How To Build Employee Retention Plan on HR Data Analytics?
Updated: Dec 26, 2022
Whatever your position is, whether you are in charge of a P&L or operate a small office, it is almost certain that you have looked at your staff retention statistics recently.
So, what should a leader do during the "Great Resignation" to establish a successful retention strategy? Some pointers to get you started are offered in the section below. Warning: This contains a spoiler. Data analytics will prove to be a valuable friend.
1. Apply People Analytics to Distinguish Noise from Facts.
It's a scary thought, but does it mean the sky is falling? Alternatively, have you experienced the departure of a key team member? If you work in human resources, you may have had one of these calls lately from a leader who informed you that "everyone is leaving!"
It is conceivable for you to utilize HR metrics to assess if your attrition statistics for 2021 will be different from those of pre-pandemic periods, as well as how the rest of your industry has performed so far this year, is it?
If your human capital management/human resource information system (HCM/HRIS) or exit interview process collects information on why workers departed your organization, it might be good to evaluate the HR analytics to better understand the context and if individuals are departing for a range of reasons.
Considering whether attrition rates differ between different demographic groups is important if you are concerned about the attrition of specific demographic groups, it is also important to consider whether attrition rates differ between different demographic groups if you are concerned about the attrition of all demographic groups. For example, according to current research, women are more likely than males to leave their jobs under specific scenarios.
Is there anybody in your organization who knows if this is the case or not? Do you poll your workers to find out whether they intend to continue participating in surveys? Does it seem that women in your organization have a lesser degree of desire to remain than men? The results of a recent Qualtrics survey of more than 14,000 workers revealed that women's desire to remain has declined by 8 percentage points, with female leaders' desire to remain having decreased by as much as 21 percentage points.
2. Pay Attention to Your Colleagues On Permanent Basis.
Since the outbreak, many of us have had the opportunity to reflect on and evaluate our priorities in life, and part of this reconsideration has led to a desire for more work-life balance, greater autonomy, and, in some instances, whole other career pathways than we had previously considered. Feedback from workers may be obtained via any means, including surveys and one-on-one interviews conducted during a site visit.
The epidemic has drawn attention to the need for employee listening as well as the effectiveness of this practice. In recent years, several companies have made the transition from conducting a full engagement survey once a year to doing more frequent listening sessions on current issues.
Because you include career-related questions in your surveys, how do you believe these problems are going this year in comparison to the prior two years? This year, have there been any repeating themes or words in the comments that may suggest attrition issues in certain areas?
The use of stay interviews may be an effective strategy for identifying what has kept employees with your organization and developing a plan to improve retention in the future.
Some of my favorite questions to ask are "What are you learning here, and what do you want to learn?" and "What are you learning here, and what do you want to learn?" and "Can you tell me when the last time you had the notion of leaving us, and what inspired that thinking?" and "Can you tell me when the last time you had the thought of leaving us, and what prompted that thought?" On the page dedicated to staying interviews, you may find further information.
3. Concentrate on retaining customers in a proactive manner
When it comes to initiatives to retain employees, it is vital to devote more time and effort to forward-looking planning. HR professionals should concentrate on building a proactive employee retention strategy that analyzes data rather than focuses on discovering how many employees have left and why they left. The three main areas of attention are (1) succession planning for crucial roles, (2) employing employee surveys to identify attrition signals, and (3) reducing undesired, infectious turnover.
(1) Job succession planning for high-level positions
Consequently, in light of the "Great Reshuffle," succession planning must be considered an ongoing process that takes place more often than once or twice a year, but rather on an as-necessarily basis. Do you have a retention strategy that is tailored to certain roles or the most senior members of your organization?
If so, what exactly is it? In many cases, the most important occupations are not the most senior or those with the largest teams, and the opposite is true. Put a heavy focus on the occupations that will provide the most value to your company's bottom line in the future. The McKinsey report on the connection between talent and value has further information.
(2) Conduct employee surveys to identify symptoms of attrition.
When living in the era of the "Great Reshuffle," it is vital to participate in transition planning more than once or twice a year, and it must be a continual endeavor rather than a one-time event. Would it be feasible for you to create a retention strategy that is aimed directly at certain occupations or the highest-ranking individuals in your organization?
Would you be interested in designing a retention strategy? It is uncommon for individuals in the most senior positions or those in control of the biggest groups of people to be in charge of the most important responsibilities. Employers should concentrate their efforts on the positions that will provide the greatest value to their organizations in the future rather than on the positions that are now open. You can learn more about how to ac
hieve this from the McKinsey report on tying talent to market value.
(3) Prevent unwelcome, contagious turnover from occurring.
It is well acknowledged that employee turnover is "contagious," and that a single departure may inspire everyone else to carefully rethink their job options as a result of the resignation. "Curbing Employee Turnover Contagion in the Workplace," a blog article by Visier, offers many practical tips to get you started on the right foot.
Also possible is the use of organizational network analysis to anticipate who would be more vulnerable in the event of a colleague leaving because of their work environment. It is possible that an employee would seek other career alternatives as a result of the loss of social capital, as well as mentors or sponsors.
4. Develop Trust in Your Workplace Emerging Planning.
Those who believe that the Future of Work plan is just significant for present workers who are concerned about their post-pandemic journey to their places of employment should reassess their viewpoint are incorrect in their assumptions.
The future of the work plan is critical for both prospects who you want to recruit and existing workers who you want to keep on board with your company. In today's job market, the first thing applicants are asked is, "How adaptable are you?" To guarantee your strategy's competitiveness in the marketplaces where you operate, you must demonstrate it to your customers and other stakeholders.
The concept of flexibility goes beyond the actual location of the job and the number of hours performed. The author of a new essay in the Harvard Business Review goes one step further and contends that employees who want more autonomy are justified in doing so.
Respondents to the authors' hybrid working study, which included 5,000 knowledge workers, stated that "flexibility" is more important to them than salary or other benefits, and 77 percent stated that they would prefer to work for a company that allows them to work from any location rather than in a fancy corporate office setting. You are demonstrating your trust in workers by allowing them to exercise their autonomy. So, what does your company's Future of Work plan have to say about the company culture that already exists?
As a consequence of the worldwide pandemic known as Covid-19, employees have been offered a once-in-a-lifetime chance to review their professional and personal decision-making practices. As a business leader, how will you make use of data analytics to guarantee that your organization has the talent it needs for the foreseeable future?