Employee Retention

Goal:

Employee retention. FORTUNE 50 FINANCIAL INSTITUTION

Situation:

Employee retention was at an all time low for national mortgage brokers. Client had identified the problem—the new hires are quitting after three months—but did not know why and did not know how to increase retention. This issue was costing the company millions of dollars in hiring and training new employees every year. Kathy was hired to determine reason for employees leaving and decrease numbers of resignations.

Backpocket’s solution:

Kathy conducted off the record interviews as an outside contractor with current and former brokers to identify issues. Kathy then communicated ex-employee concerns to management to verify employee concerns were justified and fact based. Kathy specifically addressed the top concerns by creating new training protocol and training tools for new hires. This new protocol and training tool also allowed the new hires to be more in control of getting the specific training support that they needed, which provided each new hire with valuable and timely resources to ramp up their business more quickly than in the past.

Backpocket’s impact:

Kathy saved this Fortune 50 company millions of dollars by increasing the retention rate by measurable amount in the first six months of implementation. Kathy’s strategy and tools also allowed new hires to begin selling more quickly, which gives each new broker a commission check more quickly, which in turn allows them to become self reliant and financially secure. Sales increased and retention increased.