Oil Exploration Company Reduces Workforce Turnover Rates by Implementing a Turnover Prediction Model

Sep 22, 2016

Business Challenge

Reducing workforce turnover rate.

A leading oil exploration company wanted to understand the turnover rate of its employees, their reasons, and suggestions on targeting areas that could help increase retention.

Situation: Impact on daily operations and production levels due to significant increase in employee turnover.

The client had seen a significant increase in employee turnover in recent months, which was directly impacting their operations and production levels. This eventually started affecting customer satisfaction.

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Turnover prediction model for accurate forecasting.

We conducted data analysis on information gathered through surveys with employees to assess the reasons for turnover. We also developed a turnover prediction model with high accuracy and conducted regression on top factors to create clusters of high risk. Our solution also provided customized dashboards for data visualization of predicted turnover and locations at high risk.

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Reduced levels of turnover and efficient risk mitigation planning.

The client gained better insights into the reasons for increased turnover. We deployed an on-time risk flag that predicted potential turnover & high-risk zones, through which the client was also able to improve its risk mitigation planning linked to seasonal absences, resignation trends, etc. Recruitment planning was strengthened which helped in avoiding being blindsided by the loss of critical workforce. The client was able to reduce the workforce turnover rate to a great extent.

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