Data collection and analytics done right can help reduce turnover.
Just as technology can help identify the best people for your organization and its culture, the right workforce analytics can help target customized turnover solutions. Start with consistently measured and tracked metrics.
Consider the following:
· Resignation rate. Identify exactly who is resigning. Are you losing newer employees or veteran workers? Thought leaders and top performers? Senior managers? Front-line workers? Look at where turnover is occurring and if it is higher for certain departments or shifts. Ensure that you calculate resignation rates consistently for all departments and locations.
· Resignation drivers. Use a cluster algorithm to determine what factors increase and decrease turnover. This will enable you to base retention efforts on data and not just on assumptions, subjective predictions, or past experiences.
· Resignation correlations. Uncover how metrics such as compensation ratio, promotion wait time, pay increases, tenure, and training opportunities affect resignations. This will help you target and support changes that will have the greatest, most cost-effective impact. It also will help you retain those employees who truly are a good match for the organizations’ culture and values.
You need to be aware of how workforce dynamics such as resignations affect broad organizational outcomes such as census, survey results, and resident/patient satisfaction. If you understand how staff departures affect these issues, you can proactively prevent negative outcomes. This data also will help executives and senior managers understand the importance of investing in employee retention and satisfaction efforts.
Having and using the right analytics will enable you to practice strategic HR, instead of just attempting one-size-fits-all retention efforts. Analytics will help you determine resignation rates across locations, functions, tenure, age, etc. and enable you to see how different employee populations feel about their work experiences.
Finally, analytics will enable you to identify those employees who are at risk of leaving. Then you can design customized retention programs targeting top performers and skilled veterans.