Skill Development at Scale: What State Street Is Doing Differently

Isael Paz-Zimbeck

Tuesday, May 13th, 2025

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• State Street is the 2025 recipient of the Degreed Visionary Award for Client Ambassador of the Year, recognizing an organization that serves as an exemplary model for other Degreed clients.

What happens when one of the world’s most trusted financial institutions decides it’s time to realign its skill development strategy?

At State Street, the answer was clear: Build an enterprise-wide, data-driven, executive-backed foundation for workforce agility and internal mobility—embedded in the company’s annual business strategy and talent action plans.

With more than 50,000 employees globally and 11% of the world’s financial assets flowing through its systems daily, State Street needed a more strategic approach to skill development, one that could keep pace with evolving business demands and employee expectations.

“The business came to us and said, ‘We have no way of seeing what skills employees have. We have no way of understanding where our skill gaps are, where we need to upskill, where we need to reskill,’” said Laura Sullivan, Vice President, Talent Development.

That challenge sparked the launch of SkillsFIRST. More than an HR initiative, it’s a key lever putting skills at the core of performance, retention, and career advancement. Powered by Degreed and integrated into Workday, SkillsFIRST is helping leadership align talent supply with business critical needs—and empowering employees to take ownership of their skill development.

From Limited Insight to Connected Capability

Before launching SkillsFIRST, State Street lacked a unified view of its workforce capabilities. Talent decisions were made based on job titles or tenure, not real-time evidence of proficiency. At the same time, employees sought greater clarity around growth paths as well as more targeted development support.

Rather than licensing costly inference tools, State Street used Degreed and Workday to build its own Skills Library, customized using a blend of industry benchmarks and internal expertise. With input from subject matter experts, learning teams defined seven core skills for each role and created tailored Role Plans in Degreed.

How the Degreed–Workday Integration Functions at State Street

At State Street, the integration between Degreed and Workday forms the backbone of the company’s skills-first strategy—bridging employee development with strategic talent planning.

The process begins in Degreed, when employees explore curated learning content and engage with the personalized Role Plans. Employees are encouraged to assess their proficiency using the Degreed eight-point scale, and then to initiate structured career development conversations by requesting manager input on their ratings.

Once a skill is rated and validated by a manager at a proficiency level of four or higher, that information is pushed into Workday. This validated skills data powers a range of critical HR capabilities in Workday, including skills-based talent matching, internal job recommendations, and strategic workforce planning—all grounded in real-time evidence of capability from Degreed.

This integration ensures that career development isn’t just aspirational—it’s operational, measurable, and deeply connected to business outcomes.

Strategic Impact That Scales

In just the first year of implementation, State Street has seen meaningful results:

• Millions of dollars saved avoiding costly, third-party skill inference and talent marketplace tools.
• 50% of employees onboarded into SkillsFIRST
• 1,200 additional internal promotions in six months
• 11% increase in employee engagement scores tied to career development
• 34% of internal hires supported through SkillsFIRST data, avoiding costs of external hiring
• 21,000+ monthly skill ratings generating rich talent insights for planning and learning

These outcomes reflect more than a technology shift—they signal a cultural commitment to transparency, growth, and mobility.

Key Lessons for Talent Leaders

For HR, Talent, and L&D leaders looking to operationalize skills, State Street’s journey offers proven strategies:

• Begin with clear business objectives, not just system capabilities.
• Build shared language through a unified skills library and role plans.
• Integrate platforms to turn skills data into workforce intelligence.
• Empower employees to participate in—and benefit from—the process.

By positioning skills as the connective tissue across performance, planning, and development, State Street has redefined how a complex global organization can unlock potential and stay future-ready.

Learn more.

SkillsFIRST didn’t just transform learning at State Street—it improved retention, boosted engagement, enabled internal mobility, and delivered measurable cost savings.

Find out how a similar approach could accelerate outcomes at your organization. Let’s talk.