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AI took center stage at the World Economic Forum Annual Meeting in Davos. Here are key takeaways from our Co-CEO, Chano Fernandez.
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Cultivate is our premier annual event for talent professionals ready to transform their organizations with today’s top HR practices and latest technologies.
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With AI, EY is helping talent build their careers using a skills-based approach — and driving additional value for the organization.
JEFF: I’m Jeff Billick, and I’m a partner at EY in our global talent development organization, leading our My Careers team and our My Careers Hub solution.
ANTONY: I’m Anthony Shields. I’m a partner in our people consulting business. And I’m helping organizations transform around skills and AI.
JEFF: EY has been in the professional services business for well over 100 years, and while we have a deep history in the accounting and tax space, we continued over the last 10 years to build more and more consulting, strategy, IT skills, and just realized that our models and our processes to track those skills were way out of date. So we embarked on a journey to codify all of the disciplines and capabilities within the firm. So our resource planners are able to take that information and match the right people to the right needs at the right time. That’s really important for our business. But, more importantly, it’s important for our employees.
ANTONY: We currently have now hundreds of thousands of users on our talent marketplace platform. We’re seeing in, for example, our global delivery services business units up to 80% adoption rates and really significant usage of our system for career management, for growth and also for development in our organization.
JEFF: Our employee value proposition. Again, it’s yours to build allows for a lot of career mobility and a lot of choice because when they have that information, they can look ahead to what skills they need to get better at the role they’re in or to look forward to the next role that might be in front of them, whether that be in a linear path or something totally different because now the ability for them to see different roles and engagements and projects is, is much greater than the word of mouth, that it used to be. Now with the eightfold engine, providing that information to both our resource managers and our employees, we’re having much more rich conversations with our people about where they can go, and that gives us more engaged employees, and therefore better retention
ANTONY: Equally for our clients. We’re seeing significant value from a cost reduction from a productivity and from an experience perspective, those organizations that are transitioning to become skills based organizations are typically delivering 3x productivity improvements over those that aren’t. Equally we’re seeing attrition rates on those organizations that are on this journey at 26% less for those roles that really count. And what’s really fascinating is, we’re also seeing agility and improvements in cultural change. So, for example, those organizations on this journey are typically getting 2.5x improvements in how they’re delivering cultural change in their organizations.