Leading Financial Services Company
Reducing Turnover with Targeted Workforce and Leadership Development Initiatives
Riyadh, KSA
A mid-sized financial services firm, with offices in Dubai and Riyadh, was experiencing challenges in retaining high-potential employees and developing leadership talent from within. Despite being recognized for its technical expertise, the firm had noticed a stagnation in employee growth and a lack of leadership readiness, which was beginning to impact project delivery and client satisfaction.
The firm was struggling with a disconnect between employee expectations and the leadership’s approach to talent development. With an increasingly diverse workforce, including a significant number of millennials and Gen Z employees, the firm recognized the need to revamp its training and leadership development programs to align with the evolving needs of its employees and business goals.
Our team was engaged to design and implement a comprehensive Workforce Training and Leadership Development program that would address the firm’s immediate needs and build a pipeline of future leaders.
Needs Assessment and Gap Analysis
We started with an in-depth needs assessment, involving interviews with employees across all levels, focus groups, and surveys. This allowed us to identify specific gaps in skills and leadership capabilities. Key insights revealed a need for improved communication skills, enhanced project management capabilities, and more robust leadership competencies, particularly in decision-making and strategic thinking.
Customized Training Programs
Based on the assessment, we developed customized training modules focused on both technical skills and soft skills. For Workforce Training, the program included advanced financial modeling, data analytics, and client relationship management. For Leadership Development, we designed workshops on emotional intelligence, strategic leadership, and change management, supplemented with one-on-one coaching for emerging leaders.
Leadership Coaching and Mentoring
To ensure a sustainable impact, we introduced a Leadership Coaching and Mentoring initiative. Senior leaders were paired with high-potential employees to provide ongoing mentorship. Additionally, external coaches were brought in to offer specialized leadership coaching, focusing on real-world challenges and practical solutions.
Blended Learning Approach
Understanding the diverse learning preferences of the workforce, we implemented a blended learning approach. This included a mix of in-person workshops, virtual training sessions, and self-paced e-learning modules. The flexibility of the program ensured higher participation rates and allowed employees to learn at their own pace.
Continuous Feedback and Iteration
Throughout the implementation, we maintained a continuous feedback loop with participants and stakeholders. Regular check-ins, surveys, and focus groups were used to refine the program, ensuring it remained relevant and impactful. Adjustments were made based on feedback, such as incorporating more interactive elements in the training sessions and providing additional resources for leadership coaching.
The implementation of the Workforce Training and Leadership Development program led to significant improvements across several key metrics:
Increased Retention of High-Potential Employees:
Within the first year, the firm saw a 20% reduction in turnover among high-potential employees, with many citing the new training and development opportunities as a key reason for staying with the company.
Enhanced Leadership Capabilities:
Employees who participated in the Leadership Development program demonstrated a marked improvement in their leadership competencies, as evidenced by 360-degree feedback assessments. The firm reported a 30% increase in internal promotions to leadership positions, reducing the need for external hiring.
Improved Project Delivery:
The technical and project management training provided through the Workforce Training program contributed to a 25% increase in on-time project delivery, leading to higher client satisfaction and repeat business.
Higher Employee Engagement:
The introduction of coaching and mentoring, along with the tailored training approach, resulted in a 40% improvement in employee engagement scores, with participants reporting a stronger connection to the company’s goals and a clearer path for career advancement.
Our role in this project was not just about delivering a training program but about transforming the firm’s approach to talent development. By focusing on the specific needs of the workforce and leadership, and by adopting a flexible, feedback-driven implementation strategy, we were able to create a lasting impact that aligned employee growth with the firm’s strategic objectives. The result was a more engaged workforce, better-prepared leaders, and a stronger foundation for the firm’s future success.
