5 Ways You Can Reduce Attrition Using HR Analytics
One of the major misconceptions revolving around the human resource department is that it’s one of the most chilled out departments in the entire organization. Most people (I know you do too) think that the folks at HR have an easy life and that their primary responsibilities include organizing fun activities, team lunches, secret Santa games and more.
To clear off those misconceptions, the HR is one of the toughest departments to be in. Just like yours, HR too has targets and monthly goals to achieve and they are the ones who probably have a perpetually challenging task at the workplace – controlling attrition.
With the startup fever becoming an epidemic of sorts, this is perhaps the worst time for human resource personnel. Every month, there are employees quitting their job to pursue their passion and finding an alternative for them immediately is a challenging task. They then have to look for new candidates, recruit them, get their forms filled, orient them to the company culture and work on their confirmations only to set the wheels spinning again. To throw some statistics, research states that close to 1/3rd of the new recruits quit the workplace after close to 6 months of employment.
However, with the recent developments in technology, the human resource department can actually now predict attrition and control it through data analytics – or rather HR analytics. By offering crucial insights on employee metrics, contentment levels, happiness index and more, HR analytics helps you come up with proactive measures to keep attrition under control. Here, we have compiled the 5 best ways to control attrition using HR analytics.
A good data set is the one that is built with a goal in mind. The more focused your data sets are, the better your analytics reports will be. When working on an attrition report, make sure you consider all the metrics and touchpoints that are directly related to the satisfaction levels of an employee. By employee, we refer to the person in both the highest and lowest levels of your company’s hierarchy. Only when their happiness is considered that it will reflect the happiness of your entire workplace. Consider factors like age, monthly income, years or months since last promotion, marital status, job involvement, gender, compatibility or rapport with the reporting manager, work-life balance, job involvement, years or months since the last pay hike and more.
All these factors boil down to the emotional levels of an employee and results on these will give you a clear picture on possible attritions and the time, allowing you to take any corrective measure.
Sometimes, it is easier to find patterns in an employee’s work culture and career and predict if he or she would fit into the organization or last long. For someone who has worked in more than four companies in a short span of five years, it is easy to come to the conclusion that the maximum duration the employee works before getting bored is one year. Records, patterns, and data on this can give HR a new perspective on possible turnover and even analyze the reason for his actions. If the employee kept switching companies for better pay or better work culture, the HR can easily fix a meeting and take measures to control attrition when the time of the year for the employee arrives.
When you have a database as a whole and then work on attrition reports, the results can be bewildering. To control retention in the most precise way possible, we suggest you classify the reports by departments and work on analytics. This will further refine your requirements and see better insights on which department has more attrition, why, any pattern that can be spotted, fault with the managers, team morale, challenging tasks, monotony and more. For instance, the satisfaction level for an employee in sales can be different from the one in project management. Breaking down the factors into fragments will give you crucial insights that will help you come up with better and distinct results and insights and help you take predictive and preventive measures for every department.
Often, our mornings and mid-afternoon thoughts are on home, family concerns, relationships, EMIs, and more. This greatly affects the day’s productivity and keeps an employee’s morale and satisfaction levels down. To get the spirit up and flowing and to ensure the employee feels valued and recognized, the HR should take into consideration data factors that touch upon a few personal spaces and talk to them to offer any assistance. The results should be entered into the employee’s report and analyzed for inferences. When this is done for three straight months with corrective measures, you can see a change in the employee and his or her work.
Also, the HR should understand and take into consideration that employee satisfaction and attrition are not always connected to pay hikes and promotions. There are values beyond them on emotional and personal levels that can be causing increased attrition rates. Keeping the two factors aside, the person should also work on other sidelined factors to get a deeper understanding of what’s happening within their workplace and set the place right for possible new recruits.
So, these were some of the factors you should definitely consider while working on your attrition reports. If you haven’t started off with HR analytics yet, well, this is the perfect time for you to upskill and make 2018 the best year for your career and organization. Click here to know how you can become a data-driven HR Analytics professional.
Can you think of any other factor or measures on HR analytics and attrition? Let us know in the comments.
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