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 in Feedo.
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.
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