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Digital Transformation within HR in BFSI

 

Over the past few years, organizations have seen a paradigm shift in the way HR operates. There has been a complete shift from traditional HR to digital HR. Covid has also compelled organizations to digitize HR processes. For most organizations, typical employee lifecycle processes such as recruitment and selection, on-boarding, confirmation, payroll, performance management, exit management, etc, have now been completely digitized through HR portals.

The HR digital revolution is here and moving rapidly. Organizations are looking for new, effective and productive ways to meet the evolving demands of doing business, which entail agility, 24×7 global access, speed and accuracy. With a leaner workforce structure and a focus on building an open culture, almost all the routine HR processes have been digitized and automated now.

“Our processes are completely paperless and we are now creating analytical and bot-based platforms for real-time transition and data-based approach for decision making. From hire-to-retire, we have transformed digitally and now we are now in the process of implementing the next phase of automation,” says Meenaa.

‘Being Digital to the Core’ is an integral part of the DBS strategy, and the bank has successfully implemented various transformational programs. It has leveraged technology extensively in its hiring process to create a richer experience for the applicants. To this end, Jobs Intelligence Maestro (JIM) helps streamline the end-to-end job application process and enables real-time interaction 24×7. Recruiters now take 8 minutes to assess a candidate’s resume compared to an average of 30 minutes taken earlier. By automating the pre-screening process, the HR team can now save about 40 hours a month.

The bank established flexible work arrangements to operate with an absolute bare minimum staff in each branch/hub. Further, it enabled its infrastructure set-up for collaboration tools like MS Teams and Cisco Webex, remote connectivity through VPN and access from home for critical applications for all employees to establish a robust WFH setup. Even traditional office dependent functions like treasury and markets and call center operations have been successfully migrated to this set-up.

Nagina shares details about chatbots: “We introduced OneBot, an AI-based virtual assistant, to solve employee queries and provide access to HR services in one click, thereby taking the employee experience up several notches. Over 2000 queries have been resolved from November 2020 to January 2021 using OneBot.”

She adds: “We have recently launched ‘My Skills’, a platform that can be utilized to further empower our employees to take charge of their development. It works in tandem with DBS Match. My Skills equips employees to update their skills, and DBS Match throws relevant internal job opportunities basis the skill sets.”

Digit Insurance’s induction program has been revamped and has become virtual. Training has moved online and employee engagement by way of virtual games has moved online. The company is using AI assistants to keep a close ear on its employees.

The HR team at Digit Insurance used all possible digital capabilities to the fullest to keep all communication going, including Lifesize, Microsoft Teams and Zoom. Many manual processes have been automated and moved online – with virtual induction sessions, virtual training and video conferences instead of face-to-face meetings. Online training and e-learning modules have been created for this.

Canara HSBC OBC Life Insurance Co has self-service portals available for its employees and managers, which helps them navigate through mundane tasks such as attendance and leave management, HR letters, salary slips, help desks, etc. Learning and development activities are now digitized where modules are available in a self-learning mode and employees can take these courses at their own time and convenience.

Kiran explains: “Most of these services are also available on-the-go through mobile apps to the employees. As the world is becoming more and more data-driven by each passing day, HR is also not untouched by it.”

At CRIF Highmark digitization of HR functions has been an initiative taken a year ago before the start of lockdown. Processes like digital onboarding to automation of key HR programs like performance management and compensation have helped the company.

Overall, the HR teams are seen using technology and data to overcome inefficiencies of distance and time. A large number of customer-facing innovations are now also employee-facing and for that reason HR teams have to undergo fewer trials.

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