Data and Analytics / Whitepaper
6 MINS READ
For organizations today, the need to stay competitive and profitable by retaining top talent is more important than ever.
Employee engagement levers are constantly evolving. Studies show that at least a third of employees globally are resigning or thinking of resigning. Flexible work models are in demand. The need for organizations to nurture employee experiences and retain top talent is paramount.
Data plays a critical role in employee engagement. Using analytics, rich internal data, and reliable market intelligence, leaders can make reforms that give their organization a competitive edge. Data mining can provide a deep dive into the individual’s needs and provide tailor-made solutions. Predictive and prescriptive analysis can help in defining a framework first and then deploying the tools to intervene in a time-sensitive manner.
The CARE framework
CARE is a framework driven by pre-emptive data-led interventions that helps reduce potential attrition in an organization.
CARE stands for collaborate and anticipate for retention and engagement. The CARE framework is built on three pillars.
Act on the trigger, not on the outcome: Most organizations are reactive in their approach. Their ‘retention’ machinery springs into action only when an employee decides to leave. Our framework captures early warning indicators and streamlines internal data sources into a single source of truth for analysts and data scientists.
Collaborate effectively and efficiently: Organizations need to improve accountability and traceability through a call to action rather than traditional workflows. KPI-centric analysis and visualizations with interactive dashboards can depict actions taken at every step in real time. Once internal human resource management systems (HRMS) are reinforced with bolt-on analytics and data mining accelerators, the impact across the organization will be exponential.
360-degree approach: Overreliance on yearly engagement surveys to capture the employee’s pulse and sentiments results in two parallel and disconnected views of the same organization. One which management wishes to believe and the other one which often exists in reality. Real-time tracking of employee sentiments through digitally connected case platforms and descriptive analysis to capture trends can make a huge difference.
Retaining top talent
Workforce analytics when integrated into the CARE framework helps organizations retain and nurture top talent.
Most organizations either have a self-developed or a third-party HRMS system. These systems need to be supplemented with cutting-edge analytics accelerators and direct data discovery tools that abide by global and local privacy regulations. A framework borne out of integration of workforce analytics into CARE will be centered on four key themes of HR management—employee experience, compliance, productivity, and wellness. Cognitive assessment of candidates using analytics during recruitment helps hiring managers decide whether the candidate is an optimal fit for the organization. Customized training programs and alternate job fitment suggestions deliver highly personalized employee experiences and helps them excel in their desired roles.
Another key input which goes into the CARE framework is an employee’s wellness index. A recent study by Qualtrics showed that almost three-fourth of employees want their managers and organizations to focus on their mental and physical wellbeing, especially after the pandemic. Capturing an employee’s holistic wellness index includes capturing the voice of the employee in real time. This will help organizations gain an unassailable lead in retaining and developing key talent.
An organization’s success is inextricably linked to its ability to connect and engage with employees on a personal level.
A great way of doing that is by creating hyper-personalized experiences—by extracting data from disparate sources and transforming them into meaningful insights that drive sustainable actions.
Leaders looking to differentiate themselves from their competition can look at workforce analytics as a vehicle to optimize their performance. They need to embark on an investigative journey, along with their chosen consulting and analytics partners, to assess all aspects of their people operations and create the environment where people feel they can realize their full potential.
On average, one resignation has a cost impact of a minimum of 2.5–3 times the monthly billing of an associate which includes:
One month of reduced productivity (notice period)
One month of no billing
One month for the new employee to integrate and perform to full potential
Hiring costs (man hours, payment to agencies)