CLIENT CASE STUDY - How PeopleCentriX addressed strategic talent outflow through people analytics.
FinCorp, a leading financial institution, suspected that strategic talent was disproportionately leaving the organisation. To test their hypothesis, FinCorp sought the expertise of PeopleCentriX. The primary goal was to formally test their hypothesis using robust statistical techniques. Having uncovered a positive outflow of strategic talent, PeopleCentriX then conducted further analyses to measure the extent of the outflow, forecast its impact on organisational success, and provide recommendations to solve the problem and future-proof the organisation.
PeopleCentriX's expertise in people analytics and talent management played a pivotal role in addressing this critical challenge.
FinCorp required a definitive assessment of their suspicion that a disproportionate number of strategic talent was departing the organisation. If the suspicion could not be falsified, FinCrop then needed to understand the scope and implications of the strategic talent outflow within the organisation in order to take an informed decision. The specific challenges were as follows:
Revealing the Outflow of Strategic Talent
FinCorp gathered anecdotal evidence suggesting that there was a disproportionate departure of strategic talent from the organisation since the onset of the Covid-19 pandemic. However, the lack of definitive proof prevented FinCorp from substantiating this suspicion, thereby hindering any justifiable course of action.
Understanding the Outflow of Strategic Talent
After obtaining convincing statistical evidence that strategic talent was departing the organisation at a disproportionate rate, FinCorp needed to identify the key characteristics of this departing talent in order to customise their solution effectively, enhancing the potential for successful interventions.
PeopleCentriX developed a comprehensive solution to address FinCorp's strategic talent outflow using advanced data analysis.
Step 1 - Hypothesis Testing
PeopleCentriX leveraged the people data from FinCorp's HRIS (Workday) to formally test the alternative hypothesis that a disproportionate number of strategic talent had left the organisation since the start of the Covid-19 Pandemic. This allowed FinCorp to distinguish the signal from the noise, thus identifying a genuine talent risk.
Step 2 - Inferential Statistics
PeopleCentriX used advanced statistical techniques to pinpoint the key attributes and drivers of the strategic talent disproportionately leaving the organisation. This empowered FinCorp to create a data-driven persona of this talent segment, enabling the personalisation of solutions tailored to their unique needs, preferences, and expectations.
PeopleCentriX created business value for FinCorp by:
Presenting a Data-Driven Case-for-Change
PeopleCentriX presented a data-driven case-for-change, identifying the strategic risks for the business and key areas of intervention. This provided a solid foundation for business leaders to understand the urgency of the situation and take appropriate action.
Creating a Data-Driven Sense of Urgency
PeopleCentriX created a data-driven sense of urgency among FinCorp's business leaders by quantifying and forecasting the cost to the organisation of the disproportionate outflow of strategic talent. These insights highlighted the potential impact of inaction, encouraging leaders to prioritise solving the talent outflow problem promptly.
Designing a Data-Driven Roadmap for Action
PeopleCentriX designed a data-driven roadmap for action, equipping business leaders with tangible steps to retain strategic employees and build a future-proof organisation. The recommendations provided a strategic framework to address the outflow of top talent, ensuring long-term success and competitiveness for FinCorp.