Staff Turnover Halves In 12 Months
Situation
Following the merger of two medium-sized professional services firms, the new business was struggling to attract and retain top talent at all levels. This was making it difficult to service existing client needs as well as adding cost and jeopardising opportunities created by the merger.
Task
To improve retention and recruitment through better talent management and people development.
Actions
- The firm’s talent and performance development requirements were reviewed
- A coaching and mentoring programme was introduced
- Comprehensive career development guides were written
- Personal development plans were redesigned
- Courses were run to sharpen the particular capabilities required by the firm
Results
- In just 12 months staff turnover halved from 40% to 20%
- Recruitment costs and business disruption were significantly reduced
- The number of first class applicants to the business trebled
- The firm’s knowledge and skills base increased
- Concerns about the quality of client service abruptly ceased