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Archives
How To Reduce Employee Turnover with Workforce Analytics
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by Ian Cook, November 15, 2017
With voluntary resignations at an all-time high and unemployment rates historically low, employee retention is a key objective for most HR organizations, and employee turnover is the single most prevalent HR metric. However, knowing your turnover rate does little to support strategic business plans. To achieve true insight, a more in-depth analysis of what’s causing turnover in different parts of the organization is required.
Why should HR make employee retention a priority? According to an article on employee retention by talent acquisition marketing expert Maren Hogen:
- Nearly four out of five (78 percent) of business leaders rank employee retention as important or urgent.
- One third of new hires quit their job after about six (6) months.
- One third (33 percent) of employees knew whether they would stay with their company long-term after their first week.
- Some 35 percent of employees will start looking for a job if they don’t receive a pay raise in the next 12 months.
- One third (33 percent) of leaders at companies with 100 plus employees are currently looking for jobs.
HR, with its understanding of human capital dynamics, is uniquely positioned in the organization to ensure the workforce is aligned with the needs of the business at the optimal cost. Now, more than ever, business leaders need strategic insight and the ability to model how turnover trends impact revenue and profits — quickly and accurately.
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