Why is Increasing Retention so Important?
Happy employees ensure happy customers. And happy customers ensure happy shareholders – in that order
Enhance Customer Experience
Your Employee Experience (EX) drives your Customer Experience (CX) which drives your revenue.
Boost Employee Moral
No one wants to be on a losing team, seeing a constant flow of high performers leave can damage how your people feel about your business.
Turnover is the ultimate people metric
The two most important decisions your people make are to join and leave your business. You need to understand the drivers of both decisions.
The Hidden Cost of Employee Turnover
Often organisations track their attrition rates and directs costs such as recruitment fees and training costs but there are hidden costs that many don’t consider. Indirect costs can include:
- Loss of productivity
- A poor Employee Value Proposition (EVP)
- Decreased ability to drive strategic initiatives and change
- Impact on the Customer Experience and therefore revenues
- And the list goes on…
“Entry-level positions cost 50% of salary to replace; mid-level 125%; and senior executive over 200% of their package”
We offer you 3 ways to measure, understand and take action to increase your retention
Attrition AnalysisOption 1
- Analysis of Leavers and Stayers
- Inclusion of bespoke employee demographics e.g. location, office, team, function and age
- Management of, and inclusion of Onboarding and Exit Survey Data
- Monthly reporting and dashboards
EX Culture AnalysisOption 2
- Delivery of 3 monthly organisational EX surveys
- Analysis of attrition and EX data
- Identification of drivers of attrition and EX
- Action based insights to improve employee lifecycle and retention
Predictive Turnover ModelOption 3
- Inclusion of your specific business metrics e.g. NPS, revenue, productivity
- Creation of predictive turnover models to provide insights into at risk employees
- Ongoing measurement of EX, retention and attrition
We give you the ability to get up to date attrition and retention reporting that incorporates both onboarding and exit survey data.
Our dashboards show you what is going on in your organisation, allowing you to spot trends that ultimately drive engagement, productivity and of course, retention.
Often onboarding and exit survey data is collected but the data isn’t analysed in a meaningful manner.
This is a rich source of information and we ensure this data is at your finger tips so you can make the best decisions possible.
Employee Experience Culture Analysis
Employee Experience (EX) is the sum of the experiences (both positive and negative) you provide your employees from pre hire to retire. It covers the entire employee lifecycle and by listening to your people over time you can understand what works, what doesn’t and what you need to change.
To give you deeper insights into your attrition and retention we can analyse your attrition alongside your feedback on your EX Culture.
Our analysis allows us to understand the drivers of turnover, so you know exactly where to focus and improve the employee lifecycle.
Predictive Turnover Model
As we collect EX and attrition we can begin building your predictive turnover model. This is a fully customised model that explains your turnover, at your company.
We achieve this by using statistics, Natural Language Processing Machine Learning and Artificial Intelligence to draw causal inferences between your EX data, business metrics and your employee turnover.
The output, we show you which groups are most likely to leave your organisation. This provides you with the ability to intervene, not blindly, but with a true understanding of what is most important to these people. We also update our model so it learns as you get better at retaining your people.