Industry: Technology

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

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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 Tech and Digital Workforce: Decoding the Demand for Skills of the Future [Infographic]

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The tech and digital workforce is dynamic and continues to evolve at an astonishing rate. Recent advancements in AI and automation as well as the evolution of the metaverse are birthing the need for new skills. These advancements aren’t just affecting job roles; they’re reshaping entire industries and economies, propelling us into a future that many organisations aren’t prepared for.  

Talent acquisition leaders across sectors are at the forefront of this revolution, facing the challenges and seizing the opportunities that come with it. Whether grappling with the rise of remote work, the ethical considerations of AI or how to develop the skills needed to thrive in the digital economy of tomorrow, organisations must keep their finger on the pulse of tech and digital skills to stay competitive.

CHECK OUT THIS INFOGRAPHIC FOR INSIGHT TO HELP YOU NAVIGATE THE EVER-CHANGING TECH & DIGITAL TALENT MARKET.

For more tech and digital talent insights, download our Recruitment Handbook for Tech & Digital Talent. 

Digital Talent Demands: A Guide for Talent Leaders

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The demand for skilled tech and digital talent is growing at an unprecedented rate in response to the emergence of new technologies, making the competition for talent as tight as ever, with both tech and non-tech companies vying for the same qualified candidates. For the tech sector, it’s a time of transformation. For non-tech organizations, it’s a golden opportunity to fill their technical skills gaps. But for any employer looking to attract top digital talent, it is essential to first understand what candidates are looking for in a new employer.  

In this article, we explore the opportunity for non-tech organizations and offer insights into what tech and digital professionals are looking for in a new employer.  

Plenty of Demand Despite Tech Sector Shifts 

The tumultuous labor market and recent economic landscape have been a rollercoaster for all HR leaders, but those in the tech sector have experienced particularly high highs and low lows. Recent layoffs at tech companies are being categorized as a “course correction” by many publications, and it seems the “growth-at-all-costs” attitude has finally caught up with tech organizations. Over 160,000 professionals were laid off in 2022 according to Layoffs.fyi, with additional cuts taking place in 2023.  

Yet, despite this, demand for tech talent remains high. Over 375,000 tech jobs remain unfilled in the U.S. according to the Dice Tech Job Report. In Australia, tech jobs grew more than twice as fast as the average employment rate in the last decade. In the UK, 41% of companies expect to hire for technical skills in 2023. 

The Tech & Digital Talent Diaspora 

This demand is being primarily driven by traditional companies, rather than software companies or other tech organizations. In fact, the majority of people in tech occupations (59%) don’t work in the tech sector. 

In our digital-first world, every company—from apparel brands to car insurance companies—has tech at the heart of their business as they develop mobile apps and ecommerce consumer experiences. In fact, the biggest and fastest-growing industries for tech professionals are finance, manufacturing and healthcare as these sectors increasingly digitize their operations. 

The ratio of tech and digital workers employed outside of the tech industry will continue to grow. Many workers recently laid off from Big Tech firms have highly sought-after skills, creating an opportunity for more traditional organizations to land tech and digital talent. 

Graph showing which industries tech and digital talent are moving into.

Will Former Tech Workers Re-Evaluate Their Options? 

Given the extent of the downsizing in the tech sector, many workers will think twice about going back to a tech company in the future. Traditional employers, that previously couldn’t compete against the high salaries and quirky perks that Big Tech could provide, now have more to offer tech workers—including stability. 

Tech workers are trading the excitement of startups for the steadiness of more traditional employers. The unpredictable nature and funding rollercoasters of tech firms have left many tech professionals seeking a saner pace. As traditional companies embrace AI, blockchain and cybersecurity, workers who have left the tech sector can still leverage their tech and digital skill sets, but with a greater sense of security.  

What Do Tech and Digital Talent Want? 

When they’re ready for growth again, Big Tech will have to rethink their approach to engaging tech talent and attracting them back to the industry. So, what do tech and digital workers want from their employer and their job? Here are three top considerations that organizations across sectors should focus on to attract and retain tech and digital talent.  

Flexibility & Work/Life Balance 

Many tech workers who experienced the fast pace and intense work culture of startups now find themselves burnt out and are prioritizing more work/life balance. Flexible contracts and remote working are important to tech workers, with 29% citing flexibility as a top priority when looking for a job. Yet, 48% of tech sector employees said that they were feeling pressure from their employer to come into the office more often. 

Recent Gallup analysis shows that employee engagement is lowest among on-site employees, with the biggest dip seen among employees who are capable of working remotely but are required to be on site. Flexibility is not just a perk to offer employees; it should be viewed as a critical way to increase productivity. Organizations can reap the benefits of flexibility in the workplace by continuously monitoring their flexible work program and addressing any challenges experienced by employees or hiring managers.  

What tech and digital talent want

Digital Skills Development  

No one is more aware of the speed of technological advancement than tech and digital workers. And this can lead to anxiety. In fact, 29% of digital employees globally believe their skill set is redundant now or will be in the next one to two years, and 38% believe their skills will be obsolete in the next four to five years. 

In terms of retaining digital talent, investing in training and upskilling programs is crucial for all organizations. Over half of digital talent (55%) say they’re willing to change employers if they feel their skills are stagnating in their current role. Plus, 58% say they would gravitate to organizations that offer better tech and digital skills development. 

With an abundance of job opportunities available, these employees won’t hesitate to find an employer that will invest in their career development. So it’s concerning that only 27% of employees said their organization had plenty of opportunities in place to help them to learn new skills. Learning and development programs are not only an important part of retaining talent with tech and digital skill sets but can also be an effective way to attract talent.  

Start with a skills audit and compare the findings to your business roadmap. By uncovering the areas where your workforce needs the most training, you can then take steps to develop an upskilling program. For example, PeopleScout worked with a longstanding UK financial services RPO client to lead a reskilling program to help the client evaluate their customer service staff in bank branches and call centers to find candidates for their tech skilling program. We were able to identify over 1,000 employees who are now participating in a 12-month “bootcamp” to build digital and tech skills and move into new careers within the organization. 

Meaningful Work  

Organizations must find out how to communicate their employer value proposition (EVP) in a way that resonates with digital talent. Make sure your attraction content emphasizes the give and get for people in tech roles at your organization including learning and growth opportunities, your tech innovations and projects, well-being initiatives and more. Plus, more and more candidates are paying attention to organizational values and mission. If they can’t determine if their personal values are aligned with the company’s mission, they won’t apply.  

EVP is not all about attraction, but also about employee retention. From a retention perspective, it’s crucial that employers continue to showcase how you’re investing in your employees beyond compensation and benefits. This helps to boost feelings of engagement and to build loyalty. 

As the pace of digital transformation accelerates, it is difficult to envisage a company attaining its full potential without a strong foundation of tech and digital talent. Demand for this crucial part of the workforce won’t let up soon. It’s mission critical for organizations to understand what makes this group tick in order to attract, hire and retain tech talent. To get more strategies for attracting and hiring tech and digital proessionals, download our Recruitment Handbook for Tech & Digital Talent.

Recruitment Handbook for Tech & Digital Talent

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Tech & Digital Skills: 5 Recruitment Strategies for Closing the Skills Gap

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There are a host of new and emerging tech disciplines—the metaverse, blockchain, generative AI, cybersecurity and more—that are changing the way we work and the kind of work we do. Many jobs that were previously done by humans are now done by machines. Many new jobs are emerging that require new and changing skill sets and organisations are struggling to find the talent they need to keep up as tech and digital skills gap grows.  

According to World Economic Forum, it is estimated that by 2030, “approximately 85 million jobs could go unfilled globally because of a lack of applicants with the skills to take them, which could result in $8.5 trillion (USD) in unrealised annual revenues.” 

Skills Shortage: Digital Age or Digital Deficiency? 

Salesforce’s 2022 Global Digital Skills Index surveyed 23,000+ workers across 19 countries and found the global digital skills readiness score is just 33 out of 100. No wonder that 64% of managers don’t think their employees are able to keep pace with future skill needs. Furthermore, 70% of employees say they haven’t even mastered the skills they need for their jobs today. Plus, a third (36%) of HR leaders say their sourcing strategies are insufficient for finding the skills they need. 

As organisations try to reinvent their business models to keep up with change, employers of all stripes—regardless of sector—must prepare their workforce for digital-first employment. By taking a skills-based approach to your talent acquisition strategy, you can move beyond your tired methods to find people with the right skills and competencies regardless of their degree or job history.  

Recruitment Handbook

Recruitment Handbook for Hiring Tech & Digital Talent

Download Now

Measuring the Tech & Digital Skills Gap 

As an HR or TA leader, you’re probably asking, “Which digital and tech skills should I prioritise?” 

Well, it depends. 

To plan for the skills of the future, you must know where you are today. Conduct a skills inventory of current employees, regardless of department. Then, run a technology skills gap analysis, looking at what’s available now and what you’ll need in the future based on your organisational strategy.  

This, combined with external labour market data on the availability of tech and digital skills, you’ll be able to understand which critical skills gaps are in place today, what skills are available in the market and what skills you’ll have to develop internally. 

Only one in four talent analytics teams currently use external market data.  

5 Skills-Based Talent Acquisition Strategies for Tech and Digital Talent 

Here are five strategies for closing the skills gap for your tech and digital roles. 

1. Assess for Adjacent Skills 

A crucial part of your skill inventory must be identifying skills adjacent to your critical skills which can be developed to bridge the gap. With the right capability and skills taxonomy in place—both for internal mobility and external hiring—you can tap talent with related skills to fill talent gaps through recruitment and upskilling.  

PeopleScout recently facilitated a reskilling project for a leading bank in the UK. We supported an evaluation of their customer service employees in call centres and bank branches to identify hidden skills. We evaluated hundreds of employees, surfacing many with complementary skills who are now involved in a development program to supply software engineering talent in the future.  

2. Don’t Overlook Candidates with Non-Traditional Backgrounds 

Identifying these complementary skill sets has the additional benefit of helping you surface non-traditional internal and external talent pools. These are candidates who possess the skills necessary to perform a role’s duties but may never have held a position with a tech or digital specific title. By taking a skill-based approach to tech and digital talent acquisition, you don’t limit yourself to a small talent pool with hard-to-find experience. This could also mean relaxing requirements around university degrees. Plus, it’s a great way to achieve diversity and social-mobility goals. 

tech & digital skills

3. Develop Upskilling Opportunities 

Once you’ve found talent with adjacent skills, you’ll need an upskilling program to get them up-to-speed on their target role and for ongoing development of skills as new technology emerges. Learning and development programs are a great way to support cross-functional talent mobility. Plus, it can act as a big draw for recruitment, as more and more candidates say they value growth opportunities when considering a new job. According to the LinkedIn’s Future of Recruiting report, Advancement and Skills Development are in the top five most important priorities for candidates.  

4. Embrace Global Expansion  

With the explosion of remote work, organisations can widen their talent search beyond their office locations. By shifting your focus to talent location and skill set, rather than your business footprint, you benefit from a more diverse talent pool. Leverage labour market data to find emerging tech hubs where demand is still low. For example, several cities in Latin America have a growing supply of digital skills with moderate salary expectations. 

5. Look Outside the IT Department 

Technology advancement means departments across the organisation—and across sectors—have become breeding grounds for addressing the IT skills shortage. In fact, according to Gartner, almost 40% of job postings for talent with digital skills come from outside of IT departments. The explosion of FinTech, MarTech and even HRIS means that there’s a plethora of digital talent in finance teams, marketing teams and HR teams. So, instead of looking for a data scientist, why not try tapping a financial analyst to get those much-needed analytical skills? 

How an RPO Partner Can Help You Secure Tech and Digital Skills 

Employers looking to grow their tech and digital workforce can benefit from the services of a recruitment process outsourcing (RPO) provider. Your RPO partner can help you adapt your attraction strategy to resonate with candidates with tech and digital skills, ensuring that you are sourcing talent with the required skills and identifying new ways to target candidates who fit these personas. Plus, an experienced RPO provider can assist you in building your talent pool from within your own organisation, by consulting to develop an internal reskilling program. 

Get five proven strategies to attract, engage and hire the best tech professionals. Download our Recruitment Handbook for Hiring Tech & Digital Talent. 

The Recruitment Handbook for Hiring Tech & Digital Talent

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The Recruitment Handbook for Hiring Tech & Digital Talent

5 Strategies for Recruiting the Best Tech Talent Now and into the Future 

Today, every company is a tech company as organisations across sectors create digital customer experiences, embrace automation and AI, and analyse the data created through these platforms. In fact, 6 out of 10 of the most in–demand skills are tech-related.

However, according to Gartner, a third (36%) of HR leaders say their sourcing strategies are insufficient for finding the skills they need. So, how can talent acquisition leaders keep up with the demand for tech and digital talent?

In this handbook, you’ll learn:

  • Global trends driving the need for tech talent
  • Strategies for overcoming challenges in your tech hiring programs
  • How partnering with an RPO provider can help

 

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

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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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Quorum Software: Delivering IT Recruitment with Multi-Country RPO 

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Quorum Software: Delivering IT Recruitment with Multi-Country RPO 

IT Recruitment

Quorum Software: Delivering IT Recruitment with Multi-Country RPO 

A global software company, Quorum, engaged PeopleScout for a full-cycle, multi-country RPO solution for IT recruitment to secure top technology talent and support global growth.

87 % Retention Rate
73 % of Candidates Submitted Invited to Interview
Upcoming Expansion to APAC and LATAM
Upcoming Expansion to APAC and LATAM

Situation 

Quorum, a global software company had two North American in-house recruiters tackling all of the hiring for their operations outside of the U.S. On top of the challenging talent landscape in the IT sector due to skills shortages, they also needed help navigating recruiting across cultures. 

The client needed to streamline their international recruitment with an experienced recruitment process outsourcing (RPO) partner who could engage culturally varied candidates, support business growth and scale up their global talent acquisition program. 

Solution 

Quorum engaged PeopleScout for a full-cycle multi-country RPO solution, hiring for over 40 role categories across IT and technology, technical support and solutions consultants as well as corporate roles in HR, finance and customer success. The PeopleScout global recruitment delivery centres in Poland and India support over 20 stakeholders in Czech Republic, India, Netherlands, Norway and the UK.  

We’ve partnered closely with Quorum’s internal talent acquisition team to ensure we are compliant with company policies. Our specialist IT recruiters have also leveraged the client’s global EVP and employer brand in their candidate outreach on social media including LinkedIn. 

Our team regularly consult with the client’s TA leaders to advise on local market challenges, including a growing trend in India of candidates dropping out of the funnel between offer acceptance and start date. To counteract this, our team partnered closely with Quorum during the onboarding stage to keep candidates engaged with improved results. 

Results 

Through this focused approach to onboarding, PeopleScout has improved the dropout rate, with over two-thirds of candidates moving from the offer stage to starting their new role with Quorum. Plus, we’ve achieved an 87%+ retention rate of new employees after 90 days.  

With 73% of candidates submitted invited to interview, Quorum is so pleased with the quality of new talent brought in by PeopleScout, they have asked to expand our partnership to support client’s in-house talent acquisition team with specialist hiring across Malaysia, Australia, Spain and South America. 

AT A GLANCE

  • COMPANY: Quorum Software
  • PEOPLESCOUT SOLUTIONS: Recruitment Process Outsourcing
  • LOCATIONS: Czech Republic, India, Netherlands, Norway and the UK
  • ABOUT QUORUM: Quorum Software is a leading provider of energy software worldwide. Since 1998, Quorum has helped thousands of energy workers with business workflows that optimise profitability and growth.
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