Employees will leave your company. It’s part of doing business, and most exits don’t raise any eyebrows. But when employee resignations become more frequent or exits begin to impact team performance, alarm bells go off. HR, leaders, and managers responsible for hiring and retention are suddenly in the hot seat. They’re expected to identify the reason for the increased attrition and a solution to stem the flow.
An Incomplete Answer
In a quest for answers, companies tend to turn to exit interviews, asking “Why did you decide to leave? What could we have done better?” However, interviews with departing employees aren’t necessarily the most accurate source of the truth. Employees are reluctant to burn bridges and can hold back their deeper critiques of your company, or what made them vulnerable to another offer. These ex-employees may then turn around and post a brutally honest review on a social media site, giving your employer brand a very public and long-lived hit. Your engagement team then scrambles to piece together a picture of workforce health from the fragments of information gleaned from its least happy members—the ones who decided to leave.
We’ve seen this ineffective strategy widely used by companies in their attempt to retain employees. In fact, it is so common that we’ve identified it as a top “employer bad habit” in our whitepaper: Seven Habits That Are Stalling Your Employee Engagement Program And How to Fix Them. Fixing the engagement challenges of your former employees won’t guarantee current employee happiness. It’s much more effective to take a proactive approach.
The Power of Prediction
Trends can be powerful predictors. When scores drop, even the most engaged teams are at risk. Glint data shows that internal teams with downward trending scores over the course of only one month experience 50% higher attrition rates than those whose score remained the same, regardless of absolute score. Those teams with upward trending scores show 30% lower attrition than average. The ability to identify trends before they impact the business is critical.
At Glint, we believe in using meaningful measurements and real-time data to help employers keep tabs on their workforce health on an ongoing basis. By harnessing predictive analytics, the teams responsible for engagement can identify issues quickly and raise the red flag before it’s too late. Last month, we announced our new Smart Alerts with Predictive Models feature, which uses artificial intelligence and machine learning to surface patterns and outlier groups by population following an employee engagement pulse. Then, for each identified population, the platform can predict what outcomes, if any, are likely based on the outlying responses, including elevated risk of decreased retention or performance, or any other custom KPI you track. That way, organizations can take action on patterns and trends before they impact financial outcomes.
Increasing retention requires a modern approach. It’s time for companies to break old bad habits and set themselves up to thrive. Keeping on top of the health of the current workforce, using real-time data and predictive analysis, will help your company meet the needs of today’s workplace. This will help you better tailor your engagement strategies—well before problems begin.
Learn more in our new whitepaper: Seven Habits That Are Stalling Your Employee Engagement Program And How to Fix Them.