Pioneer Financial: Improving Hiring Practices & Reducing Voluntary Turnover

Industry

Financial Services

Challenge

High turnover at Pioneer Financial was undermining recruitment efforts and talent retention, compounded by limited data on the factors influencing employee retention and attrition. Without strategic insights into which workforce investments would deliver the greatest impact, the company struggled to target its resources effectively.

Results

Pioneer Financial achieved a 40% reduction in voluntary turnover, generating about $12 million in annual savings and enabling more strategic, long-term hiring while reducing high-risk hires.

Key Product

Predictive Data Models, Turnover Analysis, Consulting

40%

Voluntary Turnover Decrease

$12M

Annual Cost Savings

Targeted Strategies for Success

By understanding the true drivers of retention, we were able to not only cut turnover nearly in half but also strengthen our workforce and realize millions in savings each year.

Pioneer Financial

CHRO

About Pioneer Financial

A 20-year-old mid-sized regional
financial services company, employs 8,500 U.S. based workers across 110 locations with divisions in retail banking, residential lending, and commercial lending.

The Challenge

Pioneer Financial faced high voluntary turnover that undermined recruitment efforts and retention, particularly in key operational roles. Limited data on the drivers of turnover made it difficult to understand and address the root causes, while the absence of strategic insights hindered the ability to invest in workforce initiatives that would deliver the greatest impact.

The Solution

Partnering with LYTIQS Consulting, Pioneer Financial conducted a detailed statistical analysis of employee data, examining factors such as recruitment source, job history, and performance trends. Insights from the analysis revealed that restricted stock grants, stock options, and career advancement opportunities were the most significant drivers of retention. The company implemented a manager turnover scorecard linked to incentive programs, launched a stock option service award program, and refined hiring practices to focus on long-term success, including the use of temporary staff for select position

The Results

Pioneer Financial reduced voluntary turnover by 40%, resulting in stronger employee retention and approximately $12 million in annual savings from improved performance. The company’s hiring became more strategic, focusing on retaining high-potential employees and reducing high-risk hires, while management incentives aligned more closely with retention goals.