A Case Study
A technology company in the U.S. faced rising employee turnover at their headquarters in a city with a rising cost of living. While the company’s brand helped them attract a lot of top talent, the reality of the actual work environment quickly seemed to set in, resulting in a very high turnover rate within the first year.
With our help, the company took a closer look at their data to identify existing lifestyle groups and their work/reward priorities. They learned they had three lifestyle types within their new-hire population, each with very different preferences related to careers, learning and pay/benefit offerings. They also learned their most loyal and valuable employees had different needs than new hires, which made them question their reflex to alter rewards offerings to aid talent attraction.
The results of our study were used to shape their rewards messaging on their internal website (customized for different employee lifestyle segments) and on externally facing social media. The results of the analysis also pointed to specific action items that would benefit retention across lifestyle groups related to opportunities to save money (stock ownership plans, retirement savings), the work environment (most employees valued more autonomy), and career paths (faster career progression during early employment). The company also launched a special initiative focused on reducing employee turnover among women.