Data Analytics and Workforce Strategies: New Insights for Tax Efficiency and Performance Improvement Visualize it
Workforce Retention Analytics
Don't react. Predict.
In many companies today, turnover risk is still addressed only when leaders become aware of the risk – that is, when an employee resigns. Even among those that are more proactive about addressing retention problems, many tend to focus primarily on why employees are leaving. That’s important, but it’s only part of the picture.
What if you could identify who is more likely to leave? Or when they’re more likely to do so? Or even what could be done today to make them change their minds? Those are some of the questions that the highly advanced analytics tools and strategies are seeking to answer today.
Deloitte has developed a workforce analytics tool squarely focused on the challenge of retention. It uses advanced analytics that can predict turnover risk at the individual level and can also provide senior executives the lead time they need to address retention challenges and keep their leading performers. This tool uses a cloud-based solution that can allow multiple practitioners to view dynamic reports based on their preferences, replacing the old model of static reports shared through email.
This approach can also give users rapid visualization capabilities and can allow them to gain insights in a short amount of time by slicing and dicing retention data across multiple dimensions, rather than relying on the same old charts and graphs that use preset determinations of what’s most important.
Our Workforce Retention Analytics capabilities can bring organizations a host of potential benefits, including:
- Help generate a more effective understanding of retention challenges by accounting for changes in workforce dynamics in retention–not just historical retention trends
- Help identify who is likely at risk of attrition, at the individual level, and when they are more likely to leave
- Help determine the primary drivers of attrition in the organization
- Help understand trends in workforce attrition across workforce segments
- Help identify the stage at which attrition is likely to have a negative impact on the organization
If you think it’s time to use smarter workforce analytics in your organization, we should talk. Please reach out to any of us to get the conversation started.
Our business analytics specialists look inside data to help create and refine strategies for delivering insights that yield informed business decisions.