The Indian market has been facing stiff competition in all sectors especially sectors like BFSI have been really intense. But how many banks in India are really using a science based approach to analyze jobs and people? The answer is very few. A recent hiring outlook for banks in India shows the growth experienced in this sector and number of people to be added to the rolls over the next year. (full article in http://articles.economictimes.indiatimes.com/2011-12-09/news/30498078_1_public-sector-banks-foreign-banks-state-run-banks ). But how are banks / financial services companies making the right decisions about people?

A recent research published by Aberdeen shows the following business metrics that companies try to achieve through the use of assessments. As you can see the best companies have used the power of science based approach to really increase customer satisfaction.

Importantly, the best companies also use assessments as a method to increase revenue and one can easily see the difference in top line & bottom line of the best companies as compared the laggards.

The Indian banking & financial services sector really needs such an approach. Since customer satisfaction and revenue both are directly impacted by the quality of people, one can quantify the benefits / ROI of people performance with business performance.