Case Study : Using HR Analytics to reduce attrition in BFSI
Business Need / Challenge – Employee Acquisition and Retention
- · High Attrition and low vintage at FLS and First line supervisor levels
- · Consistent Quality of hires
- · Employees felt disengaged/ de-motivated
Our Approach ?
- · Augment sourcing efforts around internet, employee and business referral, social media etc. to get a higher candidate pool and reduce sourcing cost
- · Source-mix analysis to find the right source mix for optimizing cost and quality
- · Identification of the various quadrants and variables of dissonance leading to the business challenge
- · No Sample but all hires and exits taken as a set for a period of six months on a concurrent basis
- · A freewheeling dialogue at various intervals on the employee life cycle with all the employees
- · This led to clear scoring both on a rating scale and quantitative analysis around the various factors of dissonance and a cumulative month on month analysis helped analyse the trends
- · The analytics conducted was stark , precise leading to clear action items
- · The action items which were quite specific were implemented and its effectiveness was measured as more dialogues kept happening over the period
How we generated value?
- · Specific understanding of key factors of dissonance leading to attrition
- · Concurrent diagnosis helped in increasing the ability to prevent high or good performer attrition cases
- · Enhanced ability to make management decisions at specific levels to resolve issues
- · Increased ability to predict attrition and timing of such attrition thus creating a lead indicator dashboard.