improved retention and saved cost?
Prestige International was approached by an IT company located in Sydney, Australia, that offers various forms of services like product development, software technology, distribution, website content, etc. The said client was facing certain difficulties including HR, policies and procedures, website traffic, and is looking for alternative solutions to save labor costs.
Objectives
Here are some of the objectives the company was trying to attain:
• Labor Cost Savings
• Scale Fast
• Improve Retention Rate
• Increase Employee Engagement and Satisfaction
Challenges
• For an expanding business, capital is crucial, hence you can save less
• The retention rate was below 50%
• No formal retention process was in place
• The client wanted growth to be an OPEX item instead of a CAPEX item
Solution
• To streamline and base an effective process by means of outsourcing offshore, resulting in saving up on labor costs.
• A dedicated retention team who can not only learn the process but also effectively implement them.
• Benefit from a big business infrastructure at half the cost by outsourcing your services and training your offshore team.
The Results
• The client managed to save valuable time on support services, as Prestige International covered the office space for the offshore staff, managed all labor law compliance, recruiting, HR and IT.
• We were able to achieve higher renewal rates that increased over a steady period of time.
• The retention rate went from less than an average of 50% to 70%.
• Employee retention and satisfaction rate drastically improved and currently stays at a steady 90%.
• The client was able to save over 70% in labor costs.
Project Information
Client:
Confidential
Location:
Sydney, Australia
Date:
February 14, 2022
