Case Studies Cost of Turnover Analysis: How to Save Millions

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	Cost of Turnover Analysis: How to Save Millions

Cost of Turnover Analysis: How to Save Millions

Technology Category	Analytics & Modeling - Big Data Analytics Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries	Healthcare & Hospitals
Applicable Functions	Business Operation Human Resources
Services	Data Science Services System Integration
Challenge	The healthcare organization faced a significant challenge in managing employee turnover, which was impacting their operational efficiency and financial performance. The HR team needed to shift from reactive manual reporting to a more strategic, analysis-driven approach. They aimed to provide leadership with insights into future trends rather than just analyzing past data. The primary objective was to understand the cost of turnover and quantify the savings associated with reducing it. This required a comprehensive analysis that could present retention initiatives in financial terms meaningful to the leadership team. Read More
About Customer	The customer is a large healthcare organization in the USA, serving over 40 communities. With a workforce exceeding 7,500 people, including 1,000 physicians, the organization needed to adopt a more strategic approach to human resources management. The HR team sought to transition from reactive manual reporting to a culture of analysis and trend-based insights. This shift was driven by the need to provide leadership with a strategic view into the future, enabling better decision-making and improved business outcomes. The organization turned to Visier to achieve these goals and enhance their HR capabilities. Read More
Solution	The healthcare organization implemented Visier to conduct a comprehensive Cost of Turnover Analysis. This analysis aimed to understand the financial impact of employee turnover and quantify the potential savings from reducing it. The model included three types of costs: Transactional Direct Costs, Dedicated Direct Costs, and Indirect Costs. Each cost type was meticulously tracked and modeled to provide a clear picture of the turnover's financial implications. The HR team used this analysis to present a compelling business case to leadership, highlighting the financial benefits of investing in retention programs. Visier's platform enabled the organization to move from reactive reporting to proactive, strategic insights, ultimately driving better business performance. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Big Data Analytics

Functional Applications - Enterprise Resource Planning Systems (ERP)

Applicable Industries

Healthcare & Hospitals

Applicable Functions

Business Operation

Human Resources

Services

Data Science Services

System Integration

Challenge

The healthcare organization faced a significant challenge in managing employee turnover, which was impacting their operational efficiency and financial performance. The HR team needed to shift from reactive manual reporting to a more strategic, analysis-driven approach. They aimed to provide leadership with insights into future trends rather than just analyzing past data. The primary objective was to understand the cost of turnover and quantify the savings associated with reducing it. This required a comprehensive analysis that could present retention initiatives in financial terms meaningful to the leadership team.

About Customer

The customer is a large healthcare organization in the USA, serving over 40 communities. With a workforce exceeding 7,500 people, including 1,000 physicians, the organization needed to adopt a more strategic approach to human resources management. The HR team sought to transition from reactive manual reporting to a culture of analysis and trend-based insights. This shift was driven by the need to provide leadership with a strategic view into the future, enabling better decision-making and improved business outcomes. The organization turned to Visier to achieve these goals and enhance their HR capabilities.

Solution

The healthcare organization implemented Visier to conduct a comprehensive Cost of Turnover Analysis. This analysis aimed to understand the financial impact of employee turnover and quantify the potential savings from reducing it. The model included three types of costs: Transactional Direct Costs, Dedicated Direct Costs, and Indirect Costs. Each cost type was meticulously tracked and modeled to provide a clear picture of the turnover's financial implications. The HR team used this analysis to present a compelling business case to leadership, highlighting the financial benefits of investing in retention programs. Visier's platform enabled the organization to move from reactive reporting to proactive, strategic insights, ultimately driving better business performance.

Impact #1	The HR team was able to present retention initiatives in financial terms that resonated with leadership.
Impact #2	The analysis provided a clear understanding of the different types of turnover costs, including Transactional Direct Costs, Dedicated Direct Costs, and Indirect Costs.
Impact #3	The organization transitioned from reactive manual reporting to a strategic, analysis-driven approach.

Impact #1

The HR team was able to present retention initiatives in financial terms that resonated with leadership.

Impact #2

The analysis provided a clear understanding of the different types of turnover costs, including Transactional Direct Costs, Dedicated Direct Costs, and Indirect Costs.

Impact #3

The organization transitioned from reactive manual reporting to a strategic, analysis-driven approach.

Benefit #1	$40K Cost of turnover per employee
Benefit #2	$90K Cost of turnover per nursing professional

Benefit #1

$40K Cost of turnover per employee

Benefit #2

$90K Cost of turnover per nursing professional

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Overview

Cost of Turnover Analysis: How to Save Millions

Operational Impact

Quantitative Benefit