Workforce Retention

By nimda | Uncategorized | Comments are Closed | 23 October, 2024 | 0

Our Purpose

Using our ‘3D Deep-dive Discovery’ approach, we thoroughly identify the underlying causes of your attrition and transform your employees into FANS by our unique “Step-Change” model

Key Challenges

Gartner forecasts that the pace of employee turnover will be 50–75% higher than companies have experienced previously
Financial Loss : The cost of replacing an employee earning $25,000 a year is approximately $30,614, which includes recruitment, training, and lost productivity
Productivity Loss : The average time to fill a position has increased by 18% compared to pre-pandemic levels
71% of employees who leave their jobs cite a lack of career progression as a key reason
57% of employees leave jobs due to dissatisfaction with management or leadership
and much more

Our Footprint

United Kingdom
Europe
Saudi Arabia & GCC nations
India
Australia & Africa

Our Solution

Discover

3D : Deep-dive Discovery
People & Culture	Process	Tech

Analyse

Pattern Analysis	Problems Definition	Solution Matrix
Pilot Reforms	Ownership Definition	KPIs Definition
Step-Change Roadmap

Transform

‘Employees as FANS’ Transformation
Cultural Revolution	Process Transformation	Tech Adaption
EI-based Leadership	Gen-Z & AI Assimilation	and much more

A glimpse of our crowning achievements

Client : A UK-based financial services firm, with employees across Asia, Europe, UK and USA

Problem Statement
Attrition was steadily climbing over a period of 18 months Employees morale was very low, and it severely impacted the quality delivered to the clients 80% of the senior leadership team left the organisation Organisation was struggling to backfill the roles, as the company had a bad reputation in the market due to attrition Business was steadily coming down due to lack of delivery and growth resources Company’s approach to motivate the employee through bonus and pay increase didn’t result in expected outcomes

Problem Statement

Attrition was steadily climbing over a period of 18 months
Employees morale was very low, and it severely impacted the quality delivered to the clients
80% of the senior leadership team left the organisation
Organisation was struggling to backfill the roles, as the company had a bad reputation in the market due to attrition
Business was steadily coming down due to lack of delivery and growth resources
Company’s approach to motivate the employee through bonus and pay increase didn’t result in expected outcomes

Our Solution : Highlights

Using our 3D Deep-dive discovery approach, we did a thorough root-cause analysis across 3 dimensions : People, Process and Tech
Our 360° pattern analysis of the discovery outputs identified the core root-cause as : People : 60%, Process : 30%, Tech : 10%
We worked with the employees and used our QAS method, to define the problems with finest and quantifiable details
We setup a SME committee (along with key leaders in the org) and defined Solution matrix for each problem and prioritisation for execution of reforms
After successfully completing the pilot reform, we defined the “Step-Change” Roadmap along with Ownership and KPIs
We executed the transformation program across 18 months on Culture, People, Process, Tech, Leadership, etc., and the company continued to evolve

Key Outcomes

At the outset of the transformation, employee satisfaction was rated 1.2/5 by employees in a 100% anonymous survey. In 18 months, this rating skyrocketed to 4.1/5

With a significant reduction in attrition across all regions, the quality of client delivery and growth mindset improved exponentially, resulting in an 80% increase in business revenue across 24 months

Our “Step-Change” approach enabled the periodic realization of benefits and facilitated a painless transformation within the organization. This strategy incentivized the organization to continue evolving post-transformation, culminating in a notable increase in the satisfaction rating to 4.5% in 24 months.