CASE STUDIES
BFSI
Attrition and Cost Control – Apprenticeship Solution
Clients:
Function:
The client has over 10000 branches spread across the nation. They provide global banking and investment services to the common Indian.
The client that we served is a prominent name in the BFSI, their keen business focus on providing world class investment and banking solutions to every Indian. From HNI clients to micro-investors they serve their patrons with equal zeal. However they faced some very peculiar challenges. One of the starkest areas of concern for them was attrition, that was partially due to lack of trained staff and majorly due to not filtering the candidates for integrity while selection. Whenever they got a better offer they would simply quit and seldom cared to serve the notice period. This, slowly but surely, was burning a hole in their pockets.
Challenge:
High levels of attrition at the front line sales team was the biggest challenge that the brand faced.Many reasons for this were observed by us. Firstly, almost all of the frontline sales staff were freshers with nil pre-job training, BFSI sales being a knowledge centric one was becoming too much for them to digest. Secondly the common perception amongst the workforce was that they were underpaid. Clearly, we had to suggest the apprenticeship route to control the situation.
Approach:
The approach here was clear, we deployed the NAPS program for the brand. NAPS would help in mitigating the primary issue of lack of training for frontline sales staff. We formulated a 6 month long apprenticeship program for them, where they could mould the staff as per their requirement without any HR and Compliance liabilities. The best part was that after the completion of training there was no obligation for the brand to hire the candidate. This helped them further enhance the quality of manpower that they were developing. It led to the following developments.
Better Motivation Levels
- Since the company was providing training and a job opportunity the candidates were better motivated.
- Motivation levels were also high for the second line staff as they had quality staff to work with.
- Counter job offers were promptly reported by the candidates this helped the HR department take the necessary curative action.
Productivity Increase
- Since the staff was well trained, they automatically started clocking more sales.
- The workforce now was more ethical and disciplined.
- Attrition rates have now dropped to a mere 2% from 21%.
Results:
The apprenticeship program formulated by us was launched Pan India, As a result many tangible and intangible growth is witnessed by the client, a summary of the same is depicted below:
- Attrition rate dropped from 21% to 2%.
- The client saved a lot of money by adapting the apprenticeship model.
- The same money was then used to increase the net take home salary of front line sales staff.
