.

Solution

As their long-term RPO partner, PeopleScout worked with the client and skills-platform provider Spotted Zebra to create a skills-based approach to reskilling, helping the organisation to assess customer service staff in bank branches and call centres to find ideal candidates for its tech skilling program.

We identified individuals who had a strong motivation to reskill, high levels of adaptability (a predictor of future potential) and a strong alignment with the behavioural skills required for success in the role. A skills profile was created for all the growth roles, and employees were assessed against them to identify which role was the best fit.

Results

  • Through an initial pilot, the company redeployed over 150 people from declining roles who would have been made redundant to tech jobs, saving around £2 million in exit costs.
  • The company is expanding the reskilling program to move over 5,000 employees into new roles with one year.
  • By identifying those individuals who are a better behavioural fit for reskilling opportunities, the number of dropouts from the training program dropped dramatically, resulting in a savings of in training and development costs.
  • The new approach is more effective, simplifying the process in a fair and consistent way. The company has saved a considerable amount of manager time and reduced the reskilling cost-per-person by 70%.
  • Crucially, the reskilling program means the organisation’s digital transformation project is on track, with reskilled individuals moving into mission-critical digital roles that would otherwise go unfilled.

AT A GLANCE

  • COMPANY: Global financial services company
  • PEOPLESCOUT SOLUTIONS: Talent Advisory
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The Recruitment Handbook for Financial Services Talent

Posted on by akessler

The Recruitment Handbook for Financial Services Talent

The financial services industry faces immense recruitment challenges. With skills gaps persisting, economic uncertainties complicating hiring, and cultural perceptions pushing away young talent, talent leaders need solutions.

That’s why we created The Recruitment Handbook for Financial Services Talent.

In this information-packed guide, you’ll discover:

  • The latest global trends impacting financial services hiring so you can plan accordingly
  • 4 key recruitment strategies to solve your biggest hiring obstacles
  • Real-world examples and case studies of these strategies in action with RPO

Whether you need to build your employer brand, enhance your candidate experience, upskill employees or leverage better sourcing techniques, this handbook has tactics you can implement right away.

Download your copy now.

Multi-Country RPO Targets Speciality Engineering Talent for Global Insurance Firm

Posted on by akessler
Multi-Country RPO Targets Speciality Engineering Talent for Global Insurance Firm

Insurance Recruiting

Multi-Country RPO Targets Speciality Engineering Talent for Global Insurance Firm

PeopleScout helped a global insurance company to source hard-to-fill engineering and information technology (IT) roles through a close multi-country RPO partnership and collaboration.

110,000 + applicants screened in the first year
76 % offer acceptance rate
20 countries serviced through a multi-country RPO partnership

Situation 

The business model for this global insurance provider is different from your average insurance firm when it comes to their commercial property products. Rather than employing actuaries to speculate on the potential risks at a property, they hire engineers to visit properties and base their analysis in reality—what’s actually happening onsite.  

This requires specialty engineering talent, but these candidates don’t typically think of an insurance company as a potential employer. This, along with the changing candidate market, meant the client was experiencing a decrease in applicants and a lack of candidates in the top of their recruiting funnel.  

The insurer turned to PeopleScout to supplement their in-house recruiting team with partial-cycle recruitment process outsourcing (RPO) to provide direct sourcing for engineering talent.  

Solution 

The PeopleScout recruiters assigned to this client were uniquely qualified to provide sourcing support for the insurance and financial services industry, as well as engineering and technology roles. With this expertise, they directly engaged engineering candidates with ideal backgrounds to drive applications and were able to quickly close one role that had previously been open for over 200 days. 

The team scaled from 10 recruiters to 39 within the first year to adapt to changes in volumes. Our scope also expanded from sourcing, screening and submitting for engineers and operations functions to also include the client’s graduate recruitment program, IT and corporate hires as well as expanding to multi-country RPO to include Argentina, Australia, Belgium, Brazil, Canada, Finland, France, Germany, Italy, Luxembourg, Mexico, Netherlands, Poland, Romania, Singapore, South Korea, Spain, Sweden, the United Kingdom and the United States. Their success comes down to a culture of performance, empowerment, and collaboration, which PeopleScout has built together with the in-house talent acquisition team and hiring managers. 

Results 

With insurer’s stringent quality requirements, PeopleScout achieved a submit-to-interview ratio of 54% with 120 offers extended over the first ten months. They also achieved an offer acceptance rate of 76%, a testament to the positive candidate experience created by our recruiters.  

“The hiring manager shared that each candidate has commented on how friendly and informative the PeopleScout recruiters are. The hiring manager is also very pleased with how quickly you screened the candidates.” 

Talent Acquisition Consultant 

“The hiring manager from our Paris operations is pleased with the excellent sourcing support PeopleScout has provided.” 

Talent Acquisition Manager 

AT A GLANCE

  • COMPANY: Global insurance company
  • PEOPLESCOUT SOLUTIONS: Recruitment Process Outsourcing
  • ANNUAL HIRES: 120+ offers extended
  • LOCATIONS: 20 countries including Argentina, Australia, Belgium, Brazil, Canada, Finland, France, Germany, Italy, Luxembourg, Mexico, Netherlands, Poland, Romania, Singapore, South Korea, Spain, Sweden, the United Kingdom and the United States
  • ABOUT THE CLIENT: As a global insurance company, the client’s capital, scientific research capability and engineering expertise make them a leader in property risk management. Their clients are many of the world’s largest organisations, including a third of Fortune 500 companies.
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