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As the Global Director of Recruitment at BNY Mellon, Vikrant K. Bhardwaj brings over 18 years of expertise to his role, overseeing talent acquisition efforts across more than 25 countries. His specialisation lies in strategic sourcing, project management, and HR analytics, employing data-driven insights to attract and retain a diverse workforce.
Vikrant has been instrumental in establishing a robust recruitment infrastructure and co-chairing the Diversity, Equity, and Inclusion Council in Singapore, contributing significantly to the promotion of an inclusive work culture. Currently, he is responsible for managing International recruitment operations across the EMEA, APAC and Latin American regions, working closely with senior leadership to fulfil resource needs. His recent endeavours include leading the transition of HR technology systems from Taleo to Oracle, incorporating Eightfold AI to enhance the recruitment process.
Through this interview, Vikrant shares his insights on the challenges and emerging trends in the HR space and modern ways to adapt to the volatile industry.
How do the economic shifts from the West to the East impact challenges and opportunities in the HR tech space, considering the evolving job roles and market demands?
The HR tech space faces its own unique set of challenges, which, while varying across regions, also share some commonalities. One of the most noticeable shifts in recent years has been the economic shift from Western to Eastern markets. This transition has not only redistributed global financial dynamics but opened up new avenues of opportunity, particularly in Asia.
Countries such as Singapore, Hong Kong, Korea, Taiwan and China have emerged as highly evolved markets, often surpassing the perceived advancements in Western regions. This observation, contrary to the conventional view that the West leads in innovation, highlights the need for a recalibration of our understanding of global market leadership.
“Balancing the needs of experienced employees with the influx of younger talent is an ongoing challenge. Our approach involves developing younger talent through campus programmes while also retaining the expertise of senior employees through redeployment and knowledge transfer initiatives.”
Drawing from my experiences in London and the U.S., it’s clear that several Asian countries are significantly ahead in terms of development. This perspective is echoed in statements from leaders like the former UK Prime Minister Boris Johnson, who aspired for the UK to become ‘the Singapore of Europe,’ highlighting the advanced state of Asian markets.
This rapid evolution presents the HR sector with the challenge of adapting to roles that did not exist previously. The necessity to create new positions and seek out talent that differs from traditional hires demands thorough market development and exploration. It’s not as straightforward as merely opening positions and expecting suitable candidates to emerge. The market must be cultivated, and potential talent pools identified, signifying a considerable shift in how HR approaches recruitment and development in this changing landscape.
When it comes to creating new roles and hiring talent, how can data be effectively leveraged to attract and engage a diverse workforce?
Leveraging data is a cornerstone of our strategy to engage and attract a diverse workforce, particularly as we navigate the complexities of creating new roles and filling them with the right talent. As a prominent custodian bank, we’re not just about savings accounts or consumer banking; our focus is institutional. Our clientele spans other banks, insurance giants, and government bodies, placing us deep within the financial infrastructure's value chain.
To effectively plan our workforce needs and understand market dynamics, we rely heavily on data tools. These tools provide us with external benchmarks and insights, like the ease or difficulty of hiring for specific skills in certain locations, alongside expected compensation levels. Collaborations with industry analysts and platforms, such as Gartner and Talent Neuron, are invaluable in this process, offering us a lens into the availability and movement of talent across various regions.
Our approach is guided by the principle of following the money; we position ourselves in markets that are not just mature but sizable and active. This strategy necessitates a deep dive into data to understand market potentials, such as wallet sizes and business activities, which in turn informs our talent acquisition strategies. For instance, considering our expansion into significant markets like Middle East, we face the challenge of assessing talent availability in a region historically closed to certain types of business. Here, the authenticity and source of our data are crucial, as these decisions directly impact our strategic direction.
Our first step in any new market initiative is to recruit a leading figure who can help us gather local market intelligence. This leader’s recruitment is pivotal, acting as a gateway to building a comprehensive team on the ground. While we have a wealth of data in well-established markets, entering newer ones requires a more experimental approach, emphasising the need to ‘fail fast’ and adapt swiftly.
This iterative process, supported by robust data analysis and strategic foresight, enables us to make informed decisions, ensuring we’re not only attracting but effectively engaging a diverse and talented workforce suited to the evolving needs of our global operations.
What are some technological advancements that have caught your eye recently in the industry? Is there a specific innovation that has particularly excited you?
The buzz around technological advancements, especially AI, in the HR industry, is both pervasive and compelling. Initially, AI seemed like a distant future, but it’s quickly become a race where firms are eager to implement AI solutions, driven partly by the fear of missing out. This eagerness is not without its challenges, but it's reshaping how we approach talent acquisition and management.
From our perspective, we’ve been proactive in embracing AI within our Talent Acquisition process, aiming to stay ahead of the curve. While other leading banks and firms are exploring AI, it’s still a relatively fresh concept for many in the Recruitment industry. However, we took a significant step by integrating Eightfold AI during our transition from Taleo to Oracle around 2021–2022. Eightfold AI has revolutionised our approach to sourcing and recruiting by automating lead and name generation, allowing us to identify candidates who closely match the profiles of our top performers without requiring them to apply first. This AI-powered tool delves into potential candidates' public profiles, including their social media presence, to assess their suitability.
The impact was immediate and transformative.. This marked a significant shift in our recruiting strategy, as we could allocate resources more efficiently,.
This leap into AI-driven recruiting has placed us at the forefront compared to many firms still relying on traditional recruitment methods. It's an ongoing journey, filled with learning and adjustments, but one that we're navigating with optimism and a commitment to innovation.
How do you handle the impact of managing two generations in the workforce, considering the significant differences in priorities between the new generation and that of five years ago?
Navigating the dynamics between newer and more seasoned generations within the workforce is indeed one of the critical challenges faced not only by HR departments but by CEOs and leaders worldwide. The evolving landscape is marked by a young workforce eager for opportunities, juxtaposed against an older generation that, due to pension system strains in places like Europe & other parts of the world, finds itself working longer than anticipated.
This shift creates a complex scenario for organisations accustomed to a certain lifecycle for employee careers. Many firms are exploring strategies to ‘junior’ roles traditionally held by more senior staff, aiming to achieve the same outcomes at potentially lower costs. This financial pragmatism, however, brings its own set of challenges, particularly concerning the mental well-being and job security of older employees.
At the heart of our approach is a delicate balancing act. On one hand, we’re focused on nurturing our campus and graduate populations, preparing them to gradually assume more significant roles. On the other, we’re keenly aware of the invaluable experience and knowledge our seasoned professionals bring. Their expertise not only enriches our organisational culture but is also critical for maintaining client satisfaction and operational success.
To address this, we’re implementing strategies to redeploy our experienced workforce effectively, ensuring they continue to serve as Subject Matter Experts (SMEs) and mentors. This includes developing programs that span two to three years, preparing our newer employees to take on their roles fully equipped. It's a dynamic, evolving process, one that we are continuously refining in our quest to balance the invaluable wisdom of experience with the fresh perspectives of new talent.
What advice would you offer to emerging leaders in the HR tech space, based on your experiences and insights?
Embrace the inevitability of change and the diminishing relevance of past norms. The key to thriving in this ever-evolving space isn't just about having technical smarts or a high IQ; it's equally, if not more, about possessing a strong Emotional Quotient (EQ). The ability to understand and empathise with others will become increasingly crucial as AI and automation take over more routine, analytical tasks.
The real differentiator for leaders will be their capacity to offer consultative, emotionally intelligent solutions that technology struggles to replicate. This calls for flexibility and adaptability, qualities that are indispensable in today’s fast-paced environment. Remember, what was once considered gospel might suddenly become obsolete. The readiness to unlearn and relearn based on new information is a critical skill, particularly in the first decade of your career, where the landscape can shift dramatically.
The concept of long tenures at a single company is becoming less common, and perhaps less desired by both employees and employers. The pace of change is not only faster than ever but also represents the slowest rate we'll experience going forward. So, adaptability is key. Positions, platforms, and practices will evolve, and so must we. This mindset of continuous learning and flexibility will prepare you to navigate the complexities of HR tech and beyond, ensuring you remain valuable and relevant in a world where the only constant is change.
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