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Contact a Performance Management Specialist for a complimentary demo of accuracy and ROI.
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For more information about PHD performance solutions, call us Toll-Free 1-877-HIRE-PHD (447-3743).
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****
Turnover costs and savings for
300 hires
.......with
only a 50% reduction in turnover
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The
results of a one
year, ongoing
study confirm a reduction
in employee turnover
in grocery clerk
positions from 63%
down to only 6% within
a 6.5 month period.This
result represents
a 90.5% reduction
in
turnover.
ROI projections at
a conservative 50%
reduction in turnover
would still enable
this large supermarket
chain to save more
than $450,000 for
every 300 hires at
participating stores.
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Client Company:
Regional division of a global supermarket chain with more than 4000 stores in
more than 40 countries.
Challenge:
Reduce high employee turnover rates (63%) in grocery
clerk positions. Reduce excessive turnover
costs. Identify
competencies that predict long tenure in these positions.
Solution:
PHD conducted a one 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 grocery clerk employees to achieve
tenure
of
12 months or more.
Procedure:
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 and customized performane
benchmarks were then established.
A double-blind, controlled research design was employed to gauge the effectiveness
of the turnover reduction benchmarks.
Two control and two experimental groups were formed, separately, each of which
was divided into long-term and short-term subgroups based on tenure in the position.
Following data collection, a benchmark was created on each control group and
applied blind to its corresponding experimental group to predict each employee’s
mathematical probability of being a long-term employee.
Results:
Use of PHD's benchmarking tools required no dramatic change to the existing
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 the evaluation period, PHD turnover reduction benchmarks achieved
the following:
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PHD
will create similar, customized hiring
benchmarks for your organization entirely
at no cost on a trial / evaluation
basis. We will demonstrate the accuracy
of the tools and help you to calculate
your expected return on investment
based on the validation results. We
believe in proving the value of our
tools first. Take advantage of our no risk, no obligation offer today. |
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