Unexpected events like the COVID-19 pandemic can have a significant impact on employee sentiment. Employee engagement is an important metric to keep an eye on, because it’s directly linked to retention and turnover. Both employee engagement and employee retention can be measured, understood and improved by using data science and people analytics. The Financial Management magazine brought this interesting topic to our attention in their article, “Using data to improve employee retention.”
Data analytics are useful not only to inform strategic decision-making, mitigate risk and increase operational efficiency but also to help identify problems and cultures that prompt resignations and contribute to employee turnover costs that are high in the best of times.
Not only is continuously replacing employees costly, it’s also time-consuming. Properly onboarding a new employee can take several months, or even up to a year.
With data and analytics, you can improve employee retention by understanding the trends that are happening in your organization. Predictive analytics can help you optimize the recruitment process. Using predictive modeling, data scientists can forecast which candidates are most likely to succeed and how long they most likely will stay with the company.
Making data accessible is something we know a little about. Choose the right partner in technology, especially when your content is in their hands. Access Innovations is known as a leader in database production, standards development, and creating and applying taxonomies.
Melody K. Smith
Sponsored by Access Innovations, the intelligence and the technology behind world-class explainable AI solutions.