Real-time Talent Retention
Many companies have utilized people analytics for years, and yet when it comes to talent retention, it is ineffective. Sadly, in many sectors, a voluntary attrition rate of 20% or more is considered acceptable. Armed with the correct tools, the People Analytics function is having a material impact on improving employee work-life and reducing voluntary and regrettable employee attrition.
The role of people analytics is to support the HR function and the business, offering strategic insights through the application of statistics and other data interpretation. After interviewing 100s of People Analytics professionals, we’ve learned that this team can increase its organizational impact significantly by i) applying new data science, visualization, and AI tools, ii) improving the process between the People Analytics team, HR writ large, and importantly, business functions.
The traditional People Analytics process normally looks like this in the enterprise:
What is lacking in traditional People Analytics?
- It relies only on a single source of data
- It is backward looking vs predictive
- The process is reactive rather than proactive
- It lacks standardization
- It lacks alignment with leadership
- There is no feedback loop, and outcomes aren’t normally tracked for impact
Real-time Talent Retention in the enterprise follows this model:
How is Real-time Talent Retention different?
- Unifies multiple talent data sources such as the HCM system, calendar metadata, learning systems, maker systems such as Jira, Confluence, Salesforce, ServiceNow.
- It is predictive - providing early talent risk alerts months in advance for bias, compensation deficits, impending burnout, stagnation, disconnection, recognition and maker time issues.
- Generates actionable insights and recommendations in real-time
- Facilitates retention action alignment between HR, and business functions to ensure alignment with executive dashboards
- Ensures follow-up and follow-through on agreed upon talent retention actions and outcomes
- Provides talent retention action playbooks which iterate over time to improve effectiveness
Real-time Talent Retention delivers organizational impact
In conclusion, progressive HR organizations have prioritized investment in people, processes, and technology to deliver meaningful business outcomes. By embracing and implementing Real-time Talent Retention, they’re improving employee work-life and reducing employee attrition materially, as the example above illustrates.