A new analytics tool aims to help employers troubleshoot what might be causing issues with your hiring and talent retention. Continue reading this blog post to learn more.
One HR software provider is aiming to help employers better understand why workers fly the coop.
Namely has added a machine learning and data analytics product to its suite of offerings for HR departments, the company said Wednesday. Its tool, dubbed Benchmarking Package, allows HR teams at midsize employers to take a deeper dive into what might be causing issues with a company’s hiring and talent retention.
The machine learning technology distills company turnover data and compares it to information from similar employers in the system, says Eric Knudsen, manager of people analytics at Namely. The comparison data is taken from the more than 1,000 employers and 175,000 employees using Namely’s platform.
“Midsize companies who have historically lacked the skills to uncover these insights are getting a new view on the workplace that they’re building,” he says.
The turnover data is anonymous.
Reviewing termination data can give employers insight into the types of employees who are leaving and potentially lead to broader insights on workplace diversity. It also can help employers better understand how they stack up against the competition and whether the company has a healthy turnover rate, Namely says.
Lorna Hagen, chief people officer at Namely, says information like this can help employers get a sense of issues that may arise in the future.
“If I’m seeing pockets of people come from a certain area of work background with higher levels of attrition, what does that mean to my recruiting strategy; what does that mean to my product strategy? It impacts how you think about your company’s future,” she says.
HR departments are placing a higher value on data analytics, and HCM software developers are taking note. For example, Paychex recently added a data analytics feature to Paychex Flex, its HCM and payroll administration platform. The feature also provides users with data on hiring and turnover trends, and companies can anonymously compare data with similar employers.
During beta testing of Namely’s benchmarking product, Knudsen says the company was able to identify certain trends by looking at employer data. In particular, he says, Namely found a notable uptick in job abandonment, or ghosting. The rates of abandonment were higher for companies in the retail and real estate industries, he says, and lower for those in the non-profit sector. The company also found that managers with eight or more direct reports had higher rates of turnover.
Hagen says that employers who look at granular data are better able to understand why workers are leaving, which can help them take steps to reduce turnover immediately.
“It’s a much more interesting conversation, quantifying what is happening with your people,” she says. “The rolling 12 month turnover rate is an interesting metric but it’s not actionable. The ability to look by level or by department — those are ways to start thinking about action.”
Namely says the benchmarking package is available to all current clients, including identity access management provider OneLogin, retailer Life is Good, financial services company The Motley Fool and recruiter software company JazzHR. The price of the product varies based on company size, but typically varies per employee per month.
SOURCE: Hroncich, C. (16 January 2019) “New analytics tool helps employers dig deep into turnover trends” (Web Blog Post). Retrieved from https://www.benefitnews.com/news/new-analytics-tool-helps-employers-dig-deep-into-turnover-trends?feed=00000152-a2fb-d118-ab57-b3ff6e310000