Friday, 8 September 2017

#UnKnotted#Retention : Case Study : Using HR Analytics to reduce attrition in BFSI

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 ?
  1. ·         Augment sourcing efforts around internet, employee and business referral, social media etc. to get a higher candidate pool and reduce sourcing cost
  2. ·         Source-mix analysis to find the right source mix for optimizing cost and quality
  3. ·         Identification of the various quadrants and variables of dissonance leading to the business challenge
  4. ·         No Sample but all hires and exits taken as a set for a period of six months on a concurrent basis
  5. ·         A freewheeling dialogue at various intervals on the employee life cycle with all the employees
  6. ·         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
  7. ·         The analytics conducted was stark , precise leading to clear action items
  8. ·         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.

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