Workforce planning initiative stems from major cost reduction programme

To remove $700 million in operating costs from a budget of $6.6 billion by 2009 following a 2007 crisis in the financial services industry, Capital One, a US credit card issuer, developed a cost reduction plan which involved consolidating and streamlining functions, reducing layers of management and eliminating approximately 2,000 jobs. To address the workforce issue the engagement of senior business line leaders was achieved by showing the savings that could be effected if the workforce was the...

BPIR Categories

9.3.1 Plan & forecast workforce requirements
9.3.6 Restructure & rightsize workforce