You have just recently joined this financial institution as the Country Head of HR based in Australia. There was a re-structure of the business and a new CEO of the operations was appointed 3 months prior to your appointment. Along with these new appointments, 3 other senior executives were also appointed by the new CEO.
As part of your orientation, on looking through the staff turnover figures, you notice that it has been unusually high, 40%. A good 20% above the average. On reading the comments of the exit interviews, you find that many of the employees who have resigned mention the following reasons for their departure:
– Poor Leadership – 30%
– Bad work environment – 15%
– Unattractive remuneration and benefits – 15%
– Incohesive company culture – 30%
– Others – 10%
The company has a good reputation in the market as it has good training and development programmes and initiatives. However, lately it has lost market share and has lost some good executives and leaders to its competitors.
You know that there is a great deal to be done to start the process of re-building the confidence and trust of the employees and re-establishing the reputation of the company as a preferred employee in the financial space.
What would be your strategy to go about doing this and what would be your master plan that you would present to the CEO and the Executive Team?