hiQ Labs Talks about Retention Programs and the Frustrating Cycle of Too Little, Too Late.
We all know that employee retention is critical to company success. And the longer a good employee stays with our company, the more valuable they become -They learn our systems, our clients, and how to work within our organization, making a good employee critical to smooth operations. Knowing that it's critical to keep our best employees from leaving, many HR Business Partners turn to retention programs to address the problem of employee turnover. It's common practice to take information from exit interviews, create sweeping retention programs to address problems, implement the program and then measure its success. It takes months and costs big bucks.
If you’re on the HR Analytics side, you do the same thing, but gather data from a wide variety of sources, sometimes exit interviews or HRIS data. We gather that data to retroactively explain what correlates with leaving the firm and come up with another retention program. This has been the way that HR has approached turnover and retention in the past. We call this the cycle of WHY – focusing only on why we think employees are leaving.
In some ways, it’s incredibly valuable to know this information. But it shouldn't be the only information you act on, because it's not enough. Traditional retention programs only look BACK trying to create causational relationships out of correlates. The retention programs we create take months to implement, are costly and are not effective for everyone. So how do organizations break free of this cycle of too little, too late? If we are going to be able to keep up with an improving economy, easier professional networking (allowing our best employees to be poached away), and the highest-ever mobility of employees, then we must move from reactive to predictive. And we must move from guessing at what most people want to focusing on the highest risk individuals.
The good news is, new technologies not only allow us to do this, but we can do it with fewer resources using predictive analytics products like hiQ Labs Control Center. hiQ Control Center is a next generation tool that allows HR Executives and Business Partners to proactively identify employees who are at the highest risk of leaving. The complex algorithms search publicly available data, which has been shown to be more accurate than internal data alone, and assess the turnover risk of each individual.
Using hiQ Labs predictive retention model, HRBPs are then freed up to focus on the key employees with the highest turnover risk and use their existing toolkit on an individual level - all with less time, fewer resources and lower cost than traditional retention programs. And it's a win-win for both companies and employees because the best employees benefit by getting access to exactly what they need to thrive at your organization.
It's time to move away from the too little, too late Cycle of Why and look forward to Predicting Who.