With the ever-growing use of technology and associated volumes of data created by it, many companies have enormous amounts of information at their disposal. However, they struggle to understand how to capture it, what to do with it, and/or how to derive value from it. They are data rich, but insight poor.
We strive to help companies capture, organize, understand, interpret, utilize, and visualize their data. With a better understanding of your company’s data, you can make better informed decisions, gain insight into key business challenges and opportunities, and uncover areas of focus to enhance client satisfaction.
Our client, a hospitality service provider, was experiencing higher than expected turnover compared to industry standards throughout their national organization. This resulted in increased spending for replacement of these departing employees. Our client’s leadership understood this was an issue, but lacked the resources and/or data availability to understand and manage the problem.
Navigate was retained to work with key members of management to understand the root sources and costs of high turnover while identifying targetable improvements. The project centered around sourcing and analyzing data gathered from disparate systems related to departing employees, new hires, re-hires, training, and recruiting costs. We utilized various data analysis techniques to define turnover rate and cost across different job types, tenures, markets and properties.
By analyzing the data available, Navigate determined the client’s actual turnover rate was approximately 30% higher than industry standard. The cost to onboard and train the employees contributing to this turnover equated to a significant portion (approximately 20%) of annual net income. We further identified three focused segments of the business to target for improvement in a follow-on phase, leveraging Design Thinking principles to develop and deploy advanced employee engagement activities.