How to Use Progressive Data Analytics Strategies to Leverage New People Metrics and Transform Retention
A high employee turnover rate is bad news for any organization. It affects the business and its employees in numerous ways. The evolving market demands and conditions compel enterprises to constantly hire and train new personnel. For this reason, they are likely to veer away from their core mission and vision.
By retaining workers, organizations can sustain a competent workforce that enhances their bottom line. And this is possible through using progressive data analytics strategies.
So how can you use progressive data analytics strategies to leverage new people metrics and transform retention? Read on to learn how.
Leveraging New People Metrics
Leveraging new people metrics offers a commanding insider’s viewpoint on choosing benchmarks that stimulate action and boost organizational value.
Using progressive data analytics strategies, a business can establish new ways to use data and identify business improvement opportunities.
However, these strategies can only yield results if HR professionals do the following:
- Capture, cleanse, and report data efficiently,
- Analyze and interpret data efficiently through effective storytelling, and
- Be able to leverage the reporting being evaluated/presented to obtain support from the selected HR intervention.
Using progressive data analysis strategies, businesses can create a structure development matrix detailing a comprehensive process through which team members obtain new skills and competencies.
HR Analytics offers insights into how effectively enterprises manage their human capital. For this reason, most companies are turning to HR analytics to analyze their HR efforts to boost workforce performance and obtain an optimum return out of their workforce.
By using progressive data analytics, companies can establish why their employees leave and create work and compensation environments that foster people to stay.
Additionally, a business can use HR analytics to create supportive and productive work environments. These analytics can also help predict the workers’ likelihood of leaving the company.
When an employee leaves, the resultant ripple effect can be felt throughout the enterprise. This is manifested in terms of lost knowledge and increased onboarding, recruitment, and interviewing costs.
At TellZen, we understand that issues related to a high employee turnover rate stem from the lack of honest, real-time people insights. If you are looking to leverage people metrics and improve your company’s retention, you should check out our 3C Framework Program.
It builds upon continuous feedback, confidential conversation, and a complete employee experience journey.
With this program, be sure to retain a happy, productive, and reliable workforce.