With rapid changing times, CHROs and their times are attuning topredictive analytics to be ready for a data-driven world.
The system enabled with prescriptive and predictive modelling of the employee is increasingly important today for HRs to make strategic employee retention decisions. With it in place, they save time knowing which employee is contributing more delightfully and more than expected.
Later, they form policies and activities to retain those high-achieving and outperforming employees in the firm. In this blog, you will get up close with those 4 strategies depending on theHR technology.
Understand and use those for improving the high-quality workforce retained in your organisation to drive home more profits.
Frompredictive analytics in your next HRMS tool, gauge your employees' current and predictable happiness factors. The data for the same gets collected from the happiness index and metre embedded with the virtual biometric system.
This is a necessary measure to study how likely employees are going to stay and perform in the organisation. Multiple online detailed studies and surveys suggest that happy employees retain more in the organisation.
Using theHR tech tool, you will know at any time if your current employees are happy. Later, the predictive modelling of the data can tell you if the current status will fluctuate in the upcoming season.
If there is going to be a high fluctuation in the happiness of your employees, the tool also suggests strategies to follow. Otherwise, you can watch over the predicted change in the happiness of your employees over time.
You must refine and revamp your cultural strategies to negate the adverse effects. These can include offering paid leaves, incentives to high-achievers, and ensuring team-building activities often occur.
The HR analytics software often recommends such strategies to improve your staff’s mood and involvement. If those are implemented, soon the retention rate rises above the normalised levels.
Using apredictive analytics model helps HR leaders and teams discern the attrition rate before it starts to rise. The analytics reports highlighted in the system depend on the total employee data registered there.
It reads behavioural cues and assesses performance reports. The system then gives you proper insightful charts on employees most likely to quit in the coming quarter.
Accordingly, then HRs can plan how to retain them well and help them see their growth in the firm. Otherwise, they can indulge in better communications with their staff to know the underlying issues which the system reads that trigger the attrition.
Also, predictive modelling helps in reading normalHR trends related to employees leaving your organisation in a given period. It can also depend on the past data already registered in the system along with the current.
Whatever the case, the AI-backed technology helps HR professionals get a head start in managing their workforce before they even think of leaving.
One of thepredictive analytics advantages is to discern whether you’re hiring and acquiring talent effectively from reliable sources. Next, it helps you evaluate productivity and performance records before predicting which source to choose again for hiring better.
Because when you continue to hire effectively, employees would be more job and culture fit. They choose to stay longer as the acceptable norms and policies are in line with their preferable work styles. These could be hybrid, remote, or asynchronous styles given the current HR and workplace trends.
Using these prescriptive and predictive modelling tools, HRs can settle the cost of acquiring new and fresh talent. Such employees have to be retained well from reliable sources.
They decide after a conversation with the finance, IT, and operations departments to discern different values from these reports. When coming up with defined hiring sources, it impacts the lateral retention strategies as well.
Because as you hire job/culture fit employees, HR leaders won’t worry much. The employees have a chiselled skill set and a clear mindset while joining the firm. Such employees are often themselves changemakers, bringing fresh ideas to increase their tenure and scope.
HR tech software like uKnowva has also become useful while posting jobs on multiple reliable and dependable sources. Thepredictive modelling helps HRs know when, how much, and at what cost to post new job offers to accept a certain candidate.
Predictive analysis is strongly dependent on the performance, punctuality, and competencies of your staff. The more projects they complete and spearhead, the more chances are there for them to retain.
If your staff lacks in contributing certain value to the organisation, it’s an honest mark that culture needs reorganisation. Otherwise, you end up demotivating and outperforming employees. When they feel their work doesn’t add up to the firm's success, they eventually move to another place.
So, theHR analytics tool warns you about these most likely changes to occur in your firm. Based on these reports, you get the right knowledge and idea about your dedicated employees’ performances, and behavioural and attitude changes.
Accordingly, HR leaders must discuss with their management to develop strong retention plans. If the system detects an upcoming attrition rate because of the dip in the performances and added value, it’s time to step up and be more proactive.
In any situation, HR team members are alert and assertive. They come up with more workable and appropriate retention plans like increased incentives, free lunches/tours, team-building activities, etc.
These tasks help improve employees’ perception of the firm’s progress and success agenda.
Predictive analytics increasingly assists HR leaders in reforming their talent acquisition to empowerment journey. With time, as it improves, employees retain more.
However, HR leaders must be proactive while coordinating other necessary functional heads and management. It is necessary to make decisions fast before the attrition rate shoots up again as per the predictions in the system.
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Employee engagement and retention are two significant challenges HR leaders face today. It’s hard for them to retain dedicated employees without harnessing the power ofemployee retention tactics.
Their employees no longer want to stay in a firm just for higher salary packages. They look beyond these monetary benefits associated with their job roles.
How they contribute to their work profile matters to the young generation.
They want to see the changes they bring to firms hiring them. Such insights motivate them to continue working as sincere and outperforming employees.
The best option for HR leaders is to focus on the 3 Cs of employee retention. These strategies will expand their knowledge of what new-gen workers want and how to deliver the same.
It’s more prominent when implementing uKnowva HRMS solutions as a medium of exceptional employee experience.
Employees join an organisation to establish and evolve their professional careers. Employers and hiring managers can help them settle down at gradual learning by offering various opportunities.
It’s up to each management to offer career growth and succession planning when employees come aboard. This career mapping and planning helps inemployee retention at multiple stages. Know it clearly from the pointers below.
Smart uKnowva HRMS tool lets employees work without micromanagement. Team leaders act as guides, mentors, or coaches when implementing this HRMS in their firms. Individuals and teams learn to automate their daily tasks.
This activity makes employees more involved in their daily work. They have the proper tech-tool support to save invested time. This time can be used for accomplishing challenging projects instead.
uKnowva HRMS allows managers to overview each employee’s roster. They can shift and rotate each team member’s tasks for the week. This helps each worker in the team to learn new capabilities, responsibilities, and roles.
Advancing one’s career helps only after building a solid relationship with time. Without respecting time, it’s challenging to complete projects before the deadline. When teams complete their assigned tasks on time, they earn all the trust, reputation, and goodwill.
Employers encourage and recognise their efforts on the uKnowva Intranet platform. This encourages the team to stay and work on more demanding challenges for bonus rewards: cash or kind.
Career, one of the 3Cs of employee retention strategies, focuses on making the team tougher daily. This happens with people managers assign them duties and roles that are usually time-taking and thought-provoking to complete.
Accepting and accomplishing complex tasks helps teams to develop a sense of belonging, cohesiveness, and togetherness as a unit.
Competency is another crucial part of the3 Cs of employee retention strategies. It relates to employees’ ability to prosper and grow in a company.
Employees extend their lifecycle at a company of their choice if it offers them the right career path and learning opportunities.
That could be in terms of:
Competence is somehow attached to the validation from the super seniors and C-suite management. But it should be in front of the entire organisation to feel more responsible and answerable to their assigned roles.
The uKnowva social intranet is a platform which offers on-time employee performance data. Depending on this data, management knows about the completed projects and their effectiveness or overall impact.
If they find the growth and progress outstanding, they encourage their high-achieving employees to break more records. That’s possible by recognising and rewarding them for their timely and outperforming efforts on the intranet.
Theemployee retention rates drastically shoot up with this strategic move. Employees feel that their contribution is noted and is worthy of a grandeur appreciation.
This message makes them stay and creatively evolve their performance to newer heights.
Employees need exceptional rewards for their outstanding efforts to stay and prefer the existing firm over another. Managers must be proactive in listening and acting upon employees' demands, referring to their compensations.
That would be incentivised bonuses, free coupons, discounted gift cards, free learning, travel, and staycations. Team managers can take their mates out on luncheons or dinners to boost morale and confidence.
They can also release a cover story on their uKnowva social intranet tool. It will state every milestone of that employee over a period.
This practice is a massive ego boost for outperforming employees and leaders. They feel confident about their skills and address their urge to level up by seeing their value-adding roles in the firm.
Another way to build competence for overachievers is to let them level up.
That is possible for talent managers who upload new learning modules and sessions on the uKnowva eLMS. It will enable teams to learn on the move at their pace.
Each earned certificate for the training module and session will be a plus point for learners’ CVs. They can get internal job promotions or apply for better work opportunities with higher pay and responsibility later.
The final pillar of the3 Cs of employee retention practices is genuine care for an employee like an extended family member. Employees are genuinely an asset to a firm.
We have heard it multiple times. But if managers fail to care for their employees, they become destructive and start inviting negativity into the corporate workspaces.
However, ways to boost genuine care for employees to connect them back to their job roles and responsibilities include:
Implementing theuKnowva happiness meter enclosed in its virtual biometric system is pretty helpful here. It helps diagnose the real-time mental health scores of each employee working for the firm.
Employers know how each employee is performing as far as their moods are considered.
When employees are happy, the culture is fruitful for boosting their productivity. However, when the happiness metre score dips, it’s an alarming episode for the talent managers.
So, they study the data regularly. They then connect with their hard-working employees immediately and resolve their work-related complexities.
That is helpful inemployee retention because workers do not feel an unnecessary burden then. They achieve more in less time anddeliver what matters the most without spoiling their happiness.
Remote working and other hybrid styles can instill a fear of missing out in employees. They do not regularly talk to their seniors and sometimes feel disrespectful or unheard.
The uKnowva social intranet as an employee engagement tool resolves that problem from employee day one to the last.
Hiring and talent managers are always in touch with their employees using the intranet. But they do not interfere with the work process their teams follow. Instead, they act as trusted guides over the network.
They are available within a few clicks or calls. Employees also see the latest news, announcements, and events happening in their firms using the intranet. They have less anxiety and more sense of belonging and celebration as a unit.
These feelings unite teams to purposefully achieve shared goals and anticipated growth levels. They do not think of switching to other companies when their mental peace is intact at the existing firm.
Employee retention and engagement are two interesting topics to explore. That’s what you get to experience while reading the blog post above.
Notice how care, career, and competence bring back employees to a state of empowering engagement from utter boredom.
These scenarios for improving employee retention and engagement are more promising with uKnowva’s innovative solutions.
Contact us today for your uKnowva demo.
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