Home » Results » Case Studies » Cynergy Bank

Background

Cynergy Bank hasn’t traditionally been a big user of outplacement services. However, in late 2020, the organisation made some significant changes to their business model which involved outsourcing parts of their Customer Services function. This decision would mean that a number of roles would become redundant. Conscious that the decision to make redundancies would be a highly emotive one which would inevitably draw a lot of attention, it was essential that the change be handled exceptionally carefully. As a responsible employer with an excellent relationship with their employees, Cynergy Bank enlisted Renovo to support what they knew could be a challenging workforce transformation project.

Sector: Financial Services
Location: London
Employees: c. 300

The challenge

Many of the employees impacted by the changes had long service with the business (30+ years) and were seen as the “engine room of the bank”. The utmost care and sensitivity was therefore needed.
With a limited number of similar sized employers in the local area, it was important that employees felt supported through this transition and were not left feeling anxious or afraid of what the changes might mean for them.
As the business needed employees to remain engaged to support an orderly transition to the new outsource provider, It was important that employees felt their career and well-being needs were also being considered.

The solution

Cynergy Bank chose Renovo’s 2 Hour Professional Programme, ensuring consistency and fairness across the board for all employees, irrespective of the varying needs of the population.
Despite the changes impacting employees from a range of roles and with vastly differing levels of experience, everyone was given a highly personalised coaching experience with support built around their own unique situation.
The coaching was supported with 6 months access to Renovo’s industry leading online tools including Workfriend, our online workshops and 24/7 wellbeing support which provided ongoing support over an extended period.

The results

70%
OF EMPLOYEES ACHIEVED THEIR DESIRED OUTCOME WITHIN 90 DAYS
2 hours 30
Average coaching
time per individual
54
AVERAGE DAYS TO RESETTLEMENT

What Cynergy Bank said:

“Renovo are a very easy company to work with. When researching potential partners, it was clear that there are plenty who are focussed on Executive Level support, but that’s not what we were after. We wanted a provider who were sensitive to the cohort we were looking to support and were willing to hold our peoples’ hands through what would be a difficult transition for them.
For our employees it wasn’t just about getting back into work; for many it was about evaluating career change so we also wanted a provider who could help with that. Renovo took responsibility for the whole process, holding the relationship with the employees themselves, who were then able to work at their own pace. We were told that the Coaches were very supportive and sympathetic to our employees’ situation. Whatever place our employees were coming from, they were great at tapping into their needs. We would certainly recommend Renovo”,

What participants said

“My coach was friendly and encouraging; the support exceeded my expectations”.

“Excellent support. The CV review was the most helpful; employers have commented on how clear my CV is”.
45

Average days to resettlement on our outplacement programmes

Recently published
4 reasons to keep your job search active over the festive period

The festive season is upon us! And whilst you may […]

Read More
Considering a portfolio career near retirement

Retirement, for many of us, looks different.  In research we […]

Read More
Developing a Growth Mindset during redundancy

The process of redundancy can cause a great amount of […]

Read More
2023 © All Rights Reserved | Renovo Employment Group Ltd.