Investing in talent and retaining it

A major global organisation found it was losing highly educated and highly trained new joiners after only 1-2 years service. An internal investigation estimated the overall cost of such losses as running into hundreds of thousands of pounds for each leaver. Solutions based around reward and remuneration had pushed costs up further without proving effective.

 

Why were the new joiners leaving so quickly?

A consultant team tracked the careers of a number of such joiners from application to exit interview, and interviewed all of the then-current cohort and a wide cross section of senior managers and other staff throughout the business.

The data was analysed qualitatively rather than statistically and clear trends emerged around expectations, lack of sufficiently challenging work, and poor management and development. The project also showed up that individual managers had a strong tendency to recruit people with a distinct preference for individual achievement and then place them in an environment where good team skills were a pre-requisite for success.

 

So what was Vybrant’s approach?

A behavioural framework was created and tested in the client organisation to compare previous joiners who had gone on to demonstrate high performance in roles with a control group of average performers. Once validated in this way, the framework became the core of the new recruitment process as well as serving as a development tool for those successful in joining the company.

 

The results

The company began by changing the way it represented itself in the recruitment market, to attract more discerning candidates. Recruitment procedures were changed to incorporate Behavioural Event Interviewing and a behaviourally based assessment centre designed to mimic the client’s actual working environment in the selection process and set realistic expectations for successful candidates. Induction and development programmes were revised to provide challenges appropriate to the calibre of candidates and a mentoring programme put in place to guide new joiners over their first 18 months.

“Probably the most significant and cost effective project we have ever seen.”

In the year before the project was run the client lost six MBA recruits who had joined within the previous 18 months. Their estimate of recruitment, induction and training costs, including senior management time expended, was £500k for each MBA. In the 2 years immediately after the project was run they lost none.

Cost saving to the business: £3m