WellPoint, Inc. identifies potential savings of $6 million in early tenure turnover costs.
Washington, DC (PRWEB) November 10, 2008 -- Infohrm, the global leader in workforce planning, reporting and analytics solutions, today released a case study highlighting the tremendous financial success of its member client WellPoint, Inc.'s workforce analytics program. Through in-depth analysis of workforce data, WellPoint is on track to save over $6 million by dramatically reducing early tenure staff turnover.
WellPoint, a $61 billion dollar commercial healthcare benefits company (NYSE: WLP), faced a similar challenge to most global firms: rising turnover rates among staff with less than one year of tenure. High turnover among this segment of the employee population had significant financial impact—the recruiting, onboarding, and training costs for new hires were not being returned to the business in the form of productivity gains.
WellPoint leveraged Infohrm's i3 human capital dashboard to determine that turnover was highest among two specific job families and several distinct geographic locations. Armed with workforce and business insights that pinpointed the areas of greatest opportunity for improvement, the WellPoint team created a financial Cost of Turnover model (to translate workforce data into financial metrics), analyzed data across five key dimensions of the employment experience—including the hiring process and starting salaries—and tracked a range of metrics, including employee engagement, quality of hire, and job preview effectiveness.
The results: A 13.5% decrease in First Year Voluntary Turnover and a direct cost avoidance of almost $6 million.
"The Infohrm i3 dashboard is a reliable, dynamic, customizable, and consistent source of human capital data for WellPoint," explained David Ibarra, Director of HR Metrics & Analytics for WellPoint. "The partnership with Infohrm has allowed our organization to drive business performance through improved workforce productivity and performance."
"Infohrm is delighted to partner with progressive Human Resource leaders such as David Ibarra and organizations like WellPoint," said Brian Kelly, President of Infohrm North America. "David and the WellPoint team quantified the financial impact of an issue facing all large companies by identifying a critical human capital opportunity, analyzing data from across the entire organization, and significantly reducing turnover costs. It is a great example of success in workforce analytics."
To read the entire story, visit Infohrm's Case Studies.
About WellPoint, Inc.:
WellPoint, Inc. is the largest publicly traded commercial health benefits company (in terms of membership) in the United States, serving over 35 million members, and is an independent licensee of the Blue Cross Blue Shield Association. In 2007, the organization generated revenues of $61 billion.
Infohrm is the global leader in on-demand workforce planning, reporting, and human capital analytics solutions. With over 25 years of experience, and a strong customer base consisting of Fortune 1000, non-profit, and government clients, Infohrm has paved the way for organizations to measure the impact of human capital initiatives and drive business results. The Infohrm solutions couple a leading edge on-demand technology platform with strategic consulting and HR professional development services that focus on the analysis of data to help organizations make informed decisions around human capital practices.
In April 2008, Gartner named Infohrm to its "Cool Vendors for Human Capital Management Software" report.
Director of Marketing
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: www.HRmarketer.com) on behalf of the company listed above.
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