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1 week ago
How to Leverage Predictive Analytics for Employee Retention

 

Originally published in TechRepublic, November 7, 2019.

Competition for skilled tech workers is fierce, so a new program actually predicts when an employee is considering resignation, and how you can implement retention.

Crystal balls, fortune cookies and tellers, and, sadly, our own perceptions, can’t predict the future. This indecision may lead your coveted employees to ask themselves the question The Clash posed in 1981: “Should I stay or should I go?” Your company’s go-to girl(s) or guy(s) are a hot commodity, and it’s hard for them to ignore how they and their tech skills are in heavy demand. Can the lure of a competitor’s beckoning be stilled? Perhaps.

Combating The Competition

Unemployment is low, 3.6% as of October 2019 (up from a record low, since 1969, of 3.5% in August 2019). Tech positions are in such demand  that many open jobs remain unfilled for weeks, even months. So when a company can boast a happy, skilled tech worker, the company can also claim success. Unfortunately, you can’t rest too long on your laurels.

Seeing Into The Future  

Employers can offer competitive salaries, great benefits, and work to ensure a good company culture , but it’s much more difficult to know how someone is feeling, let alone predict what their future actions might be. You want them to stay. They might think about leaving. It’s a common concern shared by many tech departments and companies. With this in mind, UK-based KPMG developed Workplace Analytics to implement retention solutions as soon as an employee is identified as considering leaving. Most solutions identify systematic problems that drive attrition, but KPMG says their solution combines internal and external data to provide actionable insights to retain individual employees.

The proprietary, managed Workplace Analytics evaluates hundreds of behaviors such as email use, and phone, travel habits, commute times, and paid time-off (PTO), while considering unemployment and opportunity in the surrounding area, to provide individuals’ retention scores. As that score fluctuates, an employer can take appropriate actions to counter the likelihood that an individual will quit. For example, the employer can promote workplace flexibility, adjust workloads to avoid burnout, or even offer perks.

To continue reading this article, click here.

 

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