Croftstone, a new Consultancy serving the Rail & Infrastructure sector, earned the Best Employee Centric Strategy award for developing a market leading people strategy to attract and retain talent in a highly competitive market. Aiming to increase the satisfaction and engagement of its 100% remote team, Croftstone redefined its people vision.
In an interview with EBM, the company’s Head of People Strategy and Communications Suzanne Sallam discussed the award and Croftstone’s success.
YOU EARNED THE BEST EMPLOYEE CENTRIC STRATEGY AWARD FOR DEVELOPING A MARKET-LEADING PEOPLE STRATEGY. WHAT DID THIS STRATEGY ENTAIL?
Croftstone is a relatively new Consultancy serving the Rail & Infrastructure sector. The company was set up in 2019 and rapidly grew from 3 to 60 people during an exceptionally challenging period. To date we have been working 100% remotely. Between 2020 and 2021, we faced some significant people challenges. Attrition was 12%, employee satisfaction was only 60% and client complaints were high. We were struggling to sustainably compete and grow in a highly competitive market, facing a shortage of talent.
Not only were we competing against the size, reputation and packages offered by competitors, but we were also facing negative consequences on team cohesion because of the remote set-up of the company. The root cause of this was that our operating model and supporting infrastructure lacked robustness which led to inconsistencies in how we managed people, and how we listened and responded to feedback.
After a thorough review of all elements of our business and people strategy, we decided to address the challenges by repositioning ourselves as a challenger brand and focused our attention on developing a highly competitive people strategy that could allow us to attract and retain the right talent.
In the space of 8 months, we totally transformed the business:
EXPANDING ON THE PREVIOUS QUESTION, WHAT HAS ITS IMPACT BEEN?
Since launching our people strategy in Jan 2022, we set-up regular checkpoints to understand employee satisfaction, experimenting with ideas and quickly adjusting initiatives where needed. The rapid increase of our team numbers meant we had to get this right while being authentic with people about the journey we are on. We also launched a structured NPS survey to enable more robust measurement and tracking. The results speak for themselves:
In Nov 2021, attrition was 12%, employee satisfaction was only 60%
By June 2022, attrition fell to 5% and feedback results:
This level of employee focus is unique in our sector. We have since attracted a more diverse talent mix with 40% of the workforce identifying as female, and 30% representing minority ethnic backgrounds – outstanding figures compared to competitors in the industry.
WHAT LESSONS DID YOU LEARN DURING THE DEVELOPMENT AND IMPLEMENTATION OF YOUR STRATEGY? WHAT ADVICE WOULD YOU GIVE OTHER ORGANISATIONS?
We were determined to learn from our experiences working or other organisations and put in place certain mitigations to avoid the mistakes we had previously witnessed and been subjected to.
Here are our top 5 tips:
WHY DID YOU ENTER THE 2022 ENGAGE AWARDS?
Our company vision is to see a world where our communities are better connected, where opportunities are more accessible, and potential is more easily reached. It is why we are on a mission to make major infrastructure programmes safer and more efficient so they can effectively connect the communities they serve. Our people are the powerhouse that can help us achieve this, which is why we are committed to nurturing our people and creating an environment where everyone can thrive.
We entered the award to show our people and potential candidates the quality of our people investment and how Croftstone’s commitment to its people and its culture goes beyond just words. It recognises the hard work put in by our People Strategy department as well as the level of personal commitment and investment made by all our leaders in developing their skills, supporting their teams and leading our business sustainably.
Engage Business Media would like to congratulate Croftstone on their win. Those interested in sharing their success stories and entering the 2023 Engage Awards/Engage B2B Awards, can now submit their entries here.
The deadline for submissions is July 17th, with judging set to commence on July 24th.