Transform Employee Experience for Financial Industry through ServiceNow

In the previous blog, we delved into the direct impact of a well-structured HR service delivery system on employee experience and satisfaction, along with the subsequent business benefits that follow. In this blog, we extend our thoughts on the benefits of implementing ServiceNow HRSD in the financial industry.

The financial industry is a fiercely competitive and heavily regulated sector. It demands companies deliver exceptional services to their clients and employees. In this sector, providing top-notch employee service experience is critical for attracting and retaining skilled personnel.

Employees expect a consumer-like experience in every aspect of their work, including HR services. However, many HR organizations in the financial industry still rely on traditional HR systems. They manage HR tasks using outdated manual/paper-based processes that work on spreadsheets, filing cabinets, and email communication. This conventional approach is often inefficient and prone to errors, leading to delays, lost information, and frustration for employees and HR teams.

As a result, many companies are turning to modern HR technologies to streamline their HR operations. By leveraging cloud-based HR systems and automation tools, they are able to increase efficiency and free up the HR staff to focus more on critical tasks. ServiceNow HR Service Delivery (HRSD) is one such platform that digitalizes, organizes, and streamlines a diverse range of HR services into a centralized web portal, fostering transparency within the HR realm.

Business Challenge

One of the biggest challenges the financial industry faces is managing complex HR processes effectively. These processes include talent acquisition, employee onboarding, compliance training, performance management, and employee service requests. According to the HR Trend Institute, 60-70% of HR professionals' time is spent performing mundane, routine tasks that involve handling paperwork, data entry, and administrative duties. With multiple HR tools and systems, keeping track of employee data, monitoring progress, and delivering a consistent experience across the organization becomes difficult.

Moreover, the financial industry is highly regulated, and compliance with laws and regulations is crucial to avoid legal issues, reputational damage, and significant fines. Employee compliance training and certifications are mandatory to ensure adherence to regulatory requirements. However, manually managing these programs can result in inefficiencies and errors.

Ways to Transform Employee Service Experience for Financial Firms

1. Self-Service Capabilities: Self-service capabilities allow employees to access HR-related information and perform tasks without HR intervention.
2. Simplified HR Processes: HR service delivery can automate and streamline HR processes that are often complicated, time-consuming, and result in employee frustration.
3. Personalized Support: HR service delivery helps provide personalized employee support using data analytics and AI, offering suggestions based on personal preferences.
4. Enhanced Communication: Financial firms can improve communication by using digital tools like chatbots to provide real-time employee support using HR service delivery.
5. Compliance: HR service delivery can ensure compliance by automating compliance processes and providing employees with access to compliance-related resources.

Improve HR Processes with ServiceNow HR Service Delivery (HRSD) Capabilities

The ServiceNow HR Service Delivery module is a comprehensive solution for digitizing and streamlining a diverse range of HR services on a single web portal. Unlike traditional, siloed back-end HR systems, HRSD promotes a unified experience and service delivery across departments while encouraging self-service. It is designed to integrate with the current HR technology landscape and offers a broad range of HR functionalities. Here is an overview of the modules that ServiceNow HRSD can provide to employees.

1. ServiceNow HR Case Management: This module enables centralized management of HR cases, covering time off requests, complaints, and grievances. It offers functions for monitoring case progress, task delegation, and collaborating with other HR professionals.
2. ServiceNow HR Knowledge Management: This module serves as a centralized database for HR-related information, equipped with tools for generating, categorizing, and disseminating content, as well as for locating and retrieving knowledge. ServiceNow Knowledge Management best practices enhance HR service delivery by ensuring reliable and uniform employee access to information.
3. Employee Service Center: This portal is a central hub for employees to access HR services and data, such as benefits, payroll, and requests for time off. It also features a virtual assistant that can promptly address frequently asked questions. This unified online interface caters to the requirements of both IT and HR.
4. Virtual Agent: Embedded with Natural Language Understanding (NLU), this module can accelerate interactions between employees and the HR service delivery team. With its automated chat capabilities, employees can swiftly connect with the Virtual Agent for HR services. The Virtual Agent can identify employee requests and handle common queries, leading to a better overall employee experience by delivering real-time solutions.
5. ServiceNow Enterprise Onboarding and Transition: This module delivers customized onboarding experiences for new hires, assigns mentors and buddies, and monitors progress in meeting onboarding targets. It represents a comprehensive and effective strategy for both employee onboarding and offboarding. Organizations that try ServiceNow enterprise onboarding & transitions can streamline administrative tasks, easing the workload on HR personnel and maintaining a consistent and streamlined onboarding process.

Business Benefits of ServiceNow HRSD Implementation

1. Efficient On/Offboarding: ServiceNow HRSD allows for a separate and streamlined workflow for onboarding and offboarding employees. This dedicated workflow can automate and simplify the process, reducing the workload on HR staff. It ensures that new employees are properly onboarded and exiting employees are offboarded in an organized manner.
2. Contractor On/Offboarding: ServiceNow HRSD also provides a separate process for onboarding and offboarding contractors, which can be customized to meet an organization's unique needs. This helps ensure contractors are adequately managed, paid, and offboarded when their contracts expire.
3. Customized HR Processes: ServiceNow HRSD can be customized to meet the specific needs of an organization's HR processes. The platform can be tailored to fit unique HR requirements, such as tracking performance reviews, managing employee benefits, or handling time off requests.
4. Background Checks: ServiceNow HRSD can also help ensure proper background checks for new hires. This can include verifying employment history, criminal record checks, and other necessary verifications to ensure new employees are qualified and trustworthy.
5. Workflow Alignment: With ServiceNow HRSD, HR processes can be aligned to workflows for better control. This can help ensure that HR processes are properly followed, tasks are completed on time, and employees and contractors are adequately managed. By streamlining processes and ensuring compliance, ServiceNow HRSD can help reduce HR costs and improve overall organizational efficiency.

Conclusion

Providing a superior employee service experience in the financial industry is paramount for ensuring employee satisfaction, retention, and overall business success. By harnessing the power of ServiceNow HR Service Delivery, financial organizations can transform their HR processes. This transformation allows the provision of personalized, responsive, and convenient experiences to employees. Hence, prioritizing employee experience is vital in the financial industry to foster a thriving workforce and drive organizational excellence.

As a leading ServiceNow Premier Partner, Nous Infosystems offers in-depth expertise across industries in deploying the HRSD tools to boost HR efficiency and streamline employee processes.