Case Studies > First West Credit Union: Defending Against Attrition

First West Credit Union: Defending Against Attrition

Company Size

1,000+

Region

America

Country

Canada

Product

Visier Workforce Analytics

Tech Stack

Workforce Analytics
Data Integration
Cloud Computing

Implementation Scale

Enterprise-wide Deployment

Impact Metrics

Cost Savings
Customer Satisfaction
Employee Satisfaction
Productivity Improvements

Technology Category

Analytics & Modeling - Predictive Analytics
Analytics & Modeling - Real Time Analytics
Application Infrastructure & Middleware - Data Exchange & Integration

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation
Human Resources

Services

System Integration
Training

About The Customer

First West Credit Union is the third-largest credit union in British Columbia, Canada, holding nearly $11 billion in assets under administration and serving close to 250,000 members. Formed in 2010 via the merger of two British-Columbia-based credit unions, First West now operates 54 branches throughout the province under the local brands Envision Financial, Valley First, Enderby & District Financial, and Island Savings. The credit union has a history of mergers, having brought two more credit unions into the fold since its creation.

The Challenge

Mergers have played a significant role in the history of First West Credit Union, often triggering increased resignations. The HR team faced challenges with data in multiple systems that did not communicate with each other, making it difficult to track metrics across branches and divisions for workforce functions such as compensation, staffing, recruiting, and retention. The leadership team recognized the need to strengthen its focus on workforce analytics to understand the impact of mergers on its workforce and build a data-supported culture within HR.

The Solution

Through a co-innovation partnership with Visier and the support of an executive sponsor, First West Credit Union deployed Visier Workforce Analytics in 2011 to a small pilot group of leaders. Early efforts focused on ensuring data integrity and creating custom metrics based on user feedback. Over the next five years, additional user groups and greater data sets were added, providing more value and deeper insights. Leaders at First West now use Visier’s intuitive, guided interface for analytical insight and answers to critical workforce questions. The HR team used Visier to identify turnover trends, streamline workforce processes, and gain better insight into employee movement.

Operational Impact

First West was able to effectively and quickly identify turnover trends across various regions and positions, enabling the HR team and regional leaders to take action and implement several initiatives.
Specific programs were launched to target both hiring and employee engagement in key roles in the retail banking industry, resulting in significant turnover reduction.
The HR team used Visier to shine a spotlight on workforce process and data coding inconsistencies across its many branches, streamlining talent acquisition and management programs by creating standard protocols for prescreening, assessing, and handling the pool of candidates.
First West has begun to focus more on developing talent from within, capitalizing on insights gained from Visier.
With the movement analytics available within Visier, First West can now distinguish between lateral moves and transfers, gaining insights into employee movement that were previously unavailable.

Quantitative Benefit

3.1% reduction in organizational turnover over two years.
9.9% reduction in turnover of entry-level, client-facing roles in one region over three years.
13.6% reduction in turnover of key banking roles in one region over two years.