|
| |
|
|
 |
|
|
Contact a Performance Management Specialist for a complimentary demo of accuracy and ROI.
|
|
|
|
|
| |
For more information about PHD performance solutions, call us Toll-Free 1-877-HIRE-PHD (447-3743).
 Send
page to a colleague |
|
|
|
 |
 |
| |
****
Turnover costs & savings per
employee
|
jhjhj |
The
results of a five
year and ongoing
study
confirm that employee
turnover in key positions
has been reduced
by 50% over the period
using customized
PHD hiring benchmarks.
This company now
obtains
turnover
cost savings of $13,563
per
employee.
|
|
|
|
|
 |
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.
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 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.
Results:
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:
|
|
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. |
|
|
|
|
|
|
