Retention: Stop Talent From Taking Flight
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THE DASHBOARD INTELLIGENCE SERIES https://hrboss.com Retention : Stop Talent From Taking Flight For HR
Transcript of Retention: Stop Talent From Taking Flight
THE DASHBOARD INTELLIGENCE SERIES
https://hrboss.com
Retention : Stop Talent From Taking Flight For HR
WHAT
1. High employee turnover rates
2. Poor business performance due to loss of key employees
3. Increased hiring and training costs
4. Sudden manpower crunch caused by a significant number of
employees leaving the organisation
The cost of replacing employees is staggering. When an employee leaves it not
only creates more work for the remaining members of a team to pick up the
pieces, but the hiring and training of new employees also requires time and
money, along with other intangibles.
The main problem that the majority of organisations face is this: Talent
Retention.
Talent Retention:
Ability of an organisation to keep its talented employees.
Is your organization struggling with the following issues right now?
Definition
2The Dashboard Intelligence Series Retention : Stop Talent From Taking Flight
WHY
• How many of our top performers are at risk?
• Who are they?
• Why are they leaving?
• What is the cost of replacing them?
• Do I know who the top performers are by department?
89% of employers think their people leave for more money but that’s not true. In fact,
only 12% actually leave for more money. Most organisations depend on exit interviews
to find out what went wrong but the truth is, employees think of it only as a formality, a
procedural process they have to go through. No one is actually going to confess why they
are leaving your organisation no matter how long they’ve been there, and sometimes
employees leave due to a multitude of reasons. Similar to exit interviews, employee
surveys only scratch the surface for the causes of attrition. You need to sniff out growing
discontent and nip the root of the problem before it’s too late.
According to Josh Bersin, Principal and Founder of Bersin by Deloitte,
“Many studies show that the total cost of losing an employee can
range from tens of thousands of dollars to 1.5-2X annual salary.”
Employee turnover is eating away the profitability of even the
healthiest organisations….even if profits are not affected, the loss of
top performers can easily shake an organisation to its roots.
To keep Talent from walking out the door, you need to know who your
flight risks are and rectify the situation quickly…but are you able to
answer these questions?
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HOW
In order to keep your best employees from leaving, especially your top performers, you need to know the full story to be able to see what is happening or missing that is pushing Talent towards the exit doors.
Now, the missing trick that differentiates smart organisations from those still trying to keep high performers engaged and happy is this: smart organisations leverage on analytics to help them get the insights they need quickly so they can focus on keeping Top talent engaged and happy.
Get to the bottom of it. Learn the full story.
4Retention : Stop Talent From Taking FlightThe Dashboard Intelligence Series
Introducing the ultimate workforce intelligence platform. EmployeeBoss transforms your people and their data into powerful visualizations, taking Talent Retention to the next level in dashboards even your CEO will love.
Get critical information like:
DPercentage of Top Performers at Risk DNumber of Top Performers at Risk DTotal cost to replace Top Performers DOverview of employee performance
Identify Top Performers & Flight Risks Instantly with EmployeeBoss
Easily drill down by department and/or location or search for specific employees you wish to check on.
These are your Flight Risks
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EmployeeBoss tells you who your high performers are and who you have to show a little more love:
D Location – where is he based? DDepartment – which department is she with? D Risk – what grade is her flight risk? DMarket Demand – is his skillset in demand?
Hover over any one of them to identify flight risks and get detailed information like: D Tenure – how long has he worked with the organization for? DNumber of Job Functions – how many job functions is he holding? D Time Between Promotions – is she overdue a promotion?
D Start Date – when did she come on board? D Cost to Replace – what the cost of replacing her? D Performance – how is his performance compared to her paygrade?
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Get an at-a-glance view of top performers at risk, by department.
7Retention : Stop Talent From Taking FlightThe Dashboard Intelligence Series
Data Fields Field Type Source Systems
* Employee ID Text HRIS
* Employee Name Text HRIS
* Start Date Text HRIS
* End Date Text HRIS
* Location Code Text HRIS
* Location Name Text HRIS
* Department Code Text HRIS
* Department Text HRIS
* Overall Performance Rating Number Performance systems or performance appraisals Typically an aggregate rating that is given to the employee by his supervisors and/or peers on a regular basis with regards to his work performance.
* Risk of Leaving Number Depending on how you define risk, this data can be taken from:
(a) A customised flight risk formula and calculation
(b) Results from employee engagement survey
“For (a), it can be based on a combination of factors like: low performance, unpaid/sick leave taken, updating of LinkedIn profile, peer assessment ratings. This has to be a percentage value i.e the percentage (%) chance that the particular employee is going to leave”
Tenure Number HRIS
Time Between Promotions Number HRIS The average amount of time in years between the employee’s promotions.
Market Demand Text Public data, possibly taken from reports or forecasts. The demand of such an employee in the market. Possible values are low, medium, high, etc.
Number of Job Functions Number HRIS The number of job functions which the employee’s role spans e.g. if an employee is taking charge of both sales and marketing, his value here would be 2.
Cost to Replace Number HRIS A calculation of associated replacement costs, including advertising, hiring and training costs.
Target Top Performers At Risk Percentage
Number A percentage determined by your organisation This percentage refers to the threshold that your organisation accepts. If the ‘Percentage of Top Performers at Risk’ exceeds the threshold, the percentage turns from green to red. e.g 15.
Filename of Employee Photo Text Employee photos Employee photos must be uploaded
Ready to see these dashboards in action with your employees?
How many data fields? 17 How many mandatory data fields? 10How many systems? 2-3
What is required:
Data marked with * are required data.
EmployeeBoss comes with pre-built dashboards ready to use from day 1... so all you have to do is point EmployeeBoss to where your data is.
Here’s what you need to do:
8Retention : Stop Talent From Taking FlightThe Dashboard Intelligence Series
With EmployeeBoss, you can stay one step ahead so you can keep your top talent in your organisation. Treating retention as an on-going priority enables you to focus on proactive measures to sustain long term employee commitment, rather than on scramble to work out reactive attempts to salvage surprise resignations.
Used and loved by leading organizations around the world.
Don’t just take our word for it.
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Best Big Data SolutionStevie Awards 2015
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International Tech company of The Year
IBAs2014GLOBAL
Best Innovation 2015Best HR Service Providers
Greater China
“The workforce planning capabilities inside EmployeeBoss help us keep
ahead of the competition. It’s a secret weapon that sets us apart
from the competition.”
Christina H. Yasui, Head of Global HR, Adways Inc.
9Retention : Stop Talent From Taking FlightThe Dashboard Intelligence Series
Features of EmployeeBoss include: Dynamic Org Charts | Geo-spatial Maps | Reports & Dashboards | Workforce Planning | Recruitment & Vacancy Management
To learn more about the full spectrum of business problems EmployeeBoss help organizations around the world solve, email [email protected] to schedule a live demo.
EmployeeBoss is the first big data analytics solution dedicated to solving problems related to the workforce. Taking business leaders from mess to success in just 5 easy steps: Import, Associate, Visualise, Plan and Execute, EmployeeBoss delivers workforce insights to help business leaders make informed workforce decisions without any hassles or high-cost.
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