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Stredia eliminate errors within financial services by 85%- Reducing Costs and increasing Productivity

Written by Geoff Thomas. Posted in News

The Situation

A large multinational banking corporation endured the effects of the turbulent economic downturn with a significant number of their staff identifying staff reductions in several financial institutions throughout Ireland, causing stress in their own workplace.

Challenges

  •  The organisation consisted of enthusiastic, vibrant workers eager to be rewarded for a job well done, however they were stressed.
  • The financial risks associated with staff stress rising in the future needed to be reduced as financial services are identified by both the National and European Bodies as being at higher risk of workplace stress among staff.
  • Stress with staff needed to be addressed in a confidential, strategic way.
  • The organisation needed to negotiate with the turbulent economic climate by turning negative comments into positive outcomes.

The solution Stredia provided the customer with an online business management tool which was beneficial to the organisation in a variety of ways:

  • Staff were engaged & entered their information via the secure information gathering portal, in 5 minutes
  • Managers were able to monitor this progress remotely
  • The easy to interpret reports were immediately generated & available online
  • Stredia provided each department team leader with a report including comments and operational strengths and weaknesses.
  • These reports identified to the team leaders the root cause and issues adversely affecting their individual team.

The Plan

Facilitated discussions were held with each team to explore the findings of the reports which were presented and discussed with all staff.

The following simple actions were agreed:

  • Fears about discussing issues were eliminated by explaining the positive information they would receive resulting in continuous improvement.
  • Senior Management committed to support change Coaching support was provided for managers and training for team leaders.
  • Individual responsibilities and contributions to the company's goals were clarified Management support was provided to implement change over six months.

The Benefits

  • All seven risk factors of workplace stress were reduced.
  • Reduced errors in the workplace resulting in less re-work leading to reduced costs and improved activity. Increased employee motivation from positive comments given by team leaders, enabling them to approach the implementation of process changes in a positive frame of mind.
  • Increased support for change throughout all departments.Increased communication within each team on issues relating to their team’s work and productivity.
  • Errors were eliminated within each department by 85%.Errors communicating between different departments were reduced by 65%.

Customer comment

“I am very pleased with the results from this project. It has enabled us to achieve, what I can only describe as ‘breakthrough results” Senior Vice President