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Making talent flow to work more seamlessly provides more ways to connect with work. But it requires approaching work arrangements in a new way. Joining me today is Tanuj Kapilashrami, group head of HR at Standard Chartered, an organization that is successfully reinventing for the future of work. Tanuj, welcome.
Thank you, Ravin. Thanks for having me.
So, let's begin with your approach to managing talent at Standard Chartered. One of the key ways we're connecting talent to work is through your internal talent marketplace, which helps liberate talent from its traditional confines of a job to increase both agility and productivity. Can you tell us how your talent marketplace at Standard Chartered evolved and the specific issues you were trying to address?
Thank you. Our talent marketplace is a really core part of our skills agenda. We started the endeavor about three years ago. It started with an insight we got from an external piece of research, which basically said that almost 40% of employees in large corporations found it easier to find a job externally than in the company that they worked for. We looked at that insight and then leveraged some of our own data, where we found that in certain parts of our organization, almost 60% of new roles that were being created were being filled by external talent.
Now, that led to some real introspection by my team. We spent a lot of time looking at that data, and this idea of creating a space where we can match people's skills experience attributes to the supply of jobs that were coming up became quite interesting and something that we wanted to explore further. So, looking at creating an ecosystem that matched people's skills, experiences, interest to the roles that we had internally, so doing that match between demand and supply enabled and enhanced by technology and linking that to the future skills agenda, we thought was a real winning formula and something that we really wanted to go after.
And that led to the launch of our internal talent marketplace. It's an AI-enabled platform that just does that. It matches people's interests, skills, their growth aspirations to short-term opportunities, mentoring engagements, mentoring arrangements, and we've had some great success. So, we piloted it in 2020 in India. 2021, we took it global. And in the space of that time, we have unlocked 1.3 million USD in productivity.
And one of the things that we've been able to do in a big way is also deploy the marketplace in areas of biggest growth and opportunity for the bank. So, there is a real value from a business perspective in being able to deal with the spikes in demands in areas of biggest opportunity.
That's really intriguing, Tanuj, and you're certainly breaking some new ground. Clearly, reskilling and upskilling are critical components in making a talent marketplace work. It requires finding ways for talent to express skills in different domains, and it's about understanding what skills people will need for the future, isn't it?
I mean, the problem that we are really interested in solving is the gap between education and employment because we believe in all of the work that we have done, shows us that the skills that are needed for the future, that demand is growing. And there is not enough of that that is being produced by education institutions. So what is the role we as an employer want to play not just for our colleagues but within the broader ecosystem that we operate in in bridging that gap between education and employability is an area of huge focus for us.
So we've done the research. We found that there are a set of core skills. We put them into buckets. There are the technical skills. So, we're talking about digital data technology. Sustainability that's emerging a big area in banking, areas like sustainable finance transition finance. So those are the technical skills where the demand is really growing.
We also found that there are some core human skills, so managing ambiguity, change management, empathetic leadership, so sort of the human skills that need to be married with the technical skills to be able to compete in banking for the future. So we've got a very clear view of sunrise jobs, jobs that are going to exist in the future that just don't exist today or where we don't employ loads of people, but also sunset job. And what we are doing is curating very clear learning pathways where we are upskilling reskilling colleagues to be deployed into these sunrise jobs.
So again, starting off with skills but linking it back to talent deployment, going back to that insight around internal versus external, and that's the kind of match that we are trying to play out, leveraging technology in a big way.
Boy, Tanuj, that's really impressive. And the connection between the technical and the human skills to emerging versus sunsetting work is incredibly thoughtful. Now, giving people the opportunity to acquire these new skills is certainly very critical, and your approach really stands out because it offers innovation, empowerment, and personalization at real scale. Tell us a little bit more about your approach to reskilling and upskilling if you would please.
Yeah. I mean, there are two words that you use which have really guided our thinking around our entire people strategy. So this idea of hyper-personalization and democratizing opportunities, so empowerment at its core. And a lot of the work that we are doing across various elements of our people strategy goes to this premise. So I started off by saying the idea of training-- people being told what they should get trained on in traditional ways that's long gone. It's all around hyper-personalization, curating bite-size training in a way that is linked to individual aspirations and growth plans, and that's the real promise of our skills agenda.