Leveraging Data to Improve Employee Retention
Employee retention stands as a critical pillar supporting organizational success and growth. As businesses navigate through the challenges of talent acquisition and retention, data has emerged as a powerful ally in the quest for workforce stability. The fusion of data and human resources promises to redefine the employee experience and foster enduring relationships between individuals and their organizations.
With nearly 38% of employees leaving a new position within the first year, organizations must begin to understand what makes employees stay, or leave, their roles. It’s time to start leveraging data that your human resources team is most likely already collecting. These data points typically measure a range of actions and interactions that occur while employees are working. Some measurements could include:
Digital Metrics: These can include collaborations on documents, emails sent, and participation in meetings.
Performance Metrics: This includes project completions, productivity levels, completion of daily tasks, achievement of personal professional or company goals.
Engagement Metrics: Are your employees attending work-focused events like workshops, outside events, or training sessions?
Social Metrics: Are your employees participating in team building activities, communicating with their coworkers, and networking?
The next step is applying these metrics to make changes. The Forbes Human Resources Council compiled suggestions that are designed to help retain employees. We find these to be the most important:
Find out where employees are struggling: Looking into time off trends can help identify what employees are looking for, when it comes to work-life balance. Take these trends and identify areas of improvement in certain areas like PTO policy or employee assistance.
Create a more supportive work culture: Use data to find out what’s most important to employees and what resources they need to succeed.
Pinpoint issues that may be affecting new hires: Identify gaps in employee experience by looking at hiring processes, onboarding, team dynamics, management, etc. Any of these could explain high turnover.
Provide equitable compensation: One top concern for employees when they’re debating whether to stay or go is their compensation. Conducting an annual pay review can help ensure employees are being compensated fairly and positively impact culture