Career Management at Financial Services

Career Management at Financial Services

Financial Services Career Management to Reduce Unwanted Turnover.

Situation: Career Management at Financial Services
A new leader was appointed to turn around a struggling call center at a leading financial services firm.

  • This financial services client’s call center operations needed to thrive on thin margins and provide exceptional customer service.
  • Leaders knew that high turnover not only increased costs but also degraded service quality, reduced customer experience consistency, and increased employee burnout.

Complications: Career Management at Financial Services
The client faced:

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

Approach: Career Management at Financial Services

To address a tight labor market, high attrition, and escalating pay pressures, we addressed the root causes of turnover — development, leadership, and career clarity — support higher long-term performance and greater workforce stability.  To help the client to reduce unwanted attrition, we took a strategic and practical approach to redesign career expectations and options:

  1. Created a new career structure and recruiting strategy which funneled new hires into lower cost retail delivery channels for initial new employee onboarding and customized training.
  2. Specified career opportunities and outlined experiences and competencies required for success by defining career paths that offered many different opportunities based on employee interest, experience, and competencies.
  3. Codified a competency framework to support development of critical skills and guide promotional requirements an important foundation for the new career development structure.
  4. Integrated competencies into performance management processes, which included a targeted developmental component.
  5. Changed base salary structure to more appropriately reflect the marketplace needs.

Results

  • Turnover dropped from 26% to 15% after the first six months, and to 11% after 10 months.
  • Over $3 million in savings annually.

Related Information

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