What data can you use to identify and address retention risks?

1 Employee engagement surveys

One of the most common and effective ways to measure retention risk is to conduct regular employee engagement surveys. These surveys can help you assess how satisfied, motivated, and loyal your employees are, as well as identify any issues or concerns that might affect their retention. You can use various tools and frameworks to design and analyze your surveys, such as the Net Promoter Score (NPS), the Employee Engagement Index (EEI), or the Employee Satisfaction Index (ESI). You can also segment your data by demographic, department, or role to pinpoint specific areas of improvement.

2 Turnover and attrition rates

Another important data source for retention risk is your turnover and attrition rates. Turnover refers to the percentage of employees who leave your organization voluntarily or involuntarily within a given period, while attrition refers to the percentage of employees who leave due to retirement, death, or disability. Both metrics can indicate how well you are retaining your talent and how competitive your compensation and benefits are. You can compare your turnover and attrition rates with industry benchmarks, historical trends, or internal goals to evaluate your performance and identify any gaps or opportunities.

3 Exit interviews and feedback

A third data source for retention risk is the exit interviews and feedback that you collect from your departing employees. These can provide valuable insights into the reasons why your employees leave, what they liked and disliked about working for you, and what suggestions they have for improvement. You can use qualitative and quantitative methods to analyze your exit data, such as thematic analysis, sentiment analysis, or correlation analysis. You can also use this data to create action plans and follow-up strategies to address any issues or concerns that might affect your current or future employees.

4 Performance and productivity data

A fourth data source for retention risk is the performance and productivity data that you track and measure for your employees. This data can help you evaluate how well your employees are meeting their goals, expectations, and standards, as well as how engaged and motivated they are in their work. You can use various indicators and metrics to measure your performance and productivity data, such as key performance indicators (KPIs), objectives and key results (OKRs), or balanced scorecards (BSCs). You can also use this data to identify and reward your high performers, coach and develop your low performers, and create career paths and opportunities for your employees.

5 Employee feedback and suggestions

A fifth data source for retention risk is the employee feedback and suggestions that you solicit and receive from your employees. This data can help you understand how your employees feel about their work environment, culture, and values, as well as what ideas or innovations they have for improvement. You can use various channels and methods to collect and analyze your employee feedback and suggestions, such as surveys, polls, focus groups, suggestion boxes, or online platforms. You can also use this data to create a culture of feedback and recognition, foster employee engagement and empowerment, and implement changes and improvements based on your employees' input.

6 Data-driven retention strategies

Data-driven retention strategies can help reduce retention risks and retain talent. Developing and communicating an employer value proposition (EVP) that showcases an organization's mission, vision, and values is one example. Additionally, creating and maintaining a positive and inclusive work culture that supports diversity, inclusion, and collaboration is important. Offering competitive compensation packages that align with employee needs is also key. Furthermore, providing personalized learning opportunities helps employees grow their skills and prepares them for future roles. Lastly, building strong relationships with employees and providing regular feedback is essential. By using data to identify and address retention risks, organizations can improve workforce management outcomes and achieve goals.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?