Background
Retaining key talent and providing a fulfilling work environment are critical to Experian’s innovation and growth agenda. However, like with many businesses, staff turnover was an obstacle to meeting these ambitions. We addressed the problem by successfully applying what we do best – data and analytics.
Challenge
In 2016, Experian’s global HR function found itself facing resignation rates globally that were 4% over the industry benchmark. The knock-on effect was significant. Financially every 1% increase was costing the business around $3million and ultimately putting a strain on growth and innovation.
Financial impact aside, a major concern was the challenge it posed to Experian’s most precious asset – its people. Experian prides itself on providing a fulfilling working environment that inspires a culture of high performance and innovation. With more resource being diverted to recruitment and managing increasing resignation rates, HR was found it harder to maintain a focus on initiatives to benefit existing employees.
The challenge boiled down to data. With a one-dimensional view of its employee base, HR hands were tied. It had basic insights into why people were leaving, but with data in multiple systems and formats it was impossible to get a single source of truth.
A clear business case
Leading the project was Olly Britnell, Global Head of Workforce Analytics and HR strategy, alongside Wendy Cunningham from Experian’s Global HR team. They set about building a data-driven analytics solution that would equip global HR teams with advanced insight into employee needs and motivations. This detail would enable a more tailored approach to providing the types
of benefits that people value and enable more informed retention strategies. According to Olly:
” We have a well-established methodology to building analytical insight models in other industries which could equally apply to the HR sector. We were confident that with our expertise and data assets we could create a solution to move the needle on employee retention, create a more fulfilling working culture and save a great deal of money.”
Olly Britnell, Global Head of Workforce Analytics and HR strategy
A data-driven transformation
Since launch, the workforce analytics platform has been transformative, driving positive outcomes for employees and delivering significant cost savings.
HR teams spend less time recruiting and on-boarding new employees. Instead they can focus on using the data available to ensure existing employees are fully engaged. Improved retention rates are testament to this shift in employee sentiment. Less disruption means the best talent remains within the business, relationships are improved, and teams are more motivated to deliver.
Having been recently included in Fortune’s top 60 best workplaces in finance and insurance, the results speak for themselves:
– Global attrition has reduced by 4%, saving the business $14m over 2 years.
– The model has transformed the culture of HR from one which was reactive into a proactive and data-lead function. As a practical and transparent solution, non-technical HR business users across our global network now use the tool.
– Via predictive modelling HR teams can proactively assess the possible impact of different scenarios and make better decisions about how to offer the best possible support to employees. Examples of this include training program implementation, support with pay reviews and building targeted strategies to individual regions where employee needs vary dramatically.
– Workforce Analytics has been the engine behind important strategic initiatives. One such example is a defence plan for diversity strategy where it’s supported the retention of top female talent.
Experian Workforce Analytics for Retention – a proactive and user-friendly solution
“The Workforce Analytics solution has saved us millions, but most importantly it’s become the backbone of how we make the best decisions for our people. We’re now better able to anticipate and predict what our employees value and that’s helped us to retain talent that keeps Experian innovating. Our own success has been the catalyst to make this solution available to other businesses and I’m confident they’ll start to reap the same rewards.”
Mark Wells, Group HRD
We now work closely with external organisations to help them tackle similar challenges by using the Workforce Analytics for Retention model.
Please get in touch to speak to one of our specialists about how we can help or visit www.experian.co.uk/workforce-analytics to find out more.