How do you benchmark and compare retention data and analytics across industries and regions?

3 Choose your methods and tools

The third step is to choose your methods and tools for retention analysis. You can use different methods and tools to analyze and visualize your data, such as descriptive statistics, correlation analysis, regression analysis, survival analysis, and predictive analytics. You can also use software tools, such as Excel, Tableau, Power BI, or R, to perform calculations, create charts, dashboards, and reports. For example, you can use descriptive statistics to calculate the average retention rate and turnover rate for your clients, or use survival analysis to estimate the probability of employees leaving at different time points. By choosing your methods and tools, you can generate insights and recommendations for your clients.

4 Compare your results

The fourth step is to compare your results with industry and regional benchmarks. You can use different sources to find benchmarks, such as BLS, GEEI, SHRM, or other industry associations and publications. You can also use online tools, such as PayScale, Glassdoor, or LinkedIn, to compare salaries, benefits, and ratings. For example, you can compare your clients' retention rate and turnover rate with the average rate for their industry and region, or compare their compensation and culture with their competitors and peers. By comparing your results, you can evaluate your clients' strengths and weaknesses, and identify opportunities and threats.

5 Communicate your findings

The fifth step is to communicate your findings to your clients in a clear and concise way. You can use different formats and channels to present your findings, such as reports, presentations, infographics, or webinars. You can also use storytelling techniques, such as headlines, summaries, key messages, and call to action. For example, you can use a headline to capture your clients' attention, a summary to highlight your main findings, key messages to support your findings with data and evidence, and a call to action to suggest actions or next steps. By communicating your findings, you can demonstrate your value and impact as an HR consultant.

6 Update your analysis

The sixth and final step is to update your analysis regularly to monitor changes and trends in retention and turnover. You can use different methods and tools to update your analysis, such as automation, alerts, feedback, and reviews. You can also use best practices, such as data quality, data security, data ethics, and data governance. For example, you can use automation to collect and process data automatically, alerts to notify you of significant changes or anomalies, feedback to collect input from your clients and stakeholders, and reviews to evaluate your analysis and improve your process. By updating your analysis, you can stay relevant and responsive to your clients' needs and expectations.

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?