A wealth management company has recently begun seeing higher turnover rates for its employees. It needs a fast acting solution for the significant problems turnover rates are creating, which include:
- Time delays on work from having to find new employees, causing customer dissatisfaction and loss
- Rising costs from constantly retraining new employees
- Management sacrificing more and more time in order to carry out the training
- Lack of experience causes newly hired employees to be much less productive than their team members, preventing the firm from operating at its true potential
The sum of all these problems makes the true cost of employee turnover over 50 percent of the previous employee’s salary. These costs coupled with the loss of revenue from productivity decline and customer loss put this company in need of a quick solution to address the consequences of turnover.
Start Script provided the following solutions, including:
- Accelerated training programs tailored to the specific types of software and tasks the firm’s employees used
- Team based seminars to help new employees get on the same page as their team members in terms of the required pace and scope of work
- Web based support to field questions about how to carry out specific tasks
- Virtual assistant services for managers so that they could spend more time one-on-one working with new employees.
These solutions helped accomplish the intended goal of lowering the costs associated with high turnover rates. In addition, they also ended up helping lower the company’s turnover rates all together. Employees felt they were attaining a valuable and expanding business skill set, teams felt more comfortable working together, and management frustration was eased. These factors helped keep employees motivated to continue working for the company and caused turnover rates to begin steadily declining.