TIAA is a Fortune 100 financial services organization that’s a private provider of financial retirement services in the academic, research, medical, cultural, and governmental fields. TIAA serves more than 5 million active and retired employees participating at more than 15,000 institutions, and has $1 trillion in combined assets under management.
TIAA has implemented multiple Workday products, but recently used Workday Extend on an initiative called Skills of the Future. The organization identified that the skills required to perform a certain job function evolved every two to three years. As there’s an ongoing need to reskill workers to meet current and future business demands, TIAA decided to move toward becoming a skills-based organization.
The idea was to place skills and human capabilities at the heart of the company. In a skills-based organization, people have more clarity on the most important skills required to perform their job function. And it sets clear expectations and provides an expanded range of job opportunities.
TIAA needed a proficiency-based rating system. Then it could add those proficiency levels to the skills assigned to the job profiles. The company also determined the minimum proficiency that’s required to perform that particular job.
Employees then had the ability to view their job profile’s skills assessment results based on their own ratings and their manager’s. They can also view the job profile skills of anyone within the organization. If an employee was interested in another job, they could review the required skills to upskill themselves.
With this Workday Extend app, managers could assess their employee on each job-related skill and add comments. This is valuable to managers, as they can have an informed discussion with their direct reports, and create a development plan to address gaps in required skills.
“They have begun assessing themselves, and we have received feedback that the application is seamless and easy to use,” says Aashish Saini, Workday lead at TIAA. “It’s just overall positive feedback from an employee experience perspective.”
Innovating and Transforming
Workday is committed to helping our financial services customers try new Workday solutions and ultimately drive innovation.
“Our goal is to foster creativity in our customers to innovate beyond the Workday platform," says Hamilton. “The partnerships that we have created in this industry are paramount to the continued success of our customers as they look to deliver successfully. We look forward to seeing even more submissions in 2024, as we continue to grow the financial services community.”
Congratulations to the winners, and thank you to all our financial services customers for your continued commitment to Workday. We are excited to see all the innovative work next year.
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