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First West Credit Union Saves $500,000 in Employee Turnover Costs with Visier People
Vancouver, BC and San Jose, CA |
Leading Canadian Credit Union leveraged Visier to identify root causes of turnover in key sales roles
With one of the highest turnover rates amongst all industries, financial services organizations are searching for ways to improve retention. First West Credit Union, one of the largest credit unions in Canada with nearly 250,000 members and 1,700 employees, deployed Visier People®, the leading people analytics and workforce planning solution, to analyze its employee data. The result was a $500,000 reduction in turnover costs and the development of more effective recruiting, hiring, and promotion programs.
After seeing a problematic rise in a segment of employee turnover, First West used Visier People to analyze employee data to uncover key drivers of turnover in several key sales roles. Through these insights, the company developed more effective recruitment, hiring, promotion, and training strategies that has led to a $500,000 reduction in turnover costs and helped ensure that critical revenue generating sales roles were fully staffed and productive. Visier People also enabled the organization to uncover talent within the organization, resulting in an increased pipeline of candidates ready for promotion and an overall increase in promotions.
“Three years ago, we noticed that our employee turnover was starting to creep up. We did some digging using Visier People and very quickly were able to hone in on the issue and where it was focused,” said Nathalie Pasin, Manager, HR Solutions & Analytics, First West Credit Union. “By making some changes to our recruitment, selection, and career progression programs we’ve seen a significant reduction in turnover.”
“Like many industries, financial services organizations around the world are challenged with finding and retaining the right talent,” said John Schwarz, Visier CEO and Founder. “As a long-time Visier customer, First West Credit Union has demonstrated the power of people analytics to help HR and executive teams work together to put in place more effective people strategies that deliver results.”