How N26 reduced grad attrition within the first year from 31% to 9%
The Problem
- Graduate attrition is costly and disruptive, leading to decreased team morale.
- Identifying key drivers behind attrition and addressing them is crucial for organizational success.
The Outcomes
- Lower turnover: N26's attrition rate among graduates reduced by over 22% within 6 months of implementing it.
- Cost savings: The decreased attrition rate resulted in significant savings in recruitment and training costs.
- Enhanced team morale: Improved support and development opportunities boosted team morale and productivity.
- Better performance: With enhanced soft skills, support from managers, and a supportive community, graduates were better equipped to excel in their roles.
- Increased engagement: The program led to a noticeable increase in engagement scores among the graduate employees.
Key Results
Company
N26 Bank
People
1500
Industry
Finance
HQ
Berlin, Germany
The power skills training I received through Hyphen has been instrumental in my growth at N26. It has helped me build better relationships and work more effectively within my team.
Luca Carlomagno
Background
N26, a leading digital bank, was grappling with a high attrition rate of 31% among its new graduates within their first year. To address this issue and promote better retention, N26 partnered with Hyphen, a premier talent development platform.
The Problem
Graduate attrition can be costly, disruptive, and negatively impact team morale. Understanding the key drivers behind attrition and addressing them effectively is crucial for any organization's success. N26, acknowledging this challenge, sought the expertise of Hyphen to lower their attrition rate and build a more stable, engaged workforce.
Our Approach
Hyphen devised a comprehensive talent development program for N26 graduates, focusing on three main pillars:
- Soft Skills Training: This training aimed to improve communication, teamwork, problem-solving, and other essential soft skills.
- Insights for Managers: Hyphen provided managers with tools and insights to promote on-the-job learning, enabling them to better support and guide their teams.
- Community Building: Hyphen facilitated the creation of a community of like-minded peers, providing a platform for networking, collaboration, and shared learning.
Results
A year after implementing Hyphen's talent development program, N26's graduate attrition rate plummeted from 31% to 9%. This remarkable improvement was reflected not only in lower recruitment and training costs but also in increased team morale and productivity.
Graduates praised the program, with one saying, "The soft skills training I received through Hyphen has been instrumental in my growth at N26. It has helped me build better relationships and work more effectively within my team."
Managers also noticed the positive impact. As one manager remarked, "The insights provided by Hyphen have been a game-changer. I feel more equipped to foster learning within my team, which has improved our overall performance."
Moreover, the community of like-minded peers provided a valuable support network for the graduates. One of the participants noted, "The community created through Hyphen's program has made a significant difference in my experience at N26. I have a network of peers I can learn from, share experiences with, and lean on for support."
Conclusion
This case highlights the power of Hyphen's talent development program in promoting employee retention and job satisfaction. By delivering targeted soft skills training, equipping managers to foster learning, and creating a supportive community, Hyphen has helped N26 dramatically reduce its graduate attrition rate, demonstrating the lasting value of strategic, well-executed talent development.