Bank of America, Huntington Bank Win 2015 HRM Impact Award

By Kathy Gurchiek Oct 1, 2015
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Bank of America and Huntington Bank will receive the 2015 HRM Impact Award for programs that highlight measured, evidence-based HR management.

The award from the Society for Human Resource Management (SHRM), the SHRM Foundation, the Society for Industrial and Organizational Psychology (SIOP) and the SIOP Foundation recognizes HR practices and initiatives that have been measured and determined successful.

Bank of America (BoA) won for its Universal Fit Pre-Hire Assessment program, which it implemented in 2014. BoA has many call center and operations roles that are similar but focus on different products, services and customer segments; candidates for those positions were required to complete multiple, similar assessments when they applied for these different roles.

The program—which BoA created in partnership with SHAKER, a consulting group based in Ohio—streamlines the process, improves the candidate experience and increases on-the-hob performance and retention, according to Michael Sherman, Global Head of Talent Acquisition.

“When candidates apply for multiple jobs that require the Universal Fit Pre-hire Assessment, they do not need to re-take the common modules they have completed already,” he said on the company web site.

More than 42,000 job applicants were screened using the new assessment during its first year of implementation. The program has “empirically demonstrated” reduced candidate assessment time by more than 4,500 hours and has led to $6.8 million in savings in new hire retention.

Huntington Bank, which introduced a new brand in 2010, received the award for its Voice of Individual Colleague Engagement Survey.

“A critical component to the success of that new brand was having a highly engaged workforce,” Rajeev Syal, senior executive vice president and chief HR officer, explained on the bank’s web site. “We wanted to use a data-driven approach to measure organizational culture, colleague brand, colleague engagement, and turnover, and link them to overall organizational performance.”

They did that by developing the VOICE survey.

“During each survey cycle, the overall themes identified within the results were reviewed and discussed with the CEO and his executive leadership team. Specific corporate-wide goals were identified and cascaded throughout the organization with progress tracked from survey to survey. Managers were then required to customize specific actions to support organizational goals as well as create their own department-specific goals.”

The data also helped the bank identify seven turnover risk factors, Syal said, by acting as a kind of “heat map” to indicate areas of high retention risks. This allowed the organization to focus engagement efforts in those areas.

“We also used text analytics to analyze colleague comments, which helped us cull through tens of thousands of comments and develop word clouds that provided visual representations of the themes voiced by the employees,” Syal said. “This allowed us to more effectively understand and address the organizational issues described in the comments.”

The two award recipients will be recognized Oct. 2 in Boston at SIOP’s Leading Edge Consortium, Building a High-Performance Organization: A Fresh Look at Performance Management, and Nov. 20 at the SHRM Volunteer Leaders’ Summit in Washington, D.C.

Henry G. “Hank” Jackson, SHRM president and CEO, congratulated the winners in a news release, noting “their creative use of workforce analytics to drive business success."

“In their effective use of evidence-based measurement and management, they set a high standard for HR departments and leadership requirements of HR professionals everywhere,” he said.

Ann Marie Ryan, chairwoman of the 2015 HRM Impact Award Committee, stressed that the award recognizes organizations that use measurable HR management techniques to back up their HR practices.

“These two organizations exemplify the gold standard in the use of evidence-based HR strategies and practices to foster organizational success,” she said in a news release. “We are proud to honor them and to highlight their best practices.”

Submissions for the 2016 HRM Impact Award will be accepted beginning February 1, 2016, and remain open through April.

A panel of judges, including academics and HR practitioners from the four sponsoring organizations, review submissions. Membership in SHRM or SIOP is not a requirement for eligibility. Winners receive a plaque and media exposure.

Kathy Gurchiek is the associate editor at HR News. Follow her @SHRMwriter.
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