As the news continues to report record inflation levels, more individuals seek new employment and higher pay to grapple with their increased cost of living. Replacing employees is an expensive endeavor, and as the cost to do business is also rising for employers, they are incentivized to keep employee turnover at a minimum.
Many accommodations can be made, but employers need to have the information necessary to implement changes to increase employee retention. Companies are also gathering data through employee surveys to better understand nonmonetary motivations. For example, many parents enjoyed staying home with their children during the COVID-19 lockdowns and wished to continue working from home or switching to part-time.
Predictive analysis and been leveraged as an option to reduce employee turnover. Many employers approach retention similarly to customer acquisitions, building employee profiles (like customer profiles) to predict future behaviors. Specific profiles tend to exhibit predictable levels of engagement, and changes within this metric could signal a red flag. Employers use data to predict the future and identify targets for “stay” interviews conducted by management.
Many leaders have been focused on data that tracks behavioral changes related to engagement with company message boards, meeting attendance, and completion of company surveys. According to Nick Curcuru, Vice-President of advisory services at Privitar, 25% of workers in North America are expected to leave their positions in the next three to six months, with 33% of people actively looking for another job.
Better tracking of these data could prove beneficial and allow employers to be proactive instead of reactive. Gathering employee feedback and reacting to their concerns is a phenomenal way to keep employees around and boost their productivity and overall happiness with their careers. Focusing on team needs should go far beyond curbing The Great Resignation and become a standard way of doing business. Proactive employee engagement activities yield information about why people are leaving and why people are staying. These best practices can and should be shared across departments to reduce the number of unsupportive managers, excessive commute times, lack of training, poor onboarding, and other factors that leaders may find hard to track without data.
Companies must also ensure their data collection is well received by employees and operate within ethical bounds. According to hrdive.com, most employees do not object to being monitored for work-related tasks like business emails and phone calls, but 72% of employees oppose monitoring their social media, and 48% say they do not trust their organization to protect their data.
For analytics to curtail The Great Resignation, HR must set strong ethical policies on what information should be collected and how it is stored. Most importantly, employers must act on the feedback they are receiving from their team.