The Challenge
Bank of Oklahoma faced a challenge in mitigating employee attrition
Bank of Oklahoma faced a challenge in understanding and mitigating employee attrition, lacking clear visibility into attrition trends and effective strategies to improve rates. Employee turnover presented significant costs in terms of rehiring, retraining, and the loss of skills and intellectual capital, impacting overall profitability. The challenge was to gain insights into attrition patterns and implement proactive measures to enhance workforce stability.
The Action
Calligo implemented a comprehensive solution to address the challenges
In collaboration with Calligo, Bank of Oklahoma implemented a comprehensive solution to address the challenges associated with employee attrition:
- Predictive Analytics with Payroll Data: Calligo utilized payroll data to develop predictive models that assessed the likelihood of each employee leaving within the next year and the next two years. This provided a proactive approach to identifying potential attrition risks.
- Scenario Testing Algorithms: Calligo developed scenario testing algorithms to assess the impact of various actions on attrition rates. These actions included changes in salary, vacation policies, and other relevant factors affecting employee satisfaction and retention.
- Visualizations for Strategic Insights: The results of predictive models and scenario testing were aggregated into visualizations. These visualizations offered insights into how attrition varied across business sectors, job titles, seniority levels, and more. Users could interact with the visualizations, selecting individuals or groups to modify attributes and observe the recalculated likelihood of attrition.
Data Science Methodologies:
- Data Science by Design: A strategic and systematic approach to addressing attrition challenges.
- XGBoost Decision Trees: Applied to enhance the accuracy of predictive models.
- Custom Mathematics: Tailored mathematical models to suit the specific needs of Bank of Oklahoma.
- R-Shiny: Utilized for developing interactive and user-friendly visualizations.
The Impact
As a result, the client was empowered to make informed decisions
The implementation of predictive analytics and scenario testing with Calligo had a transformative impact on workforce stability at Bank of Oklahoma:
Attrition Control: With the ability to predict and understand attrition risks, end users gained better control over attrition rates. This proactive approach significantly reduced the operational and management costs associated with employee turnover.
Outcome: The end users were empowered to make informed decisions, modifying various attributes to optimize workforce stability. This not only reduced costs but also enhanced overall operational efficiency and contributed to a more stable and productive work environment.
In summary, Calligo’s data-driven approach and advanced analytics empowered Bank of Oklahoma to proactively manage and control attrition rates, resulting in tangible benefits to the organization’s cost of operations and management.
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