Let’s delve into the world of comprehensive analytics and its role in predicting and preventing employee turnover. In today’s competitive business landscape, retaining top talent is crucial for organizational success and growth. By harnessing the power of data-driven insights, organizations can gain a strategic advantage in understanding employee behaviors, motivations, and potential attrition risks.
In the webinar below, our expert panel of industry leaders explore the latest trends, techniques, and best practices for leveraging analytics to predict and prevent employee turnover. We discuss the various factors influencing retention, including job satisfaction, career development, work-life balance, and organizational culture. Through real-world case studies and practical examples, you will gain valuable insights into how analytics can help you identify and address potential retention challenges before they escalate.
Check out the following links for more information:
- Employee Retention Statistics You Should Know in 2023
- 50 Employee Turnover Statistics to Know Today
- U.S. Bureau of Labor & Statistics Labor Turnover Tool
- Why AICG is Best for Solving Human Resources (HR) Challenges
- AICG HR Case Studies
- People Skills Are More Important Than Ever
- Maximizing Your Investment in Ceridian Dayforce
- Ceridian Dayforce to Snowflake
- The Importance of People Analytics
- 5 Ways AI is Revolutionizing HR: From Recruitment to Employee Engagement
Other Meetups and Events to check out:
Transcript from the Webinar:
Hello everyone. Mike Jelen, is a senior vice president here at AICG and one of our data experts. I’ll be turning this over to him in just a moment. But first, if you have any questions as we go along, feel free to drop them in the chat or just raise your hand and we will address them. Okay, our time is limited, so with no further delays, here is Mr. Mike Jelen.
Thank you, David. Appreciate it. Thank you everybody for joining us today. We are recording this session, so if you do have to leave early or want to share this with any team members, we will send this out to you after the recording and feel free to share with them.
As Chadwick said, in today’s competitive business landscape, retaining top talent is really crucial for organizations to succeed, but then to also grow. And so by harnessing the power of data-driven insights, organizations can gain a strategic advantage in understanding employee behaviors, motivations, and potential attrition risks.
Of course, the billion-dollar question. All right, well, how could we do that? How do we think through it and what are some of those strategies? But first, David and I thank you for joining us today and feel free to type in questions along the way. There is a little question window and we will be asking a question to youin a little bit in order to take a poll. So stand by for that. We’ll let you know when we’re ready to have you give your input on that question.
So we look at what is the problem at the end of the day. You know, there’s still organizations are struggling with retaining employees, attracting employees, but then it’s one thing to say, okay, we lost some employees, but understanding why they left. And it’s one thing to understand why they left. Is it something that we can do? Something that we even want to do in order to retain those employees. And knowing that whatever we end up coming up with, there is a trade-off between if there is an additional benefit or something that we could offer or do different in our organization relative to replacing employee, you know, there’s costs to either of those and understanding what those true costs are are very, very important in order to make the best decision.
And of course, looking at just the generational difference between some workforces out there also plays an important role in understanding how can we attract or how can we look to retain people and be proactive in retaining those folks before a situation arises where they decide to move on, which typically is too late in order to try to retain somebody when they’ve already made that decision.
So first off, looking at, well, why are people leaving? Well, typically isn’t just one reason for employees leaving. Tends to be a relative to, all right, I can get better pay or benefits somewhere else. Well, we all know that better pay and benefits, there is a certain level that you can provide before that becomes, you know, an intrinsic value of, all right, I need the reason to get out of bed every day. I’m excited to work. I want to go above and beyond what I did yesterday or what my peers are doing, or I’m excited about my role, you know, better pay and benefits doesn’t really get you out of bed every day. So that can’t be the only reason as to why people are leaving.
We have the big debate that’s going on right now, especially post COVID, that flexibility and remote work. Lots of articles out there in the world as to what’s the best way to handle that. Some organizations that did move remote.
The two products that are moving remote are now going back to in workplace. There are some industries and businesses that really didn’t have a choice. They, because they were an in-person, perhaps you’re a manufacturer of goods or you’re a logistics or shipping, trucking organization.
All of that is done in person or a lot of that is done in person. And so perhaps COVID didn’t have quite the same impact of remote versus flexible work schedules because of just the nature of your business.
And of course, people just want to show up, do a job, get paid. They also want to be learning and have some sort of mental stimulation. Now, that isn’t true for every employee. Some employees do just want to show up and job it, so to speak.
And, you know, another aspect is, you know, if you have low engagement from an employee, you know, at times that’s, you know, perhaps the manager, it could be a personality difference.
It could be an overall workplace, perhaps the workplaces and as friendly as it as it could be. Along with having that work life balance. We hear a lot of organizations say, well, we, we, it’s a key part of how we attract and retain people is a work life balance. And then the data will say from the employees that they don’t feel they have a work life balance and that’s a, you know, a large clue as to okay, there are a number of different reasons as to why people are leaving, but it’s typically not just one.
Sure, people get pushed over the edge that there is one of these particular reasons for leaving is weighted higher in their mind than others, but that isn’t true across the board for every person in a particular department or on an individual team.
There’s a lot going on. And it’s very difficult and hard to understand what is the true pulse of the organization to be able to say before we come up with things that we’re going to do different or offer to our employees just having that understanding of the why and to be able to have really that data to be able to understand if we’re going to be proactive versus reactive. And when you think of the solution, aka the solution is really leveraging a data-driven approach, collecting that that data.
Well, how do you collect that data. Well, you can talk about employee benefits. Well, it’s sure we can understand who gets employee benefits, but who’s taking advantage of the employee benefits and I don’t mean taking advantage and a negative connotation.
It’s from the perspective of who’s using the benefits. Somebody that’s single versus married, somebody that has kids doesn’t have kids, somebody that’s thinking of upward trajectory or mobility within an organization versus those that are perhaps in their twilight part of their career or don’t have that interest.
Trying to understand your population from those perspectives. Sure, compensation is also part of that as well. How are people being compensated across teams, whether it’s the amount of experience they bring to the table, or the amount of contributions that they’re bringing to the table as well.
And some of those contributions are, are not only driven by. If you’re a financial or somehow you have, you know, all right, based upon this amount of deliveries that you’re able to make or this amount of tonnage that you’re able to produce from an output perspective, those are some ways.
But if you have professions within your organization that are a little bit harder to measure those performance details, well, now it comes into the annual reviews or just your general review process, you know, performance details also could be absenteeism. Some organizations that we work with are you get seven strikes and you’re out.
Other organizations are you get three strikes and you’re out for their individual roles. And that is, you know, no judgment whether you’re at three or seven. It’s just the nature of the industry that you’re in, the types of folks that you attract to the various positions. It’s just the reality of some of the things that organizations have to work through in order to work with the talent pool that they have access to in their geographic area.
And of course, employee feedback. Employee feedback, sure, you get some feedback during their review process, perhaps you’re one on one. But there’s other means to collect this data in an organization, really an anonymous format. That’s the key area is that it’s anonymous where you do get, try to find some of the patterns or the reasons as to what is the temperature check or the sentiment of the folks in my organization of how they feel. And knowing that not everybody is going to be happy on any given day, but you’re looking for patterns in those trends.
So we have a poll question here, that we are going to pop up that you should see in your screen. And it is really just trying to understand what are the different HR IS systems that are in your organization. And we completely understand that not everybody will have something listed on this list. And that’s okay. Just answer with what you have. It gives us a little bit of a sense of organizations out there. It’s more of a curiosity perspective. All right. So we have lots of different answers out there. Thank you. Appreciate that. All right. So, you shouldn’t see that poll anymore.
So we look at some of the use cases out there. And I think it’s important to talk about what are others going through, what have they gone through, and what are some of the things that they did from their solution perspective that worked well for their organization. And when we say work well, what does work well really mean? Because that’s the proof in the pudding at the end of the day.
You can do lots of different activities that don’t really lead to true, you know, moving of the needle or improvement within your organization. That’s not what we’re talking about here. We’re talking about real improvement of either lowering costs and/or improving retention. That’s really what we’re driving towards at the end of the day.
So we have a trucking transportation company that we worked with, struggling with high turnover. And actually, because of that high turnover, there’s a high recruiting cost. But at the same time, they had, they were growing, they were growing because they were VC funded. And as part of their growth is they were, they were and still are buying up many other, you know, smaller organizations and integrating them, you know, really as quickly as, as they can.
And so when you think of a growing organization that has high driver turnover, that’s a really slippery slope and a very expensive problem to be in. So as part of their solution, it was really getting that driver feedback and combining that feedback with other information that they identified as, all right, we can be proactive, are we giving our drivers enough miles in a week? Because miles translate to dollars in the driver’s pocket.
But understanding from one week to the next or even one month to the next, if I went down and the amount of money that I received, well, what happened? Did my truck have problems that perhaps the, you know, my route disappear that I had counted on? Did I take a vacation, you know, in that timeframe?
Maybe I had some sort of absence that I needed to be away from work and I wasn’t able to work. Or am I just pulling away, you know, from the company in regards to doing business to really understand what is happening to your driver workforce? So that allowed them in order to identify candidates to say, look, we need to give people more dependable either routes or to ensure somebody that has been with the organization for a while that they are driving enough miles in a given week or given month in order to make the revenue that they anticipate in their role.
And so by doing that and taking a little bit different spin versus the original approach was to go in and say, well, all right, I’ve got 125 drivers. I’m just going to peanut butter evenly over 125 drivers. What I think is appropriate and not always accounting for, oh, if a truck broke down, I need to take extra special attention to that particular driver to work with them to say, look, all right, your truck’s broken down. Here’s either another truck, which is more easily done in larger trucking companies, but trucking companies that don’t have the luxury of having many trucks sitting around.
All right, do we go and rent a truck for that particular time frame that is needed to give them a different route? Or do we make a decision to say, OK, you get paid vacation or partial paid vacation for that time frame and work with that individual situation, which at the end of the day, yes, it did require some one-off and creative thinking for individual situations, but it really was all about how do we improve that driver experience with our organization, which naturally led to reduced turnover by 4%, which of course also lowered the recruiting costs. It’s always more expensive to replace somebody than it is to be proactive and retain that individual.
So we’ll get a second organization, really in the safety business, and that is the best way to put it. When it came to onboarding new employees, there’s no shortage of training that employees are required to go through.
And then there’s training that is specific to an individual’s job. And some of that training is, oh, go talk to Sally, she’s going to onboard you and go through some machine training, and then you’ll be on your way. Well, there was a lot of one-off training that was happening, but it wasn’t tracked anywhere.
So there wasn’t this culture of using data and having accountability as to, did you train? What did you train? Was that training five minutes or 30 seconds of training? And training one time doesn’t mean that the person is going to understand, I know everything about what I need to do. So you need to have that follow-up in the refinement of the training and having somebody look over their shoulder to say, all right, I like what you’re doing based upon what I trained you here is some refinement to do things better or faster.
And so having an application or a system to track that data is very, very important. And once this customer put in not only this tracking and training system, it was really all about leveraging that data in order to understand who isn’t getting trained, why were they not getting trained? And to make sure that those folks were getting trained. And once they were using this data in order to get that visibility, they were able to make decisions and take action which reduced safety incidents by 9% in the first three months.
So huge gains for them by making what is a small decision or a small change by tracking this training so that they had better visibility. So it’s one thing, what can I do? So based upon those two examples, all right, what about me or what about you, the attendees in today’s session? You’re really identifying, what are those metrics that provide that real insight into the sentiment of folks in an organization?
And those folks could be in a team, it could be a department, it could be a business unit, it doesn’t have to be a company, the entire company itself. Target smaller areas. And really to not just ask the question of why you’re leaving, why you’re thinking of leaving, but those people that are leaving and those that are staying to understand why are you staying?
What is it about your job that you really, really enjoy? What is about the company that you enjoy? The feedback that you’re gonna get is, of course, it’s gonna be varied. Some will say I absolutely love my manager.
I’d run through a wall for my manager, I’m gonna stay almost under any circumstance. Great, all right, awesome manager. Can we do something with that manager to either manage additional people, maybe manage more teams? Perhaps that manager should be promoted and they’re managing multiple teams.
So now that you have this area of positivity in the organization, can you leverage that to further enable people to stay? And of course, why are people leaving? Lots of great information there. And again, some of those things you’ll be able to change more easily than others, but really having access to that data.
But just because you have the data, there needs to be a willingness to change. And we understand that the folks on this call here may have come up with, all right, here is the problem. Here is why people are feeling this way. Here are things that we can and should be doing. In order to improve retention or lower our recruiting cost, at times there needs to be a budget for that as well.
You may have the budget, you might not have the budget, you may have to go ask for a budget. And if the asking is, yep, our company doesn’t have budget to make changes, then there’s the rhetorical question of, if we can’t make changes because we don’t have budget, how are we going to improve our situation? That’s a tricky cycle or circle to get in. But what you can help in that scenario is to really educate and provide insight to a wider audience in an organization. To be able to say, here is why we need to act or react to the situation that we’re in. Here are ideas in order to improve upon that and perhaps find a champion in the organization that’s willing to say, you know what, you’re right, we’ve got to do something about this.
Other things to consider is the, well, the how, okay, everyone has data. You have data in so many different sources. Some of that data might be easier to get access to than others. And just because you have access to the data, doesn’t mean it’s easy to make sense of that data.
You have data in multiple different systems. Could be hard to join that data together in order to say, okay, now I have the understanding that I’m looking for. Tons and tons of technology options out there. Some organizations you’ll have the luxury of having access to an IT team that can help you out. And other organizations, you’re on your own. You are the IT team in order to figure this out.
But really leveraging the technology and really easy-to-use technology, there are tools out there. There are applications that can help with bringing data together and to bring it together in a meaningful way that can help you drive towards the understanding and visibility into those key metrics that we talked about earlier. So when you think of some of the different systems out there, what can you do for this comprehensive type of analytics?
It’s really taking that data, lassoing that data, putting it into a central location. And so that way, whether you’re a manager, an individual worker, someone that’s in leadership, various layers of leadership, you’re all using the same data. You’re not passing around an Excel workbook and it’s got 40 different tabs in it.
And depending upon what department you’re in, your department has one or two tabs and that’s what you’re trying to make sense of. It’s not that. It’s an interactive dashboard that says, here’s where your KPIs are, allows you to drill into the details for deeper understanding or deeper insight into what’s happening. There’s a lot of times we see with the KPI, it might look really good when you aggregate it up over a large department or the organization. But when you drill into the KPI, you can see, oh, this is gonna tell me a different story.
Perhaps three quarters of my company is good, but I have a quarter of the company that the sentiment is very low and it needs adjustment. Great. Now you can take better action and not let the law of averages kind of blind you from understanding what is the deeper problem or opportunity at the end of the day.
And so now, within your Q &A box, feel free to ask any questions. We will kind of pick these off one by one and respond to them. So we’ll open the floor now. So please type in your questions.
All right, so let’s see, they’re starting to flow in here, which is good. Let’s see, so the first question is, let’s see. How would I integrate these multiple systems into a data cloud? Are there particular technologies or processes?
And it’s a little bit of both at the end of the day. So one, and we say a little bit of both, is that there are technologies out there that will go and gather the data. But it’s one thing to have the data centralized. It’s another thing to make sense of the data and to, one, to bring that data together, but then two, to be able to report it back out in a dashboard or some sort of a format that is meaningful to your audience. So when we say meaningful is to have the right metrics. Do people have an understanding of what these metrics are? Why are they important? How should I use them, either for my job, my department, or maybe I as an individual?
And why should I care? A lot of organizations we see on a quarterly or semi -annual basis, they’re changing KPIs and new ones are rolling out. That just creates chaos and confusion for people when they’re constantly changing.
So having that consistency so that not only the metrics are defined, but that you have data that’s flowing in on a regular basis, ideally, at least on a daily basis to be flowing in to say, here is what the picture looks like today. Some sources we understand are not updated on a daily basis. You’re likely asking your employees every day, how are you doing? You know, give me feedback.
However, say at the end of a route or end of a delivery, you may ask your driver, okay, how was your experience? Maybe you asked them once a month or you have random polls that go out.
You have that ability to collect that data. Now, when it makes sense and just knowing that people in your organization, they’re going to look at those metrics and dashboards. Maybe they don’t look at it every day, but you don’t know which day of the week, what time of day they’re going to be looking at it.
So as long as you have that data updated on a daily basis, then you know people are looking at the latest and greatest. Let’s see. And then one final, at least one more question here.
David, maybe I’ll have you take a first pass at this question here. Where can I learn, where can I go in order to learn more details on how to either buy a solution, build a solution? And where would you have me start?
Why don’t we do this? I would love to set up a meeting with you where we can go through that scenario and find, because I’m certain there are things that you do in your particular job situation that are different from others that we’ve worked with. So I’d like to have some of those differences. I’d like to know some things specific about your work environment, and how things go there. So why don’t we do that if you would just drop your email, and I’m sure we’re keeping all this data here of who was there, who was here.
And we’ll set up a meeting later and I’ll bring Mike along with me when I can get on his calendar and we’ll hash that out together. Sounds like a reasonable way to go. So just leave us your email address in the chat there and your name, who you are, your position there at the company you’re working with and I’ll be in touch probably today. Yes. Yeah.
Or feel free to respond to the, when we sent out the video feel free to respond and we’re happy to engage with you that way whatever is easiest for you. So, no more questions at this time, but thank you everybody for joining us today and taking time out of your busy day in order to hear and learn from us. Like David said, we’re happy to dive deeper into your situation, providing sort of guidance that we can or just ideas.
We know if we could get all of you together in a room, I’m sure there’d be a lot of similar stories, similar struggles of your organization, what you’re trying to do for your organization and using data and turning data into an asset so that you can have better insights and make better decisions or even better decisions is good for everybody.
So, thank you everybody for joining. Appreciate it and look forward to seeing you next time.
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