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Infohrm Member Client Saves Millions of Dollars Through Workforce Analytics
Date:11/10/2008

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 Volun
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Source: PRWeb
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