“Armed with my business question, “Are we losing employees to our competition because of low pay?”, Visier “Explore”feature helped me uncover interesting trends immediately. Yes, turnover rates did correlate with elements of pay. I created a list of specific pay recommendations for jobs across multiple geographies. Implementing these recommendations could generate a 200% - 500% ROI, while also significantly reducing turnover for the entire organization.”
There are a few workforce questions raised so consistently that you can use them to set your watch. “Are we losing employees to our competition because of low pay?” Budget season. Right on time. Queue the dance between HR and Finance to set the cap on salary raises. But something new could happen this year. Visier now gave us immediate access to data and metrics that before could have taken weeks.
I budgeted half a day to see what I could do – I knew I could add new insight to the discussion no matter the outcome. A strong “yes” or “no” would still lead to a more informed decision. Armed with my business question, Visier “explore” helped me uncover interesting trends immediately. Yes, turnover rates did correlate with elements of pay. Visier’s “turnover drivers” chart confirmed the strength of those relationships. By the end of the half-day, I had created a new analysis page diving further into the question. How did geography and nature of the job influence the relationships? At what level did pay become a “risk” rather than a “reward”? When did the employee decide to leave? And that full analysis could be shared with my leadership with only a few clicks! But that was only half a day.
I used to need days or weeks. What else could I do in my newfound time to find deeper insights? Using Visier’s data connector, I moved raw data into the R programming environment. I wanted to apply more advanced statistical models to turn the correlations into predictions. I was rusty; it was common for earlier projects to stop here because data could not be merged cleanly. It felt incredible to immediately have a usable data set. The hard work was already done.
The first trend I had found in Visier was good, not great. Yes, we could reduce turnover, but the estimated turnover savings would not be enough to offset the cost of adjusting salaries. Was it possible to break even if I dug deeper? Could we actually save money? It turns out that I had already uncovered the key pieces to that puzzle in the Visier analysis.
After a few more days of devoting spare hours into code and research, I sat back with a smile. I had created a list of specific pay recommendations for jobs across multiple geographies. Implementing these recommendations could generate a 200% - 500% ROI while also significantly reducing turnover for the entire organization. Bingo! But it was meaningless without action.
Fortunately, I had a strong case. I had a Visier analysis that would allow exploration by leaders directly. I had converted the trends into confidence intervals and recommendations. When jokingly asked if we could “track everyone to see if it works,” I could instantly say yes and describe the process of creating custom groups in Visier as part of success measurement.
Some leaders leveraged the Visier charts on the spot to support other turnover-based initiatives already in flight. Leaders from across the organization are now armed with these insights. CHROs have a new way to answer, “where should we prioritize our limited salary increase budget?” This has also started a conversation about how formal pay policy/structure changes may support long-term success.