The Challenge
LA Financial was challenged by the inability to accurately measure the return on investment for non-sales and non-critical roles. Without clear insight into how internal mobility affected turnover, the company lacked a data-backed approach to improving retention. Additionally, their compensation packages needed to be redesigned to be both cost-effective and engaging, ensuring they could attract and keep high-quality talent without overspending.
The Solution
Partnering with LYTIQS Consulting, LA Financial undertook a comprehensive workforce analysis. The approach included:
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Data Collection: Gathering detailed information on career paths, compensation, and benefits for supporting roles.
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Benchmarking: Comparing internal pay and benefits against industry standards.
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Modeling: Identifying opportunities to lower costs while improving engagement.
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Implementation: Deploying redesigned compensation packages and career mobility programs.
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Review: Monitoring metrics and refining strategies to ensure ongoing effectiveness.
Key initiatives included a complete overhaul of compensation structures to better match employee needs while remaining competitive, and the introduction of programs to support career progression and internal mobility, directly addressing the link between career development and retention.
The Results
The new strategy delivered measurable success. LA Financial developed more efficient compensation structures aligned with industry benchmarks while reducing overall costs. Tailored benefits and career development programs significantly boosted employee satisfaction and retention. The organization now operates with an optimized workforce model that enhances both profitability and productivity, positioning LA Financial as an employer of choice.
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