Reducing staff attrition (Innovation management)


Published on

Reducing Staff Attrition: A presentation by QAI

  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

Reducing staff attrition (Innovation management)

  1. 1. Reducing Staff Attrition A presentation by QAI INDIA | USA | UK | CHINA | MALAYSIA | reserved. © QAI India Limited. All rights SINGAPORE
  2. 2. Innovation Case Study: Reducing Staff Attrition for BFSI company Innovation Case Study: Reducing Staff Attrition Objective: To reduce the staff attrition Process: Human Resource Management Organization and Industry: Banking, Financial Services, Insurance (BFSI) Case Background: A Fortune-50 organization in the BFSI space wanted to identify the drivers of staff attrition and bring down the value significantly. Challenges facing the organization Staff attrition leads to incurring an expense in ramp up of new resources as well as the loss in productivity and knowledge of the organization in the long run While the organization had adopted six sigma framework through QAI, the conventional tools of six sigma were found to be inadequate in providing answers to the complex situation. The annualized staff attrition was at 84% at the start of the project and management wanted a fresh perspective to the problem. Project Success criteria defined by Management Management was exploring a structured approach to innovation that was low on complexity without compromising the rigor and effectiveness. The following criteria were defined for evaluation of the ideas 1. Structured approach towards identifying the vital few parameters of importance to the customer 2. Cost of implementation should be low 3. Ease of Implementation 4. Maintainability in the long run should be easy QAI’s Consulting Approach The project was executed in the three phases shown in the figure. Confidential ©2008 QAI Global 1
  3. 3. Innovation Case Study: Reducing Staff Attrition for BFSI company 1. Information Gathering a) The primary objective of Information Gathering phase is to 1. Understand the Main Parameters of Value from a customer perspective i. Main Parameters of Value (MPV) are those attributes for product or service that will have the greatest significance in the customers purchasing decision. ii. Innovation requires a precise understanding of value: the who, what, when, where, how, and why of the customer’s need. It then means getting that value to them without complexity creeping in. 2. Study the solutions proffered by the industry to satisfy those parameters by doing prior art search and 3. Obtain insights into the under-served opportunities. For the Staff attrition reduction project the information gathering was carried out at different levels 1. Collation of voice of management including senior management 2. Information on the current situation as obtained from the Innovation Situation Questionnaire 3. Data of staff who have left the organization and those who have not 4. Focus Group Discussions covering target employees using tools of Innovation. 2. Analysis a) The primary objective of Analysis is to obtain insights from the Information Gathering phase on under-served Main Parameters of Value. Confidential ©2008 QAI Global 2
  4. 4. Innovation Case Study: Reducing Staff Attrition for BFSI company b) It further involves a rigorous analysis of the process to determine the opportunities for improvement in service delivery. Summary for Good MD - CMB Anderson-Darling Normality Test Main Effects Plot (data means) for Signal to Noise Ratio - CMB A-S quaredP-V alue 0.600.114 c) QAI’s team made use of advanced Satisfaction with work content Jo b ch allen gin g en o ug h Recog and Rewards by Superv. Relatio n ship with Su perv iso r -1 Mean 0.98529 -3 StD evVariance 0.340290.11580 Skewness -0.229223 -5 Kurtosis -0.824298 -1 -1 -1 -1 N 68 multi-variate analysis to identify the -1 Op p ortu nity fo r person al d ev an Opportunities for career enhanc Trng ad eq uate to perfo rm job C omp en & b en efits v s. in d ustry Minimum 1st Quartile 0.238570.74992 -3 Median 3rd Quartile 0.974871.30145 -5 0.3 0.6 0.9 1.2 1.5 Maximum 1.55375 -1 -1 -1 -1 95% Confidence Interv al for M ean vital few factors and their percentage -1 C omp en con sisten t with p erf Excessiv e wo rklo ad C o. in fo received fro m sen iors Foo d Facility 0.90293 1.06766 95% Confidence Interval for Median -3 0.88040 1.10985 -5 -1 Tran spo rt Facility -1 -1 -1 95% Confidence Intervals 95% Confidence Interv al for S tDev -1 0.29116 0.40953 impact on staff attrition. The sample Mean -3 Median -5 -1 0.90 0.95 1.00 1.05 1.10 output of the exercise is shown in the images. 3. Concept Development a) 67 Improvement projects were initiated including 4 six sigma Green Belt projects. b) Secondary problems identified were resolved using principles of innovation 4. Deployment of the recommended changes a) The implementation of solution directions was monitored over a period of 4 months. Benefits Obtained Evaluation Parameter Before After Annualized Staff Attrition 84% 42% Annualized Saving on account of reduction in Staff Attrition - $900,000 Confidential ©2008 QAI Global 3
  5. 5. INDIA USA UK CHINA MALAYSIA SINGAPORE Click here for more on Innovation Management CONTACT US QAI India: QAI USA: QAI Malaysia: 1010 - 1012, Ansal Towers, 38 Nehru Windsor at Metro Center, 2101 Park Level 36, Menara Citibank, 165, Place Center Dr., Suite 200, Orlando, FL Jalan Ampang, 50450 New Delhi - 110019, India 32835-7614 Kuala Lumpur, Malaysia Phone: +91- 11- 26219792, 26220580 Phone: +407-363-1111 Phone: +603 2169 6241 QAI UNICOM / UK: QAI Singapore: QAI China: Unicom R&D House, One Oxford 391B Orchard Road #23-01, Rm. 1211, No. 498 Guoshoujing Rd. Road Ngee Ann City Tower B, Shanghai Uxbridge, Middlesex, London, Singapore - 238874 Zhangjiang Hi-Tech Park, Pudong United Kingdom, Zip: UB9 4DA Phone:+65-6225-8139 New Area, Phone : +44 (0)1895 256484 Shanghai, China Zip: 201203 Phone : +86-21-51314155 www.qaiglobal.cAll rights reserved. No part of this document maysystem, without or©distributed permission oforQAI . © QAI QAI India Limited. All rights reserved be reproduced in any form by any means, or stored in a database or retrieval prior written om