HR departments stand to gain a lot by tracking employee turnover. Valuable data can be collected and deeper insights drawn to reveal the potential source of the turnover, whether it be job dissatisfaction or other more personal reasons. This key HR metric can help companies assess and prioritize changes or adjustments to their culture or practices in order to decrease attrition and ensure retention of employees in the future. Ultimately, employee turnover can result in the wasting of resources and training, as well as put a drain on your company’s bottom line.
What is the Key to Reducing Employee Turnover?
Talent, or workforce analytics—as it’s called—is the process of accessing data from large sets of people in an organization and analyzing statistics and trends using technology and expertise to make better, more informed decisions through enabled reporting. Data collected could focus on employee demographics, performance benchmarking—such as project successes or failures—investment payoffs or ROI, strategy planning and risk evaluation, all viewed from the angle of talent attrition and retention.
Collect a Wide Range of Data
When considering talent analytics, there are a few key areas you should be factoring into your analysis:
Turn Over Your Turnover Findings
After collecting this pertinent data, it is important to aggregate it in a user-friendly format so that it can be digested and disseminated to the rest of the organization. Lucrative information such as this can help HR departments identify warning signs or leverage the insights they’ve learned to predict turnover trends in the future.
LaborSoft’s innovative technology is one of many integral solutions that keep your business in business. Our employee relations analytics, case management workflows, and our central repository of documentation mitigates risk of operational bottlenecks, costly lawsuits, and legal ramifications stemming from HR issues and complaints. Our maximum-security protocols protect employee data and company assets all times.
Contact us for a customized demonstration and learn how LaborSoft can help you improve communications, build a more collaborative, safe, and supportive workplace, while reducing the likelihood of costly litigation.
Topics: Tracking Employee Turnover