In today’s talent-based economy, one of the most tangible assets for any organization is inarguably its workforce. Despite its importance, this asset is not carefully measured, planned, or optimized by many companies, leading to workforce gaps that ultimately limit the execution of business strategy. Strategic workforce planning aims to solve this problem and helps businesses make better use of workforce or people data to assist decision-makers to be more informed, and accurate about their human capital and resources. A global IT service provider wanted to understand how they can increase their employee retention rate while boosting employee performance. They approached Quantzig to leverage its expertise in strategic workforce planning to seek answers to their questions.
The client is a Fortune 500 multinational corporation that provides IT services such as digital technology, consulting, and operations services. The client has headquarters in the US and has offices spanning across the globe.
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With operations spread across 290+ cities in the world, this IT service provider employs a huge workforce of 5,00,000 employees. Facing a three-fold increase in employee churn rate, the client witnessed a sharp decline in profits coupled with an increase in the cost of hiring a new workforce.
The key challenges of the client included-
Problem Statement 1
Talent acquisition – With an increasing level of competition in today’s marketspace, IT service industry players are struggling to attract, hire, and retain the right talent for their companies.
Problem Statement 2
Improve employee experience and engagement – The client was looking forward to reshaping their brand identity among their employees. They wanted to identify the challenges in their workforce and improve their work culture by solving those challenges and enriching employee experience and engagement.
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After embarking on this journey of transformation, the IT service provider witnessed the great advantages of strategic workforce planning. Quantzig’s experts applied a mix of statistical practices, technology, and their individual expertise on this client’s huge set of employee data. Quantzig’s experts developed an HR analytics dashboard for the client to have access to employee data and identify hidden patterns related to employee behavior. The client was already aware that hiring talent was just the first step of the entire process and that the more important step was retaining them. The workforce planning model derived by Quantzig helped the client to enrich their workforce engagement rates and increase their employee retention rate.
The strategic workforce planning model helped the client in various ways but the most prominent business outcomes that the client witnessed in just 6 months from implementing strategic workforce planning engagement were –
- Higher employee retention rates
- Enhanced business efficiency
- Improved employee engagement rates