Financial Services Case Study

Situation

A large administrative department enduring turbulent economic conditions. A department consisting of seven teams, each managed by a Team Leader and all eager to provide a good service to their colleagues and customers. Staff pressures rising due to underlying economic conditions affecting the sector.

Purpose

To reduce the risks associated with staff productivity losses. Financial services staff are identified by both the National and European bodies as being at increased risk of pressure effects.

At the start of the project senior managers were wary of initiating a project that might result in finding only negative issues. Stredia information and training was quickly able to turn negative comments into positive outcomes. The organisation quickly realised that this project could be of significant benefit to it by enhancing performance whilst it negotiated the turbulence.

Process

Seven Key Risk Indicators were assessed throughout the staff complement. Each team was compared to a departmental benchmark and given a situation report indicating the main type of risk affecting their team, their root causes and comments about operational strengths and weaknesses.

Outcomes:

  • Improved Productivity
  • Reduced Errors
  • Less Re-Work
  • Reduced Costs

Error Savings

  • Annual Salary €45,000
  • Time Spent on Re-work 15%
  • Number of Staff 200
  • Total Staff Savings €1,012,500

Risk factors were reduced across the board. All seven key risk indicators reduced and productivity inhibitors identified and eliminated.

  • errors within teams down by 85%
  • errors between the teams down by 65%

Senior VP Comment: "I am very impressed with the results from this project. It has enabled us to achieve what I can only describe as ‘breakthrough’ results."