challenge
With the entry of a higher-paying competitor into the market, a major semiconductor company began rapidly losing employees — to the point where even their production targets were in jeopardy. Compounding the challenge, COVID-19 restrictions remained in place, which compromised the client’s ability to onboard new hires quickly enough to offset attrition. Eager to find a solution, optimize their compensation rates and deliver on production goals, the client reached out to Randstad for support.
solution
Randstad Inhouse Services partnered with the client and immediately provided a comprehensive breakdown of compensation levels in their market. From there, we took steps to curb skyrocketing attrition while enhancing their position in the eyes of prospective candidates. Key elements of our solution included:
- planning and executing a new compensation strategy across the client’s entire 400-person workforce
- overhauling the client’s training and onboarding processes to help them hire faster and get talent up to speed more efficiently
- introducing best practices that critically restructured the client’s approach to interviews and job offers
outcome
After aligning with all key stakeholders, our strategy not only rapidly delivered results but exceeded the client’s expectations. Highlights from the engagement included:
- engineering bottom-line productivity gains to the tune of $458,640
- achieving a 35 percent increase in quarter-over-quarter new hire starts
- realizing a 15 percent improvement in the client’s retention rate
- driving a 50 percent improvement in the response rate to the client’s job ads
Ready to see how the onsite experts at Randstad can deliver similar results for your company? Schedule a meeting with us today.