Reducing Colleague Attrition

In the first release of a new series capturing NatWest’s QStory experience, Simon Separghan, Former Managing Director of Customer Experience & Contact at NatWest, discusses how empowering colleagues with more autonomy has significantly reduced attrition rates from 65% to 22% over a 12-month period.

Attrition rates have dropped significantly, because we’re empowering colleagues and giving them the autonomy that they need to be able to be brilliant in their role.

And we saw attrition reduce from around about the 60% mark to less than 30% over that 12-month period. And that’s an incredible statistic because what it means is that our customers are getting the benefit of much more experienced colleagues.

And from a colleague’s perspective, why is that happening? Ultimately because we are able to invest back into them, we are able to release those lost hours, and utilize those for coaching and development to continue to raise their capability of serving customers in a rapidly changing dynamic.

And if I think about things like our colleague opinion survey, we saw the engagement level of our colleagues rise by 6%. That is pretty staggering.

In order to achieve similar types of results, you probably need to give people quite a significant pay rise. And so this is about a discretionary impact that we’re seeing as a result of this technology.

Author: Guest Author