Case Study: Fox Valley Metal Tech
Pain Point #3: People Issues/Communication
Customer Situation:
- Company was experiencing 40% turnover on the shop floor/manufacturing team
- Open positions, machine down time and lost productivity
- Missing due dates for customer orders
- Significant increase in costs recruiting, hiring and training
MyTalentPlanner’ Solution:
- Operations team implemented monthly 1:1 meetings with all production team members
- Put development plans in place for all team members that invests in the Total Person.
- Leadership Company completed Talent Planning Process to create a 3-year Strategy & Talent Plan. Right Plan – Right People.
- Created 3-year strategic vision and financial vision that was now the target for all decisions.
- The company completed talent plans/strategies to attract, hire, develop and retain the talent to achieve the company goals.
Customer Benefits/Results:
This company is saving $300,000+ to the bottom line by reducing employee turnover from 40% to 8% by using MyTalentPlanner to dramatically increase their employee retention. And they are just getting started.
Factors Contributing to Savings/Profit Improvement:
- Recruitment Costs: Reduced need to advertise, interview, and onboard new employees.
- Training Costs: Lower need for training new employees.
- Productivity: Increased productivity from experienced employees who are more familiar with their roles.
- Morale and Engagement: Higher morale and engagement levels among employees when turnover is low.
- Customer Satisfaction: Continuity in employee-customer relationships can improve customer satisfaction and loyalty.
- Intellectual Capital: Retaining experienced employees helps maintain institutional knowledge and expertise.