How to Create a Data-Driven Employee Retention Plan in 10 minutes
Solving employee turnover and retention is hard. Voluntary resignations are high, unemployment rates are at an all-time low, and most organizations are still trying to operate HR without using data as evidence to back up their strategies.
The data is there, of course. Your HRIS is rich in employee information that can tell the story of your workforce—how engaged people are, how they move within the company, why they resign, and why they stay. But HRIS reporting tools are notoriously clunky, making it hard to get the information you need without exporting to a spreadsheet and crunching numbers. Not everyone has the budget for an in-house HR analyst, after all.
Visier makes it easy to transform your HR data into meaningful solutions to business questions that you, and your CEO, are looking to answer. When you’re no longer losing hours of your week trying to extract something useful out of built-in HRIS reporting tools, you’ll have time to action on the turnover and retention strategies you’re trying to create.
Here, we’ll walk through how fast and easy it is to begin building a data-driven retention plan in just 10 minutes using Visier for mid-market. Let’s get started.
Identify your problem
Many organizations are concerned about improving their turnover rate without fully understanding if they even have a problem. Looking into your resignation rates over time and by department can help you understand if your churn is healthy, or if it requires work.
There are many different ways to calculate turnover and resignation rates. It’s not uncommon for a single company to be calculating these rates in multiple different ways. This makes benchmarking against your past rates complicated and confusing. Begin by ensuring your resignation rate is calculated using the same metric by all departments and locations.
Next, look into who is resigning. Which departments are struggling the most to retain staff? Many retention strategies make the mistake of focusing on your organization’s overall retention rate, rather than identifying which departments require the most immediate attention.
Here’s how to look up your resignation rate in Visier for mid-market:
Look for the causes of turnover
To solve turnover and improve retention, you need to understand the root cause. Once you have identified that you definitely do have an employee retention problem within a critical department, you can use people analytics to dig deep into what’s causing your staff to leave.
Determine the reasons for resignation to create a more meaningful retention plan for your current employees. Are your top performers leaving for higher pay? Is a large portion of your workforce reaching retirement age? Are your most promising new hires resigning within only six months of joining the company?
You can easily search for your resignation drivers using the Retention guidebook:
Knowing the reason for the resignation is the best way to create plans for retention. If you need to make an argument for raising your workforce costs to retain good people, using data is the best way to bring your finance and leadership teams on board.
Determine who is at risk (and how to save them!)
Now that you understand your main drivers for why people are resigning, you can look for signs in your current staff pool to predict who is at risk for leaving. It’s important to remember when creating a data-driven retention strategy that a one-size-fits-all plan is not strategic. Not all of your employees can be saved, and you won’t even want to save them all. Determine who can be saved, and who is worth saving, before you put time and money into a retention strategy that doesn’t yield a positive business impact.
Risk of Exit
We can look at individual employees who are predicted to be at a higher risk of exit. Visier’s predictive solutions are 17x more accurate at predicting resignations than applying intuition and guesswork. In this example below, let’s compare your employee, Casen, against the rest of his department:
Create strategic retention strategies
Once you understand the key drivers of your resignations, it’s time to create a plan tailored to Casen to retain him. Financial incentives are not always the best means to protect against turnover. Building a career plan can be a lasting way to improve engagement and secure their retention. Let’s build a career path for Casen.
Using the career pathing function, you can determine how past employees in Casen’s current position have been promoted, and what steps you took to get them there:
When building a retention strategy, sameness does not yield greatness. Visier for mid-market makes it easy to build data-driven retention plans that are personalized to your high-performing, at-risk employees.
Looking for more information on how to drive retention strategies with people analytics? Download “The Big Book of People Analytics: Turnover and Retention”.
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