Case Study Of Fox Valley Metal Tech For 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:
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- 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.
Start with a 2-minute DIY Talent Audit to uncover the gaps between strategy and execution. Then download the free Talent Planning eBook to plan the people and capabilities you’ll need over the next three years. Finally, put your plan into action with a 1-month free trial of MyTalentPlanner—bringing strategy, talent, and execution together in one Business Operating & Talent System, backed by AI and behavioral science.