Social Media @ UBS – Social Media Monitoring outsourced to Accenture to hedge reputational risk

UBS, global financial services provider started using the social media and social data to manage reputation risks since 2010 when the company deployed Jive Software, but the initial intention of monitoring is to provide customer service on social networking sites. Later UBS started combining social data and other media reports like news reports with internal data to identify reputation risks and garner insights to assess its risk exposure before doing business with clients. UBS understands the importance of reputational and professional risks in the financial industry as any damage to these risks will have a significant effect on the bank’s business. Social Media mentions, posts, comments and updates by customers and people posted on social networking sites like Facebook, Twitter, etc. have a significant effect on the firm’s brand reputation. According to Accenture Case Study titled “Keeping Track: Social Media Monitoring UBS”, “Swiss banking giant UBS is using social media monitoring as an integral component of its communication strategy. The bank wants to get a good snapshot of its public image and identify what type of issues are gaining importance in the banking industry. “First, we want to listen carefully to, and meticulously evaluate, what customers are saying about us and what they expect,” says Michael Willi, Chief Communication Officer at UBS. “If we succeed, we can use social media to better address the different target groups.” Customers are actively engaging on the various social networking sites and are posting both negative and positive comments on social networking sites and financial services firms have to monitor and respond to them or else there will be significant effect on the firm’s brand reputation in the highly competitive financial services industry.

UBS has outsourced its social media monitoring to Accenture which helps them to effectively monitor activity on social media platforms and identify the posts, comments and tweets that could affect its brand and reputation, and respond or countermeasure them fast and efficiently there by reducing the damage. Accenture employees at the Delivery Center Warsaw study comments made on German, Spanish and Portuguese social media sites located in central and southern Europe and Latin America. The Delivery Center in Mumbai, India, processes postings made in Western Europe, North America and Asia-Pacific (Source: “Keeping Track: Social Media Monitoring UBS”). Accenture tracks and monitors comments in social media in English, German, Spanish and Portuguese. Accenture delivers detailed reports on a regular (daily, weekly or ad hoc) basis and these reports are based on the tracking results and additional analysis. UBS gets a comprehensive view on the various social media platforms and UBS Brand Management and Communications Department relies on Accenture to collect and analyze information. Financial Services industry is highly regulated and firms need to follow the stringent regulations and accordingly have to manage their social media presence and customer engagement. It is not easy to keep track of the various social networking sites and it requires highly advanced technologies and analytical tools to capture and analyze social data and use it in further improving the existing and launching new products and services. 

Social Media Recruitment Strategy Case Study: Accenture Plc.

Social media has become an essential and powerful recruiting tool available for HR managers and also changed the recruitment process by bringing relationships to the forefront. There is great value in leveraging this tool just because of its natural potential to multiply connections, build viral networks and reach talent faster. The use of social media as a recruitment tool has taken off in recent years with a number of high-profile companies like Accenture, Infosys, Burger King, Reckitt Benckiser, SABMiller, etc. using it to recruit talent for their companies. According to Suzy Style, Accenture's UK recruitment director, the professional services company turned to social media including Facebook, LinkedIn and Twitter to adopt a more aggressive recruitment strategy to find talent. "There is a global war for talent and we believe that to [gain an advantage companies need to] develop long-term relationships with candidates. Social networking sites are one of the key enablers in achieving this," Style says. The popularity of social networks among graduates is one of the reasons the company started to test social media in the recruitment process.

"We're advertising all our roles through social networking and particularly in experienced-hire recruiting on sites such as LinkedIn and what we're finding is [LinkedIn] particularly plays to the strengths of some groups," Accenture's Style says. "We're actively involved with some groups - SAP professionals for example - and we're seeing an increasing number of people using it as part of their strategy to find jobs." This highlights the fact that Social Media also plays a crucial role in recruiting experienced hires too. But it's not just the big names using social sites to access a new talent pool. According to LinkedIn, smaller companies are using the professional networking site's tools to recruit new talent, along with more than 25 per cent of the FTSE 100 in the UK and 50 per cent of the Fortune 100 in the US. "In terms of company size, we have everything from companies with £100bn valuations to agencies and clients that have two or three people," says Ariel Eckstein, LinkedIn's MD of hiring solutions Europe.

According to John Campagnino, senior director of recruiting at Accenture, they are saving over $100,000 for a senior hire by using social media. He estimates that Accenture will make 40% of its hires in the next few years using social media. When recruiting through Social Media platforms HR managers have to know what tools to use for recruiting what type of talent. Social Media sites like Facebook, Twitter, LinkedIn and blogs are all separate tools that may warrant different approaches. Accenture's Style says: "You might find that a graduate is more likely to be using Facebook for example and an experienced hire might be more likely to be using LinkedIn, so it's ensuring that you look at the channels for the best way to reach the people that you need."

Accenture has an employee referral program that is the management consulting company's primary source for talent. "[The] program allows employees to search for open jobs around the world and share them with their network through LinkedIn, Facebook and Twitter," says Accenture's global head of sourcing, Sjoerd Gehring."Employees can track the status of their referral through their personalized employee referral site. Through integrated communication campaigns we've been able to significantly drive up the volume and quality of employee referrals." Accenture people play an important role in our recruitment efforts because our employees know Accenture well and can . . . help find the right person for the right role. Employee referrals are also a cost-effective way to fuel growth."  

In the past 3-4 years, Social Media recruiting has gained prominence and HR Managers are using social media sites for both checking the prospective employee backgrounds and also using the data provided on sites like LinkedIn in their recruitment process. The second aspect of social media recruitment is the distribution of information relating to job openings and requirements through 2nd degree network referral effect like Facebook’s “Like” and “Share” buttons, Twitter’s “ReTweets” and LinkedIn’s that allow rapid spreading of content (i.e. jobs and candidate referrals) to second and third degree networks, that also pushes message out to a much larger and more qualified audience. Another big advantage is the low cost factor as most of the social media sites are free to sign up and also charge lesser amounts of sign up fees which will definitely help the companies to save money on recruitment processes. But the fact remains that social media recruitment is a good option but companies still have to rely on traditional sources of recruitment for majority of their recruitment and for best results they should maintain a best mix of both the types of recruitment. 

Social Media @Accenture Case study – Accenture Collaboration 2.0

Social media has changed the way employees in organizations work, learn, communicate and collaborate. According to Accenture, companies that invested early to harness the power of social media claim returns as high as 20 to 1, with even greater gains predicted to be on the way and the reality is that its impact will be felt along the entire length of the value chain. Employees, who are also users of public social media sites, were looking for tools to increase their productivity through collaboration across globally dispersed workforce. Collaboration 2.0 is a suite of tools that include blogs, wikis, and youtube, facebook style social media tools that employees can use to do their jobs in a better way and strengthen client relationships. Through these tools 236,000 employees of Accenture located in 120 countries collaborate for organizational growth and Collaboration 2.0 improved team productivity, reduced travel and phone charges via a new world of virtual collaboration and strengthened client relationships. In 2008 Accenture launched collaboration initiative called “Borderless Workplace” which includes technologies a wiki called Accenture Encyclopedia, Accenture media exchange resembling YouTube, personal blogs for employees and a facebook inspired social network called Accenture people, Accenture’s Knowledge Exchange is the place to go to find the information Accenture people need.

Accenture deployed in 2007, Accenture People that is a Facebook-inspired professional/social network that enables employees to collaborate, share knowledge, find SMEs and instantly connect via email, online chat, whiteboard session, high definition telepresence videoconference, phone or voicemail. Each profile is populated with standard company information and Accenture employees are encouraged to expand their profiles and 115,000 employees have updated their profiles and 5000 profiles update every month where employees share pictures, bios, expertise, work-related interests personal interests, hobbies and other optional personal information.

According to Accenture, as employees share more about themselves on their profiles, the connections for prospective teams and colleagues become richer. From a profile, an employee can get to know coworkers, their reporting relationships and experience. Employees can use a colleague-tracker to receive alerts when associates change information on their profile – such as their skills or clients. Company also developed a Wikipedia-style site called Accenture Encyclopedia, to catalogue Accenture business and technical terminology. Close to 1000 entries posted in this encyclopedia.

More than 1,700 Accenture Groups, communities created and run by Accenture employees which enable them to share knowledge beyond their job responsibilities. Group topics span from Java programming to Lean Six Sigma to digital photography. These groups focus on an individual’s needs and interests, as well as the needs of the communities. For microblogging Accenture uses Yammer where teams can securely and quickly connect, Twitter-style, to trade ideas and get the best thinking from their global colleagues. Presently employees post more than 4200 microblog updates monthly.

Blogging capabilities amplify opportunities for sharing experience and expertise. Accenture employees created 10,706 blogs annually, increasing at a rate of more than 200 percent annually. Presently employees post 1000 blog posts a month. Blogs are an informal communications across Accenture as employees recognize the value and power of blogs that can be easily aggregated and tagged. Employees can use this space to post comments on strategies under development, answers to frequently asked questions, etc. Blogs feature thought leadership on a wide range of business issues, with a particular focus on helping companies achieve high performance and also discuss about emerging technologies and career experiences of select employees.

Accenture Media Exchange is a You-Tube-type tool that included videos related to training, marketing, knowledge transition and community-building videos circulating among employees. Currently 12,000 video items posted to Accenture Media Exchange. Videos posted include included executive interviews, project team presentations, and humorous snippets, and came from users around the world. Video content posted on the site typically is viewed by hundreds or even thousands of colleagues within a few days. Viewers can rate and comment on the posted content as well as download material useful for other applications.

According to Accenture, the knowledge base of Accenture’s employees is a massive resource and a critical asset and includes discussion forums, blogs, wikis and even ratings, comments, cross-search downloads and recommendation functionality. The existing knowledge repository, called Knowledge Exchange, was migrated to global Microsoft platform and consolidated its knowledge assets into a central repository based on Microsoft SharePoint Portal Server. The development of a new Knowledge Exchange application enabled Accenture to retire over 40 databases and offer a single point of access through the Accenture Portal (the company’s employee portal). Accenture's use of NewsGator as a micro-blogging tool in the Microsoft SharePoint platform brings a geographically dispersed workforce together to meet clients' needs.

Consolidating the knowledge assets resulted in the enterprise search engine to index the content thoroughly and with a consistent taxonomy applied and IT team was able to fully index the actual content of all documents so searches would yield more relevant results. Now, Accenture employees can search a broader range of knowledge assets from a single point of access, or search deeply within an attachment. Today, the search engine indexes approximately 115,000 attachments and topic pages in the Knowledge Exchange. Accenture-wide, employees can also search across almost four million pages or attachments from 46 different Accenture content sources, enabling efficient searches that yield highly relevant results. Accenture Knowledge Exchange Activity Feeds includes RSS-like activity feeds to notify employees when articles are published, capture project status updates, display tasks and suggest related documents.

Accenture is working on more sophisticated ways to bring social media into the workplace and recent trends in social media and mobile technology have created new challenges and forced Accenture to reevaluate the IT infrastructure it has in place. Accenture has also focused on measurement strategy and on understanding what tools employees were using, and how and why they were using them. Monthly Collaboration 2.0 scorecard and other reports help Accenture continuously track usage, cost savings, employee satisfaction and impact on the clients. According to company website, cost benefits for the company included More than 20 million minutes of company-standard monthly VoIP audio/video usage, resulting in avoided mobile and landline long distance/international voice costs, more than 5,000 annual video conferencing meetings resulting in avoided travel costs and Telepresence usage has slashed travel costs and the savings are exceeding the annual targets, thus far returning more than two times the monthly operating cost.

According to Accenture, they even made these tools available to their FORTUNE 500 clients, bringing clients into their collaborative culture. Links between Accenture and client companies include Telepresence, desktop audio and video, secure IM, desktop-sharing and unified messaging that dramatically improves dialogue with clients. Collaboration 2.0 has significantly improved client satisfaction levels and clients are being services well with right skilled consultants at right time for the critical projects and reaction time to client’s requests have also improved. Employees too are satisfied with this collaboration suite as they are able to collaborate seamlessly with their colleagues across the globe, share their knowledge, interact with SMEs and voice their opinions regarding the company policies and strategies. Accenture is one of the best examples for understanding the business impact of integrating social media tools into the organization.

Discussion points:

1. What are the key lessons of the Accenture Social Media Strategy and how it improved profitability?
2. What is the role played by Collaboration 2.0 in improving the employee satisfaction and how to encourage employees to utilize this best?
3. How did clients of Accenture profit from its internal social media tools?
4. What is the role played by social media tools in organizational Knowledge management strategy?

Appendix:

Figure 1: Collaboration benefits outlined in Accenture's business case. Copyright 2010 Accenture