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The 2020 Employee Engagement Statistics: Average tenure in BFSI doubles with AI

The banking, financial services, and insurance (BFSI) industries contribute a significant percentage to the global GDP, employing several million people around the globe. But when it comes to the people who work in the sector, they seem far from engaged and happy. 

Global reports confirm a dismally low employee engagement of just 33%1 and an employee turnover rate of 24%2 — one the highest among all industry sectors. This is further exasperated with the cost of replacing a skilled, educated employee ranging anywhere between 6-24 months’ of salary3, depending on the job role and seniority. 

 

The Difference with AI 

Our customers in the same space however see different results. We studied 18 enterprises in BFSI that work with artificial intelligence (through Amber) and their employees to compare and analyze if HRtech like these are in fact making a difference. 

We analyzed 1,85,000 chats from more than 80,000 employees talking to an AI-driven engagement chatbot and if that, indeed, helps HR teams meaningfully connect and engage a workforce without expending too much time and effort. 

The culmination of our research? The BFSI Employee Engagement Index 2020, a detailed report of AI's impact on employee engagement. 

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Highlights from our report

  • Response rate nearly doubles to 60% using AI against 33% through annual surveys

  • Manager rates high as a  key engagement factor to positively impact employee experience and least by senior leadership

  • HRBP: employee ratio reduces radically from 1:336 to 1:30, increasing focus on retention and initiatives around engagement  

AI making employee-first practices a reality

What resided in theory for some time is finally being put in to practice with AI. We observe the HR teams we work with decentralizing decision-making, making leaders accountable to the employee while the latter becomes the center of experience delivery. Progressive companies are looking inwards and outwards to implement employee-friendly cultural and operational changes along with policies and mindful actions that show they care. 

One of our customers also recorded the impact of using an AI tool like Amber in their HR function. The results?

  • 87% response rate
  • 78% of employees with turnover intent saved
  • 18x returns on investment 

How can you create an enhanced employee experience in your organization? Learn from the best.

 

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Gregory S Mathew
Gregory S Mathew
Former Content Writer at inFeedo

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