According to a survey by HR-tech startup, inFeedo, that studied more than 80,000 personnel from banking majors, artificial intelligence (AI) has helped double the average employee tenure from 1.5 years to 3.02 years.
The report also stated that with a lowered ratio and an average of 32 days taken to resolve employee turnover cases, the HR teams have been able to save 57% of employees with a possible turnover intent (average) across the BFSI sector.
The report titled ‘The BFSI Engagement Index 2020' made several interesting observations like across organisations, the human resource (HR) team's query response rate had doubled from 33% in annual surveys to 60% after AI introduction. 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.
AI also improved the human resource business partners' productivity by 40%. This included a reduction in time spent on manually collecting, collating, and analyzing employee feedback.