Attrition can cost up to 2.5 times the salary of an employee and is a major pain point for HR.
One of the most critical issues that companies face relates to the retention of valued employees. Given the market competition in terms of talent acquisition, there is a high rate of attrition across industries. Yet, while 87% of HR teams are aware that employee retention is critical for organisational success, very few companies have a scientific strategy in place for exit employee analytics. One of the smart retention strategies is to invest in exit employee analytics.
Exit Employee Analytics: The star of Attrition Management strategies
A study from Owl Labs found providing remote and flexible work opportunities resulted in 25% reduction in attrition. A Glassdoor study found that 35% of employees wanted to quit because of poor pay package and would stay back if offered a 20% raise in salary. Companies that invest in high levels of engagement and fostering a great workplace culture are likely to experience greater retention rates.
Conventional retention strategies include an improvement in pay and benefits, investment in training and flexible work hours. However, exit interviews and data insights from exit employee analytics can help shape retention strategies in a better way.
Using smart exit employee analytics to devise attrition management strategies helps in developing an engaged workforce that is flexible and agile with the help of precious insights. HR teams in India manage a diverse group of employees and have an acute need for data analytics to gather meaningful data insights. Exit employee analytics yield benefits that include enhanced productivity and greater synergy among the workforce.
Exit employee analytics that is data-driven can answer the following key questions:
- The key reasons and trends with respect to attrition
- How effective the preventive intervention strategies were to control attrition
- Predictive models to identify attrition rates in the coming six or twelve months
- Productivity and engagement levels of employees and whether there is a correlation between the two
- Data of employees who quit within six months from joining date
Key insights from Exit Employee analytics
Exit employee data can reveal important insights on how effective the management and retention strategies are. While a steady stream of voluntary resignations despite salary improvements can clearly indicate poor quality of management, the kind of employers or industries these employees are joining can indicate the trend. The following are some of the other key actionable insights that HR can derive from exit data.
- Which Employers are your ex-employees joining
- Which Industries are your ex-employees joining
- Gender-wise attrition
- Level/Designation/Band wise attrition
- Age group wise attrition
- Department wise attrition
- The manager who has the maximum attrition
- Possible reasons for exit
- The most often quoted reason for exit
Using WorkAttest™ to derive meaningful data
HR professionals need to store and manage exit employee analytics in a systematic manner in order to derive meaningful strategies for retention. Manual entries are time-consuming and error-prone; they can also result in the loss of data. In a highly connected world, HR professionals not only need to provide verification of ex-employees but also verify future employees in an efficient way.
WorkAttest™ from AuthBridge is an online repository for exit employee analytics as well as breathing productivity into HR using automation and sophisticated technology. WorkAttest™ takes away the hassle and pain of maintaining elaborate records and retrieving them. With just a few clicks, the data on each employee can be uploaded onto the WorkAttest™ platform. The third-party background verification provider has to just log in to the platform to search for the relevant data.The automated platform makes the analysis of any number of data a breeze which means devising retention strategies can be evidence-based and scientific.
Employers can be relieved on handling incoming requests while they get useful data on exit employee movement like never before. And it all starts with sharing!