Using predictive analytics for employee turnover may sound strange.
But turnover is rotting businesses from the inside out.
The skyrocketing turnover rate we’re seeing right now is causing a multitude of problems.
When teams are understaffed, employee experience nose dives.
And when employee experience falls, customer experience tanks.
Research shows that the cost to replace a single employee is anywhere from 50 to 200% of their salary. With such high expenses, it’s easy to see how turnover can murder your bottom line.
The GOOD news is that research also shows that the right turnover reduction program can slice turnover in half.
Using predictive analytics only improves your odds.
Let’s dig into how these tools can improve your ability to retain your best people:
How to Use Predictive Analytics for Employee Turnover: Stop the Guessing Game
Everybody has an opinion on why people are quitting en masse.
But at the end of the day, every company is dealing with different causes.
In fact, every employee is going to have their own reasons.
If we want to retain our people, the first thing we have to do is understand what they want out of the workplace.
Right now, leaders and HR are playing a guessing game. This is part of what makes it so challenging to address turnover.
With predictive analytics like the Predictive Index, we can learn what makes our people tick – as well as what may push them to quit.
We can understand what leaders they’ll have chemistry with, and how they best like to be managed in the workplace.
It’s about learning what each individual needs to thrive in the workplace and how they can best be supported.
How to Use Predictive Analytics for Employee Turnover: Give Leaders Actionable Ideas
It’s great to have a better understanding of what your employees want and need in the workplace.
But if you aren’t able to ACT on that knowledge, it’s useless!
Nowhere is this truer than with your leaders.
A leader might know someone on their team works better in a highly social environment. But if their whole team is working remote, it’s not easy to see how you can accommodate this need.
The best predictive analytics platforms give you actionable ideas on how to support each team member.
In the case of the above team member, it might be as simple as the leader making frequent check-ins and conversations.
The Predictive Index also provides in-depth guides on how to best communicate with different personality types. It will flag which of your team members will appreciate direct communication, and which will appreciate a lighter touch.
These are just a few examples of how leaders can not only learn what their team needs, but understand how to deliver it.
It might sound simple and unimportant, but it’s the little details that add up to creating a superb employee experience.
When people feel truly supported by their leaders, they’re FAR less likely to quit. That’s true even when someone else comes along with a competitive salary offer!
How to Use Predictive Analytics for Employee Turnover: Leverage HR to Create Big Picture Plans
Equipping leaders to support their teams is a great first step.
But if you’re serious about boosting retention, you have to go a step further.
You need to get HR involved for a larger scale organizational strategy.
With predictive analytics, HR has a wealth of information on opportunities for improving employee experience. It offers a detailed look at where potential pain points are on specific teams.
By looking at the data altogether, HR can create larger strategies for retaining talent.
For example, HR could create or facilitate a leadership training program. This could consist of trainings to empower leaders to know how to better support their teams.
Additionally, HR could offer insights to department heads or the executive team on how to restructure teams.
For example, they might identify employees who would have better chemistry with different leaders. Sometimes, even just reshuffling teams can dramatically improve employee experience.
Leaders must help provide a great employee experience on a 1:1 level with their teams, but HR can play a key role in strategic retention efforts.
Turn the Great Resignation into the Great Retention
The Great Resignation is a huge challenge for businesses. But it’s also a tremendous opportunity. Think of all the amazing talent shuffling around…if your business is able to not only recruit some of these people but retain them, you’ll gain an ENORMOUS advantage on the competition.
It’s time to turn the Great Resignation into the Great Retention!
If you’re ready to learn more about WHY the Great Resignation is happening and what you can do to retain your best people, be sure to attend our upcoming Leadership & Legal event on March 17th. Learn more and register now here.