In the highly competitive financial services landscape, retaining skilled financial advisors is vital for sustained growth and effective wealth management. Singlife, a leading financial services provider, previously faced significant challenges with employee turnover. This situation resulted in tremendous financial losses, amounting to billions of dollars in wealth under management, as trusted financial advisors left for competitors, taking their client relationships with them. To tackle this pressing issue, Singlife turned to Betterteem, an AI-enabled predictive platform designed to foresee employee departure risks and enhance retention strategies.
The Challenge: Understanding Employee Turnover
Singlife recognized that attempting to mitigate turnover without a clear understanding of its causes was insufficient. Traditional approaches failed to provide insights into the specific factors influencing advisors’ decisions to leave. Moreover, the existence of multiple data sources led to silos that complicated leadership’s ability to pinpoint retention challenges accurately. Without a unified view of employee sentiments and behaviors, it was difficult to implement effective interventions.
The Solution: Betterteem’s Predictive Capabilities
Incorporating Betterteem into Singlife’s operations marked a transformative shift in its retention strategy. As an AI-enabled platform, Betterteem harnesses advanced analytics to assess employee behaviors, sentiments, and engagement levels.
One of the standout features of Betterteem is its predictive analytics capability, which identifies employees at risk of resigning. By analyzing historical data, engagement trends, and real-time feedback, Betterteem provides proactive insights that enable Singlife to take appropriate measures to retain valuable advisors. With Betterteem, Singlife can now recognize early warning signs among its financial advisors, allowing them to intervene before potential departures occur.
Reducing Employee Turnover: A Strategic Advantage
The implementation of Betterteem led to a significant reduction in employee turnover. By leveraging the platform's predictive analytics, Singlife identified key advisors who were likely to leave and engaged them in meaningful ways. Personalized check-ins, tailored professional development opportunities, and open conversations about career aspirations fostered stronger relationships with our advisors.
As a direct result of these targeted interventions, Singlife experienced a turnover reduction of over 18% within the first four months of using Betterteem. This significant decrease not only improved workplace morale but also translated into a more stable and committed workforce.
Financial Impact of Reduced Turnover
The financial ramifications of reducing employee turnover are profound. Prior to Betterteem, Singlife incurred millions in lost revenue every time a financial advisor left. Beyond the immediate financial losses, the cost associated with recruiting, training, and onboarding new advisors further compounded this issue.
With the successful reduction in turnover post-Betterteem implementation, Singlife effectively preserved its wealth under management. The turnover reduction translated into millions saved in recruitment costs and retention of valuable client relationships, ultimately resulting in a substantial increase in revenue.
By safeguarding these relationships and ensuring a consistent level of expertise, Singlife enhanced client satisfaction and loyalty, further bolstering our financial performance in an increasingly competitive market.
Conclusion
Singlife’s partnership with Betterteem has transformed its strategy for employee retention. As a predictive analytics platform, Betterteem enabled Singlife to identify turnover risks in their workforce and take proactive measures. This capability to foresee which financial advisors are likely to depart has been crucial, resulting in a more engaged team and marked improvements in Singlife’s financial performance.
Singlife is committed to fostering an environment where financial advisors can thrive. Betterteem is an essential partner in achieving sustained success and growth for organizations seeking innovative solutions to combat employee turnover.
