FIDESSA - Cornerstone OnDemand

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Fidessa accelerates learning and development, empowering the ... Consequently , it is essential for Fidessa to keep its own employees up-to-date with the.
FI D ESSA Cornerstone OnDemand Case Study

Fidessa Case Study Fidessa accelerates learning and development, empowering the workforce About Fidessa

BUSINESS CHALLENGES AND OBJECTIVES

Established in 1981, Fidessa provides innovative software and services to clients in the financial services sector. The company provides trading systems, market data, connectivity and related services to buy-side and sell-side financial services customers worldwide. Headquartered in London and with offices around the world, it prides itself on developing solutions which help financial professionals globally recognise and react to change faster than the competition. 85% of the world’s leading financial organisations use Fidessa software and £6.25tn travels across its network each year.

In the financial services market, being kept up to date with the latest developments is of paramount importance. An average developer needs to know anywhere between four to eight different programming languages, not to mention industry specific skills and associated ‘soft skills’. Consequently, it is essential for Fidessa to keep its own employees up-to-date with the latest skills to compete effectively and retain staff. In its first employee satisfaction audit Fidessa found that “career progression” was cited as one of the most important factors in ensuring employee engagement and satisfaction.

Vertical/Industry: Spanning the Technology and Financial Services Region: UK / Global Live Since: September 2011 Number of employees: 1,700 Clouds/Editions used: • Cornerstone Learning • Cornerstone Performance

The Fidessa team previously relied on a SQL database developed in-house and a paper-based system to track which employees had been on which courses. The database was unlinked to any performance management system and with the company adopting a blended learning approach combining classroom, e-learning and other approaches, tracking employee progress and supporting the ever-changing training needs of the organisations was becoming increasingly difficult. The Fidessa team began the search for a solution which could: » » » » »

Manage learning and development reviews centrally Ensure employee career progression was tracked effectively Cut administration time Enable employees to track their own learning and development progress Accelerate onboarding of new staff

“Not only did we need to engage employees to retain our skilled workforce in-house to ensure we continue to offer customers the very best products and services, but we also needed to offer consistent training across the globe,” said Nick Halder, Learning and Development Manager, Fidessa. “With offices in thirteen different countries, we need to track whether employees have participated in crucial training – such as education around the recent bribery act legislation – as well as helping them chart their own career progression. It was clear that we needed a dedicated learning and development tool.”

SOLUTION/WHY CORNERSTONE The Fidessa HR team examined a number of workforce management tools, meeting with multiple vendors. The HR team and the business users evaluated the software together, ensuring that it was both easy to use and would meet their requirements.

Future Clouds/Editions: • Cornerstone Recruitment

After looking at these different solutions, the team chose the Cornerstone Learning Cloud and Performance Cloud solutions.

Business Impact: • Increase employee engagement • Accelerated onboarding time, improved learning visibility and employee career path

“Cornerstone’s Cloud products were the only ones which met all of our current, as well as our projected needs for the near future,” continued Halder. “We evaluated a number of products which could do parts of what the Cornerstone software could do, but we needed something which could track our L&D across the globe, free up our HR team’s time and even manage training session booking.”

www.fidessa.com

Fidessa signed the contract with Cornerstone in May 2010 and after a period of internal branding, choosing which modules to activate, linking the solution into existing systems and training staff internally, the product went live in September.

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“Cornerstone Learning Cloud and Performance Cloud have helped us to manage our learning and development process much more effectively. Previously, it took us six months to onboard a new consultant and get them to a fee earning stage. Today, it takes four months, allowing us to increase revenue and make sure that our people have the skills they need to be productive faster which keeps us at the forefront of financial services software.” Nick Halder, Learning and Development Manager, Fidessa

THE RESULT/BUSINESS IMPACT Fidessa now uses Cornerstone OnDemand for all its learning and development activities, from signing up a new starter to managing within-team training and understanding how employees are moving through their training schedules. The benefits realised by the implementation include: » Employee retention: As a result of using the Cornerstone solution to manage training and employee engagement, retention rates have risen » Time to efficiency: It now takes 33% less time to bring a new employee to a fee-earning level through a more streamlined training schedule » Increase in motivation amongst staff: Staff can now manage their own career from a simple dashboard, allowing them to book training and understand how this maps into career objectives » Increase in development plans: 2,000 learning and development objectives have now been logged by individual workers, highlighting the desire for workers to take control of their own learning and career development » Cost / Time savings (ROI): The Learning and Development team saw ROI within nine months and the software had a positive effect on the overall business within 18 months The new solution has dramatically cut the amount of time which the Fidessa team spends managing the administration around learning and development – the learning and development assistant now spends 75% less time handling this task, freeing up time for other work. “Cornerstone Learning and Cornerstone Performance Cloud has really helped us to manage our learning and development process more effectively,” continued Halder. “Accelerating onboarding allows us to increase revenue, get people up to speed much faster and make sure they have the skills they need to keep us at the forefront of financial services software. It also provides a much more consistent experience for our employees across all their learning and development.” Cornerstone has given the Fidessa HR team a much clearer idea of how the first few months of training will look for new employees. Existing employees can track how to reach their next objective and the next level in their career, aiding retention. “We can now track where employees are in their career process and make sure that they are receiving the right training,” continued Halder. “A high percentage of our employees are software developers, who are exceedingly picky about the kind of software they use, but we’ve not had any negative feedback whatsoever from users – in my mind, that’s a huge compliment.”

FUTURE PLANS In future, Fidessa will be implementing Cornerstone Recruitment Cloud to manage its recruitment procedures. “Cornerstone Recruitment Cloud will integrate easily with our existing system and was an easy choice for recruitment management,” concludes Halder. “We will soon have a true integrated system which can manage our employees from recruitment to retirement and give us the ability to view their entire career progress with Fidessa from one simple dashboard.”

Cornerstone OnDemand is a global provider of comprehensive learning and talent management software and services. Our solution is designed to help organisations empower their people and maximise the productivity of their workforce. To learn more, visit www.cornerstoneondemand.co.uk