Stemming the Talent Leak in a Fortune 500 Company
Background
A medical devices company with 10,000+ employees was facing high annual employee turnover that was costing them millions in dollars.
Goal
Uncover the key drivers of turnover and implement a plan to improve retention.
Execution
Spoke with HR leaders to understand what was happening within their organizations and gathered their initial insights.
Collected, cleaned, and consolidated data from HR information systems, surveys, and focus groups and built a dynamic turnover model.
Analyzed data using multiple regression model to uncover variables highly correlated with turnover and formed recommendations.
Delivered insights and recommendations to senior HR leadership team and co-developed an action plan to address key drivers of turnover.
Worked with HR leaders and business partners to implement action plan.
Built an automated Power BI turnover dashboard to track retention efforts across each department and trained HRBPs on how to use the dashboard.
Result
After six months of implementing the action plan, annualized turnover reduced from >8% to <5% and employee engagement scores improved across the board.