The lifeline of your organization – human resources. Human resources bring in a mix of skills and experience that support your business. The obvious objective is to maximize the talent pool available. How do you do that? Appraisals, incentives, mentoring, better hiring, so on and so forth, how about putting all this in a scientific framework? Maybe some number crunching. Attrition Analysis, to be precise.
You have the following possibilities when it comes to attrition:
- Employer wants to retain, employee wants to stay – I am OK, You’re OK 🙂
- Employer wants to retain, employee wants to quit – red alert for the business
- Employer does not want to retain, employee wants to quit – well ok, but why was the person hired in the first place?
- Employer does not want to retain, employee wants to stay – unfortunate but it isn’t working! Again, why was the person hired in the first place?
At GrayMatter, we recently executed an analytics engagement for a marquee client, with the objective to improve key employee retention. The following key questions were addressed as part of the engagement:
- Are there specific segments where employee turnover is an issue? People with >5 year tenure in the organization? People at Managerial level or above?
- Is there a possibility to identify any existing pattern or trend which leads towards high turnover?
- What are the key attributes impacting employee’s decision to leave?
- Using those attributes, can we design an auto-regenerative algorithm based model to calculate an Attrition Risk Factor at employee level?
- At an individual employee level, can the above model be utilized to generate triggers to warn the Business/HR function about the potential loss of the employee?
- Can the model be applied globally or to a specific region/country or line of business?
- Can we have a predictive model to have better hiring decisions so that undesirable hires do not happen?