Company – Credit Suisse
Industry – Financial Service Provider
About the Company
With an employee count of 47000+, the Switzerland based financial services provider, CREDIT SUISSE, is focused on concentrating all its resources for sustainable growth of the bank while prioritizing Risk management as its core competencies. The mechanism of Credit Suisse bank includes Management of Wealth and Assets of the clients, Investment Banking and Regulations of Swiss Bank. It has spread its workforce to capture the regions : APAC , AMERICAS, AMEA and SWITZERLAND.
Challenges Faced by the company
With a workforce of 47000+ employees working for the bank, it was becoming challenging for the Recruitment and Retaining department to analyse the turnover data. Without any defined statistics , the employee turnover rate had become an unhandled situation.
The main challenges that were faced by the Banking organization were :-
1. The reasons were unpredictable for an individual to leave the firm.
2. To sum up the whole data of huge staff was a tedious job.
3. Large losses due to turnover.
Moreover, the cost of replacement of one individual was accounting upto 30% -400% of the salary paid to the concerned employee, which depends on the factor such as :- the position of the employee and working tenure. This was considered a huge substantiate loss to the company.
Steps taken by the HR analysis department
In an organisation, it is highly mandatory to follow the analytical steps while collecting information regarding any data, which leads to the next step being analysis and identification of the data, laying down the insights to be followed and required implementation of the initiatives.
Given below are the steps to be followed for the people analytics process:
- Identify opportunities or areas for improvement :
The HR Analytics team chalks out the area that comes under the category of improvement and also for some opportunities in them .
- Establish performance metrics
Next analyst team will form a parametric chart sheet to analyse the date in numeric form.
- Data Collection
The most elaborate step is data collection, whichever department or segment of staff needs to be taken as a sample to study , they fall under this step.
- Identify relevant patterns and develop hypotheses.
The feasible method to collect data is in numerical form which is easier to interpret, also its less strenuous to form a particular pattern for hypothetical study.
- Fill the data gaps
The data collection ought to have many pieces missing of the puzzle which gets fixed after the hypothesis study.
- Analyse the results
The most important step is to analyse the results and point out the loopholes in the system so as to develop favourable strategies.
- Implement data-driven strategies
Lastly, form a suitable pedagogy for the strategies to be implemented.
Since the Credit Suisse labour force is so enormous and they have solid information following practices, the HR analysis team had significant data on who left the organization, why, and after how long. The group dug further to investigate “the particular conditions before the employee departs from the firm” by following 40 factors, for example, execution evaluations, the time spent in a given job, and the size of a worker’s group.
Impacts of changes made
The subsequent prescient individuals examination model enabled Credit Suisse to precisely foresee how likely a worker is to leave the association in the following year in light of as few as ten pointers. With these indicators, Credit Suisse can recognize risk factors and address these issues with representatives before they result in attrition.
Starting from the presentation of Employees Churn Analytics at Credit Suisse, chiefs at associations today are better prepared to hold high performing representatives and lessen turnover risk factors.
Although it takes time for the successful implementation and execution of the strategies but first step towards the change in the whole system, is the biggest change of all.
Future Prospective – Credit Suisse
In March 2015, Wall Street Journal mentioned Credit Suisse impeccable practices to predict employees departing the organisation. This has helped the managers to retain the capable ones and humbly let go of the ones who can explore the growth prospects according to their cadre, saving big on time and monetary investment.
Conclusion
With the timely identification of the loopholes and proper analysis with meticulous implementation of the strategies has proved to lessen the loss being incurred by Employee Retention or Attrition. Credit Suisse Financial Organization has been a Large scale banking institution for more than 160 years and hence could have managed the loss incurred but there are organizations or firms that either go Bankrupt or Merge/Get Acquired by bigger corporations.
JIMS, Kalkaji
For more information visit: https://www.jagannath.org/
