Job Fit Assessments for Reduced Turnover - Financial Services
A rapidly growing credit union sought a standard data driven hiring approach that would reduce turnover, learning curves, improve productivity, engagement, and retention.
CHALLENGES:
- reduce employee attrition
- decrease turnover costs
- increase productivity
- improve employee engagement
- improve retention
- standard objective EEO hiring process
- improve customer service
- grow the business
SOLUTION:
- PXT Select concurrent study to build role based performance models
- apply the performance models of high performers to select job candidates
- use the PXT Select reports for candidate selection, coaching and onboarding, employee development, manager selection, succession planning, employee manager communications, and teamwork
RESULTS:
- reduced turnover
- increased engagement
- $1 million saved in turnover costs
Management observations and further activities related to the first year of the implementation of the PXT Select Project:
- They addressed inconsistencies in their business metrics and evaluation of performance. They are revamping their hiring and development processes to use PXT Select data as an element in all personnel related decisions.
- The PXT Select reports provides managers with personalized employee data and suggestions to optimize each employee's unique talents.
- instituted formal coaching processes for managers and employees to help them understand each team member to improve teamwork.
- the PXT Select gives managers a deeper understanding of team dynamics and manager-employee compatibility.
- reduced learning curves for new employees.
- improved engagement involving performance, development and career mapping.
- human resources team viewed as strategic partners in growing the business.
- talent management and metrics now linked to business results.
- employee and manager feedback - improved communications between manager and employee and team members.
Powerful results encouraged leaders to use the PXT Select to build teams in two different corporate groups, and executives at the top wanted to see more of it. Although turnover has been reduced it is still an issue, especially at the branch level, management believes the PXT Select can be further fine tuned to reduce turnover further. The PXT Select is still helping management to identify performance models and leaders are looking at teams objectively through a talent lens by using the “PXT Select data,” according to the VP of HR. They now have empirical data on which to make better personnel decisions.
COMPANY PROFILE
Credit Union 31 branches serving more than 140,000 members, and managing more than $1.7 billion in assets.
SUMMARY
The PXT Select helped the organization transform their culture from a command and control tactical organization to one that recognizes the importance of talent as a strategic approach that empowers employees and managers to provide better customer service and grow the business.
Discover how our clients use the PXT Select? assessment to hire, promote and develop their employees by requesting a presentation or exploring the resources below.
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ASSESSMENT CASE STUDIES
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