Are you losing valuable employees? Employee turnover is a costly problem for businesses of all sizes. Replacing employees is expensive, time-consuming, and disruptive to team dynamics. A recent SHRM study found that the average cost-per-hire is $4,700 (Source: SHRM, 2022). But what if you could predict employee churn before it happens?
The Churn Challenge: Reacting vs. Preventing
Traditional methods of tracking employee satisfaction often fall short. Surveys and exit interviews provide lagging indicators, telling you why employees left after they're already gone. A Gallup poll revealed that only 26% of employees strongly believe that their company cares about their wellbeing (Source: Gallup, 2023). This lack of perceived care can be a major driver of turnover. The key is to identify the warning signs before an employee decides to leave. At ORGAKNOW, we've found in our work with 10 top client companies that nearly 60% of employee departures are preventable if organizations proactively address key risk factors.
ORGAKNOW: Your Partner in Proactive Retention
ORGAKNOW's AI-Driven HR Analytics empowers you to predict and prevent employee churn. We leverage the power of data and machine learning to identify at-risk employees and implement proactive retention strategies. Our approach encompasses:
- Data-Driven Insight: We analyze your existing HR data – performance reviews, engagement surveys, time and attendance, and more – to identify patterns and trends that indicate potential churn. For example, our analysis might reveal a correlation between declining performance review scores and increased absenteeism, signaling a potential flight risk. In a recent analysis of employee data from 6 companies in the FMCG sector, ORGAKNOW identified the three most common early warning signs of employee churn: e.g., decrease in internal communication, pay equity and lack of work-life balance.
- Machine Learning Models: Our sophisticated AI algorithms identify hidden connections and predict which employees are most likely to leave. We go beyond surface-level observations to uncover the root causes of turnover. A Bersin by Deloitte study found that organizations using predictive analytics for HR have 2x higher employee retention rates (Source: Bersin by Deloitte, 2017). ORGAKNOW's machine learning models, trained on data from 20 different industries, have demonstrated a 74 % accuracy rate in predicting employee departures.
- Proactive Retention Strategies: Armed with these insights, you can take targeted action to address the specific needs of at-risk employees. This might include personalized development plans, increased recognition, or addressing concerns about workload or work-life balance. LinkedIn's 2023 Workplace Learning Report emphasizes the importance of providing employees with opportunities for growth and development to improve retention (Source: LinkedIn, 2023). For example, ORGAKNOW has helped clients implement targeted retention programs that have resulted in a 50% reduction in employee churn within one year timeframe.
The ORGAKNOW Advantage:
- Reduced Employee Turnover: By identifying and addressing the factors that lead to churn, you can retain your top talent and reduce costly turnover.
- Improved Employee Morale: When employees feel valued and supported, they are more likely to be engaged and committed to the organization.
- Enhanced Productivity: Retaining experienced employees maintains team continuity and avoids the productivity dip associated with onboarding new hires.
- Data-Driven Decision Making: Make informed decisions about talent management and retention strategies based on objective data, not gut feelings.
