Difficulty in managing high attrition, firefighting operational disruptions, an inefficient, time-consuming and costly recruitment process due to traditional reporting
Daily, the bank has anywhere between 8000 to 11,000 vacant positions with only 3-5% closures. Recruitment is a continual activity which is why the bank required an effective analytics solution to fast-track their hiring process at an optimal cost.
Onboarding talented resources in the expected timeframe was a major challenge for the Talent Acquisition Team. They were facing difficulties in meeting the recruitment timelines and managing their costs efficiently.
Additionally, monitoring and optimizing important KPIs like Vacancy Closure TATs, Offer vs Hire Ratios, Quality of Hired Employees, Cost Per Hire, Attrition and Retention Rates, was a tedious task.
The cost of recruitment was on the rise but the ideal option for sourcing talents with specific skills and experience, required for respective job roles, was difficult to identify.
Meanwhile, though data was abundantly available, transforming it into actionable insights required manually extracting data from the SAP system, analyzing and creating personalized reports for each level, proved to be extremely time-consuming.
As a result, critical hiring decisions were either delayed, dismissed, or made on gut instinct.
- Lack of data-driven decisions made by business executives due to dependency on data experts to extract meaningful insights.
- Unavailability of personalized reports for top management and other levels.
- Data extraction from the SAP system.
- Manual effort in cleaning and structuring the extracted data.
- Lack of standardization in the way data was perceived and decisions were made.
- Difficulty in making relevant data available across the organization - due to time taken, cost incurred, and the need for data experts - Considering there are 5000+ branches across the country, reports for which are sent to Cluster Heads, Circle Heads, Regional Heads, & Vertical Heads of the bank i.e. around 600 people in total.
Gain 360-Degree Visibility of Talent Acquisition Performance
The decision-makers at the bank realized they needed a solution to help them overcome these challenges and enable the staffing team to efficiently meet their recruitment timelines, at low costs. This was possible if the entire HR division had access to timely, accurate, and comprehensive insights within Recruitment Performance Reports to take data-driven actions.
The solution combined the power of business analytics along with cutting-edge Natural Language Generation capabilities while offering unprecedented scalability to produce real-time valuable actionable insights for the Talent Acquisition and Business hierarchies, all in a single interface dashboard.
- Phrazor, a natural language generation, and reporting automation platform helped the bank, simplify the recruitment reporting process by fetching complex datasets from their SAP system and converting them into easy-to-understand, narrative-based reports.
- The bank’s analytics team could identify and establish key performance indicators (KPIs) to measure the recruitment team’s efforts against the quality of hires. The reports now contained a summarised snapshot of critical performance metrics like the no. of offers, resignations, and hires, for the team to act on quickly.
- Utilizing Phrazor, the private sector bank was able to create personalized reports for each representative of the HR team at scale, right from the service delivery head, regional heads, to all the talent acquisition partners. Top management could now easily spot the departments and branches that required attention in hiring.
- The team could also recognize effective channels of recruitment marketing against the cost, quality, and consistency of the resources. This helped promote their brand and company culture on the most successful job boards and web platforms to optimize their recruitment marketing strategies.
- 1900+ auto-generated reports sent weekly to all the stakeholders with real-time insights on cost, quality, and efficiency of hiring efforts.
- Complex hiring metrics (KPIs) written in a simple-to-understand language.
- Fast-track the recruitment process by accessing meaningful and actionable insights.
- Simultaneously compare time-to-hire and time-to-fill values of different teams and branches to identify the hiring feasibility and talent shortcomings.
- 25 man-hours saved per week in SAP data extraction and manual data cleaning.
- 200 man-hours saved per month in data analysis and interpretation.
A large private bank in Asia with a countrywide distribution network of 5000+ branches and 13,500+ ATMs in more than 2,700 cities. The Bank operates in a highly automated environment and also relies heavily on its workforce of 100,000+ employees across regions.