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Insurance ROI

Client Company:
Large U.S. insurance company rated among the Top 25 insurers by Forbes magazine.

Challenge: Reduce high employee turnover rates in key positions. Reduce multi-million dollar turnover costs. Identify people factors that predict desired tenure of 18 months or more in these positions.

Solution: PHD conducted a five year research study to evaluate the effectiveness of company-specific hiring benchmarks designed to reduce employee turnover and identify the competencies that are required for employees to achieve tenure of 18 months or more in key positions.

During Phase I of the study, from 2000 - 2003, PHD developed the custom hiring benchmarks, monitored their accuracy and updated the tools in response to changing performance requirements and economic conditions. This extended period served to establish the initial validity of the hiring benchmarks.

Phase II, from March 2003 to the present, was designed to either further confirm or reject the turnover reduction findings obtained in Phase I.

During the course of this five year (& ongoing) benchmark evaluation project, these company-specific tools have been used to screen prospective job applicants and determine the suitability of current employees for promotion into higher-level positions. In effect, the performance models screen-in those who possess the necessary competencies associated with the company's desired outcome, in this case long tenure, and screen-out those whose competencies rank in the high-risk range for early terminations.

Data collected from the organization 's existing workforce were used to create the customized turnover reduction benchmarks. Employees in the positions under study were asked to complete a brief 10 minute survey that measures a range of important competencies. Once collected, the employee competency data were evaluated along with actual tenure indicators and company performance requirements for the position. The analysis, and subsequent turnover reduction benchmarks, very clearly identified the competencies that were required for long tenure as well as those associated with early terminations. Individuals applying for the positions in question also complete the 10 minute survey and their suitability is determined instantly for company hiring managers.

Use of PHD 's benchmarking tools required no dramatic change to the hiring procedures. This client company has simply incorporated the 10 minute competency survey as an additional, required step in the hiring process.

Over the course of this five year evaluation period, PHD hiring benchmarks achieved the following:

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