Company Industry – Financial Services

The Situation:

Large call center operation was facing tough competition for labor in a tight market with 3% unemployment
Turnover was approximately 26% annually with the cost of turnover $24,000 per employee due to training & licensing requirements
Pay was escalating at unprecedented rates due to constant pressure to provide special pay increases on a case-by-case basis to retain talent

What We Did:

Created a new career structure and recruiting strategy which funneled new hires into lower cost retail delivery channels for initial training
Specified career opportunities and outlined experiences and competencies required for success
- Career paths offered many different opportunities based on employee interest, experience, and competencies developed employees could now see a career, not just a job
Codified a competency framework to support development of critical skills and guide promotional requirements an important foundation for the career structure
Integrated competencies into performance management process, which included a developmental component
Changed base salary structure to more appropriately reflect the marketplace needs

The Outcome:

Turnover dropped from 26% to 15% after the first six months, and to 11% after 10 months
Turnover reduction resulted in over $3 million in savings annually