Case study

Career Management

Company Industry – Financial Services

  • 26% → 11%

    Annual turnover reduced

  • $3M+

    Saved annually

  • $24K

    Cost per departure tackled

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

Case study

Engaging and Retaining Talent Through Better Career Management

Company Industry – Global Retail Company

The Situation

  • Financial professionals were all developing themselves as specialists.

  • No internal talent was being developed to fill VP and CFO-level positions in individual brands/division.

  • Morale was low because high performers were getting passed over for desirable promotions as the company turned to external talent with broader skills.

  • The company was overpaying for executive-level talent because they always had to hire from the outside.

What We Did

  • We clarified generalist and specialist career paths and helped employees understand which path was right for their personal career goals (within or outside of the function). The generalist career path looked more like a web of experiences than a traditional career ladder.

  • We defined the competencies and technical skills needed to advance in one’s career and self-assessment tools to understand where skill gaps existed.

  • We trained managers how to have conversations with their employees about career goals and helped them to proactively manage career development early in a person’s career to help them achieve their long-term goals.

  • We structured development offerings around the career paths and provided tools to help individuals plan development that would drive their career success.

The Outcome

  • The company now strategically rotates talent through various positions within the function.

  • They have developed a track-record of promoting from within, resulting in an increase in employee engagement and retention.

Speaking Engagements

2012

Goldberg, E. (March, 2012). Changing the Conversation on Careers: 7 Ways to Improve Career Satisfaction. The Pacific Northwest HR Strategic Forum, Portland, OR.

2012

Goldberg, E. (April, 2012). Career Management in the 21st Century. Presentation at the HR People & Strategy (HRPS) Global Conference, April, 2012. New York, NY.