Standard Chartered says it is saving millions of dollars by using ‘talent marketplace'
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The London-based lender, which generates most of its business in Asia, tested the talent platform in 2021 in India before launching it globally a year later 'to match the demand and supply on the basis of skills', chief strategy and talent officer Tanuj Kapilashrami said in an interview late last month.
More than 39,000, or nearly 50 per cent, of its employees were active in the marketplace, which had unlocked over US$8.5 million in cost savings since its launch, the bank said. For each project completed internally via the platform, the bank estimates its cost savings compared with hiring external candidates.
It added that the share of jobs filled internally increased by 10 per cent over the past year.
'The investment we are making goes beyond generic training,' Kapilashrami said. 'It's about creating a platform for people to participate in exciting projects and doing so in an innovative way.'
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The approach has led to improved retention and greater engagement among its staff, which 'ultimately impacts our business performance and share price', she added.
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