Home » Results » Case Studies » Provident Financial Group

Background

Established in 1880, Provident Financial Group (PFG) is one of the UK’s leading suppliers of personal credit products to the non-standard lending market. A FTSE 100 company listed on the London Stock Exchange, PFG have over 3,750 employees serving 2.4 million customers. Due to a changing service proposition and advancement in loan processing technology, PFG embarked on a major programme of change across their UK wide network of administrative offices and looked to Renovo to support their Colleagues.

Sector: Financial Services
Location: UK multiple sites
Employees: 3,750
Revenue: £1.1 billion

The challenge

The restructure was phased over a number of years and impacted Colleagues at a range of levels, spread over more than 50 locations across the UK.
The needs of the population were diverse with a very high proportion of long serving employees who had very limited exposure to the external recruitment market.
Many of those affected came from roles that were very specific to the internal loan processing and administration processes at PFG and needed to clearly identify and articulate transferable skills in order to find new opportunities quickly.
Levels of IT literacy were relatively low amongst the population with a very small number of Colleagues having used email or Microsoft Office in their day to day roles.

The solution

Working closely with the Provident HR Team, we built a Two Tier Programme structure with enough flexibility across the two programmes to support the entire population over the lifetime of the project.
All Colleagues had personalised support from one Coach throughout their entire journey with support typically being spread over a 6 month period and delivered on a distance basis.
Support could be provided regularly and in manageable amounts at a pace that was right for the individual.
The Coaching team supported each Colleague with accessing the online resources and webinar programmes leading to levels of engagement with the online resources in excess of 70%.

The results

38
AVERAGE DAYS TO RESETTLEMENT
94
%
OF PARTICIPANTS RATED THEIR COACH AS ‘EXCELLENT’ OR ‘VERY GOOD’

What Provident Financial said

“We’ve worked with Renovo to support colleagues through some sizeable change programmes over the course of the last three years. Throughout that time, we’ve developed a strong working partnership and there is no doubt that we would look to them first to provide support to any colleagues impacted by change within the business”
Sarah Hamilton
Colleague Relations and HR Policy Manager
Provident Financial

What participants said

“So I just wanted to say thank you for all your help, you’ve provided an excellent service and it’s done me the world of good!! So thank you so much from the bottom of my heart!”
Suzanne
Administrative Clerk
“I have accepted a new job! It is a different career path for me and it would not have been possible without your coaching.”
Keith
Development Manager
38

Average days to resettlement on our outplacement programmes

Recently published
The Impact of our Outplacement Support in 2024

Renovo has helped hundreds of leading organisations and thousands of […]

Read More
Dealing with redundancies: thinking ahead

With 2025 fast approaching, now is the opportune time for […]

Read More
The Power of Light Touch Networking

Networking is one of the most effective yet underutilised methods […]

Read More
2024 © All Rights Reserved | Renovo Employment Group Ltd.