Employee retention tells a lot about a company. A high retention rate shows employees are engaged, motivated, and enjoy their jobs. When employees give good reviews on websites like Glassdoor, it shows candidates your open roles are worth fighting for. With high retention rates, the company also benefits from higher productivity, better quality work, and lower turnover. So, what would you say if we told you predictive analytics could help you increase your retention rate?#EmployeeRetention tells a lot about a company. So, what would you say if we told you that #PredictiveAnalytics could help you improve your retention rate? @TalentData Click To Tweet
At the Risk of Human Error
Often, businesses complete a company-wide satisfaction survey to try and gauge engagement. However, the results of these surveys rely heavily on participants’ honesty. When a whopping 48% of employees think that such studies are not an accurate reflection of the company, it’s safe to say participants are telling management what they want to hear. This data set can be thought of as compromised.
Take control of your company’s retention rate by removing employee emotions and false information. Instead, leverage the data you already have on your employees. Take note of demographics. Also, take into account company factors like benefits, pay & promotions, paid time off, sick days used, and more. Take out the employees’ attitude towards the job, as well as any false information portrayed in surveys by looking at factual data. The data should speak for itself without emotions getting in the way.
Once you’ve gathered information, the analyst will identify patterns in your data. The analyst will identify correlations in both your turnover and retention. For instance, are employees who live within a five-mile radius from the office apt to stay with the company longer than those who live farther away? Are employees who have received a hefty holiday bonus more likely to stay with the company than those who have received a smaller annual bonus? When properly analyzed, the correlations between demographics will give you valuable insights.
Leverage Your Pre-existing Demographic Data
In contrast to the option above, your company can utilize people analytics too, like PREDICTIVEHR. By integrating your disparate Human Resources technologies with our analytics software, you’ll skip the busy work of collecting, normalizing, and cleaning data. Our easy-to-use collaborative software will pull this information straight from the original sources and provide you with correlations in both your turnover and retention. Our powerhouse software will become your single source of truth.
By providing real-time, interactive Lenses, it allows companies to move away from stale, point-in-time spreadsheets.
Using Analytics to Increase Employee Engagement and Employee Retention
Whether you choose to use a human analyst or predictive AI, the next step is the same. Before getting started on a plan of action, give your management team the tools and support to understand the insights the data has provided. Explain to each individual how the information was conceived and what it means for their department or sector.
Then, gather for a strategic planning meeting where each person will outline the low-hanging fruit as well as the essential projects that are a must for their sector. Use the data-driven insights to develop an action plan.Can #PredictiveAnalytics help with #EmployeeRetention? Find this answer, and more, in @TalentData’s latest blog: Click To Tweet
Perhaps employees with dependents on their health insurance take more paid time off than those without dependents. Consider flexible work, personal time, or work from home opportunities to allow them the option to make up hours after appointments, child sporting events, or when daytime care falls through. If employees stay at a company three years longer when they get an end of the year bonus, consider allocating money into the budget to retain these knowledgeable, worthwhile employees.
Only 20% of employees think their managers will act upon survey results. Prove them wrong by actively making changes. Communicate where you got the data to make these decisions. Whether you’re using AI or have an outsourced team to help you make strategic decisions, your team should know you’re not making changes just to throw a wrench in everyone’s day. This transparency will not only let them know actions are being taken but also that the company values employee retention.
Predictive analytics can play a significant role in employee engagement and employee retention. Take control of your company by leveraging the data you have. With emotions removed from the equation, factual data can be analyzed to see trends. Use the delivered insights to improve engagement, retention, and, in turn, business. Discover how PredictiveHR’s people analytics software will identify valuable business insights for your company when you book a free demo.