Let’s encourage employee retention

retention

retention

I am no clairvoyant but I see a future where my company will anticipate my disenchantment, my disengagement and consequently, my desire to leave. My company will predict what is important to me and reinforce these attributes.

Should employees accept this prediction, this profiling?

Even though we are living in an era surrounded by, influenced by and dependent on data, our employers are loath to use our own data to help us and themselves. Good companies lose good employees all the time. The warning signs were there but the company hadn’t even bothered to visit the sign-making factory.

Companies attract employees with offers of a competitive salary, maybe a car, how about some health insurance and oh, you like golf; do you need your golf subs paid?

Once we sign our contract and are apparently locked into a contract, the rewards quickly dissipate in number and size. What’s that? I get a whole extra day of holidays once I reach three years’ service? Why, I will work for this company forever.

Why do we frontload our employees’ rewards? Even bonus structures are sold upfront but are rarely revised to retain and engage employees.

Staggering rewards is definitely an option. Why not start with only a salary and then reward employees for value added and performance rather than tenure? You want health insurance? Hit this performance target and you will be fully insured; achieve this even higher target and your family can join too.

We have loyalty programs for customers; we have data driven marketing campaigns for customers and we have retention programs for customers.

The customer provides data and the company provides benefits; keep it simple. Should companies not treat their employees like their customers?

Companies gather so much data about their employees during the recruitment process. Or at least they should. This data gathering exercise should continue throughout the employee’s life. But how often does it continue? How many times has an employee left a company and the company has no current contact details for re-contacting the departed employee?

Why do companies try to learn so much about an employee before they join but then neglect to learn anything else about the employee once the employee becomes an asset?

This is not about being nosey or profiling our employees; it is about making the employee feel valued and wanted.

It is about collaboration and a joint embracing of a data-driven world. Four simple steps could make all the difference to an employee’s and an employer’s future.

First, let’s encourage our employers to gather more data about us, the employee.

Second, let’s encourage our employers to use the data so we, as employees, can maximise our remuneration.

Third, let’s encourage our employers to influence our future by guiding us on the most beneficial path for us and the company.

This is where retention prediction analytics are vitally needed.

Many 21st century companies have 20th century leaver policies. Leaver policies are more about ensuring an employee is paid correctly in his/her final month than about understanding the reason for leaving. Too many companies have a simple leaving interview, which is documented in pencil and stored on the employee’s file until the file is destroyed.

Imagine, in today’s world, all this leaver data is going to waste. Imagine how this data could be used to predict the likelihood that incumbent staff will leave.

Does it not make sense to try and make sense of leaver data? Tools for analytics can then be used to identify the attributes most prevalent in a leaver’s profile.

And so, fourth, let’s encourage our employers to remind us when we are in danger of becoming disillusioned or when we need a new challenge. This simple reminder will retain more employees; thus providing employees with more leverage for reward negotiation but crucially, will also minimise a company’s retention losses.

Employees and employers can work together to share the rewards of greater tenure; if the data makes sense.

Uppiddee has developed a retention prediction algorithm, which will add significant value for employers and employees. Let’s work together and retain our best and brightest employees. To learn more or avail of an online demonstration please get in touch.

Killian McMahon

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