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How Fidelity International created purpose-led career development

Over

35,000 hours

unlocked within 6 months
Nearly

$1,200,000

in savings within 6 months
User registrations surpass

65%

of Fidelity International’s workforce

One of the problems we had was that we didn’t know all the skills employees had. We had all these untapped resources that we couldn’t allocate. So that was a key issue, especially with the future of skills and the future of work.

Hannah Smith, Associate Director of Talent Development, Fidelity

After internal surveys revealed that Fidelity International employees were searching for more career guidance, the global financial services institution launched a talent marketplace to empower its people to pursue meaningful professional development opportunities.

The company

Fidelity International offers investment solutions and services and retirement expertise to 2.87 million customers globally. Clients include central banks, sovereign wealth funds, large corporations, financial institutions, insurers, wealth managers, and private individuals. By combining Fidelity International’s asset management expertise with its solutions for workplace and personal investing, the organization works together to build better financial futures.

The background

When feedback revealed that Fidelity International employees were searching for additional career guidance, leaders knew it was time to take action. As Director, Global Talent Partner Hannah Smith explains, “From our employee voice surveys, we were hearing directly from employees about what they want and what their concerns are. We kept hearing that employees really wanted opportunities to grow and the chance to learn new things.”
At the same time, executives recognized that skills needs were rapidly evolving, turning upskilling and reskilling initiatives into a top priority. “For Fidelity, we wanted to ensure that all employees were equipped and had the resources and tools to reskill, upskill, and cross-skill, so they can get to those future roles,”
Smith says.

 

Fidelity’s goals

To turn their vision for skills-based career development into reality, Fidelity International’s leaders created a handful of goals to guide their project.

Increase access to impactful career development opportunities

When Fidelity International first began experimenting with project sharing, the initiative was met with widespread enthusiasm. To take internal mobility to the next level, leaders wanted to ensure that all employees could find career development opportunities that aligned with their professional ambitions and the skills they were looking to build, regardless of what department they were in.

Prioritize future-fit skill-building

As new technological innovations promise to transform how work gets done, Fidelity International aimed to ensure its workforce would be ready for whatever challenges come their way. However, without a unified destination for skills and workforce insights, preparing employees for the future of work would prove challenging.

As Smith explains, “One of the problems we had was that we didn’t know all the skills employees had. We had all these untapped resources that we couldn’t allocate. So that was a key issue, especially with the future of skills and the future of work.”

Put employees at the helm of their professional development

Fidelity International’s leaders recognized that reimagining career development wouldn’t just help people prepare for the future of work; it would also lead to tangible engagement gains. “Through our talent marketplace, we are saying ‘Take control of your careers, find your opportunities, and go for them,” Smith explains.

We’ve got a high percentage of those working on projects from different countries, so we’re really broadening our networks and enabling employees to actually understand how the business operates as a whole.

Hannah Smith, Associate Director of Talent Development, Fidelity

The solution

Fidelity International began by rolling out its platform to its HR department, working closely with pilot users to help them embrace the mindset changes needed to make talent sharing a success. Smith explains how this approach paid off, noting, “The feedback from [our initial users] was really good. It took less than ten minutes to set up a profile. Employees were able to apply for projects or find mentors easily, so again, the user experience was at the center.”

Building on this success, Fidelity International accelerated its rollout, leveraging support from pilot users to generate buzz around the platform. Advocacy from leadership was crucial to maximize adoption, as Smith explains. “A video from our CEO on launch day was sent to every employee talking about the importance of career development and using the talent marketplace to drive some of those activities,” she says.

Results

Over

35,000 hours

unlocked within 6 months
Nearly

$1,200,000

in savings within 6 months
User registrations surpass

65%

of Fidelity International’s workforce

There are a handful of metrics that illustrate the impact that Fidelity International’s talent marketplace is having across the organization. More than 50% of project assignments are cross-functional, illustrating how the platform is empowering employees to expand their horizons. “We’ve got a high percentage of those working on projects from different countries, so we’re really broadening our networks and enabling employees to actually understand how the business operates as a whole,” Smith explains.

She describes the platform’s winning start, noting, “Since we’ve gone live, there have been lots of success stories. It’s always nice to go on and actually see the stories and hear what people are saying about the talent marketplace.” Months after launch, stories about career development underpinned by the talent marketplace are increasingly common. According to Smith, “We’re starting to hear more substantial stories from managers who have loaded projects on there and found resources easily. And we’ve got some really touching stories from colleagues who’ve actually gone on to projects, learned new skills, and off the back of that secured full-time roles and reached their dream positions.”

Reflecting on the role their platform plays in fueling Fidelity International’s skills-based strategy, Smith says, “I think the talent marketplace is going to really move us forward in terms of analyzing skills within the organization. It’s going to do a lot in terms of our talent acquisition and making sure we are getting people into the organization with the skill sets we need. It makes them feel like Fidelity International is the place to be.”

Rather than signifying the end of its journey, Fidelity International’s early success is just the beginning. The organization is now looking for new ways to take advantage of its platform, including using it to help optimize onboarding and succession planning. As the talent marketplace continues to increase access to opportunities, it empowers Fidelity International to build the skills it needs to set its organization apart in the new world of work.

If you’re looking to learn more about talent marketplaces and workforce agility platforms and preview the game-changing impact they can have on your organization, get a demo. Our team is pretty great to talk to.

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