My Product Path

Data suggests that 3 in 10 UK employees leave to join another organisation each year which is a mind boggling stat ?? The data suggests Product & Technology has a 64.8% retention rate from Jan 2022-December 2023 When you break the maths down it becomes mind boggling, over a 1 year period you will see the following amount of people either leave, be released from duty or retire: How many people at the company v attrition rate: ???? 50 - Attrition rate: 15 ???? 100 - Attrition rate: 30 ???? 200 - Attrition rate: 60 ???? 500 - Attrition rate: 150 ???? 1000 - attrition rate: 300 Top 3 industries for retention are: 1 - Defence - 75.5% 2 - Financial Services - 73.1% 3 - Gas & Electric - 72.9% Top 3 Industries for attrition 1 - Hospitality - 52.2% retention 2 - Agriculture - 45.3% retention 3 - Wholesale, retail, vehicle - 41.6% retention There are hundreds of things which you can do to prevent this, here are 5 common areas we get as to why people look to move on ?? 1?? No pre-boarding or onboarding plan 2?? The role & company was falsely sold 3?? No salary reviews & lack of career progression 4?? Unmanageable work life balance 5?? Lack of transparent communication from management I sampled 10 UK based companies of varying employee ranges and the median percentage of people open to work was 46% which is even above these percentages, we usually see 20-30% so this is interesting! What else you can do? This data shows the importance of working with good recruitment partners who are always pipelining talent for you as we understand the huge holes left when people leave or are released impromptu and it really can derail your company! It also shows why financial planning is important to factor these costs in, they are costs which are often ignored as its a feeling that "it won't happen to us" - obviously every company is different, monitoring churn internally is important for companies so use this as a guide & assess your companies performance over a 2-3 year period to see your median! Should you be a hiring manager / employer who wants to look at your talent attraction & retention strategy then send an email to [email protected] to explore further

Our Founder Ash Goodwin is leading a Job Search workshop with Product Tank Edinburgh ???? For our Edinburgh based product network please click the link below to reserve your place ?? #product

Rodney Hassard is a good friend of My Product Path and he is doing some innovate approaches to building Generative AI Chatbots! This is a must read ?? Rodney Hassard: ?? Excited to unveil my latest article: "How a Trip to IKEA Inspired My Approach to Generative AI Chatbots"! ?? In this piece, I delve into the fascinating world of?IKEA?- a brand synonymous with innovation and customer-centric design. I explore how the ingenious layout of IKEA stores, particularly the iconic "corridor" concept, mirrors the structured yet flexible approach I believe gives the best balance when developing AI chatbots and virtual assistants with?#llms. Discover how blending the best of traditional customer service strategies with cutting-edge?#generativeai?can revolutionize the way we interact with technology, making it more intuitive, helpful, and, importantly, human-centric. I enjoyed writing this one and welcome thoughts and discussions on how you are implementing generative AI chatbots and whether you share the same opinion for enterprise deployments. #AI?#Chatbots?#CustomerExperience?#Innovation?#IKEA?#Technology

Want to learn about building #productops 0-1? Listen to Graham Reed ?

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