Turnover Metrics and Beyond
We have seen a ton of interest in our approach to turnover and retention driver analysis. Our customers are realizing all the value and insight that turnover metrics provide but they are also able to move beyond metrics to driver analysis that is truly actionable. One capability of our analytics tool allows customers to discover what the primary drivers of turnover are and then explore different intervention type scenarios to determine the best possible course of action. Organizations are finding this analysis capability particularly useful when applied to critical talent. Turnover driver analysis of high performers and employees who have critical job skills is just one area where companies are finding a clear advantage. It is common sense that companies want to retain and foster the development of their critical talent. Discovering what is really happening with turnover is seldom common and typically contradicts intuition and experience. Moreover the composition of the workforce is shifting and changing and drivers can vary greatly from company to company. In some cases it might make more sense to retain rather than replace. Our customers are able to quantify the actions they take and support the best possible decisions.
The cost of hiring a new resource and the time it takes before the resource is fully efficient is significant. The last thing organizations want is to see significant investments walk out the door and possibly to a competitor. If companies can retain more of their top and emerging talent, the overall health of the company elevates and concerns about not having an adequate leadership pipeline are alleviated. Not to mention the cost savings. In order to have the best chance of retaining talent you have to apply the right measure. The best possible action to take can vary greatly across different populations and our customers are enjoying a nimble sophisticated tool to help make those strategic determinations.
Data Analysis: Key Drivers: