Artificial Intelligence has helped double the average employee tenure: Report
As per the recent report in Bengeluru introduction of Artificial intelligence in banks, the average tenure of employees has doubled from the industry average of 1.5 years to 3.02 years.
The title is reported as BFSI Engagement Index 2020’, by SaaS-based HR-tech startup inFeedo. In these observation report they main focused on experiences and sentiments of employees working in these firms and also how HR practices could be improved upon across the banking, financial services and insurance (BFSI) sector.
Response rate had doubled from 33% through annual surveys to 60% when engaging with Artificial Intelligence and 85% for top performing HR teams in financial institutions had 58% lowest performing HR teams experienced. Artificial Intelligence also improved the human resource business partner’s (HRBP) productivity by 40%.
It is been observed in the report that HRBPs are able to predict, strategies, measure, and track initiatives around preventing possible attrition and this resulted in HRBP employee ratio reducing, helping HRBPs focus on employees with turnover intent.
Tanmaya Jain, founder, inFeedo said that the report should showcase the significant difference an AI-enabled engagement tool can make over traditional employee engagement methodologies on the workforce.
