Turnover has the potential to be more detrimental to organizations now than at most other times throughout history. With unemployment at an all-time low and a smaller group of new employees entering the workforce than retirees exiting the workforce, turnover can leave a company riddled with vacancies and struggling to fill the gaps.
Understanding how to use HRIS to research the reasons for turnover can be very helpful in mitigating it. While most organizations know their turnover rate, there is much more research to be done beyond that number to improve retention and figure out what is making employees leave. The following are a few tips for using reporting to better understand a company’s turnover.
In some cases, turnover is tracked and reported differently between departments or locations within the same organization. Keeping turnover tracking consistent can help an organization look at it with a big-picture focus, rather than trying to chase the reason for each department or location’s turnover individually.
Separate Resignations from Terminations
Looking at all turnover in a single chart can be helpful in gauging overall turnover, but separating resignations from terminations can tell a more detailed story. While both can be upsetting, resignations often have a greater impact and reveal opportunities for improvement when it comes to retention and employee satisfaction.
Terminations may be unavoidable in some cases, as there will always be the new employee that can’t quite hack it or the seasoned employee that becomes apathetic about his or her job duties. However, new employee turnover from terminations may be reduced with tighter hiring practices and better training policies. Figuring out new employee termination turnover versus other types of termination turnover may help to identify issues with hiring and onboarding.
Compare Job Factors across Resignations
Comparing pay, benefits, raises, performance, and promotions across resignations can help you to determine whether these factors are potentially influencing turnover. For example, if employees in a certain pay bracket quit at a higher rate, it may mean that pay bracket isn’t measuring up to industry norms. Tweaking some elements – such as pay or raise percentage – and re-evaluating turnover may provide even more insight.
Use Exit Interview Surveys
Exit interview surveys can help you to pinpoint certain factors that are being commonly cited as reasons for leaving. A few common reasons that are cited are poor manager relations, a lack of training, and few opportunities for advancement. Cross referencing these reasons for leaving with other factors, such as the length of time in position and performance can provide more specific direction for improving retention.
Predict Future Turnover
Some HRIS are equipped with predictive analytics that can use current and past trends to predict future turnover and even which employees are at risk of leaving. With this information in hand, you can work to mitigate the turnover percentage and perhaps even work more closely with the identified employees to figure out what might make them leave and what might make them stay. Retaining employees that may have left can save money and help a company preserve value.
If you feel that a HRIS could help your organization reduce turnover, we can help you select your perfect solution. Visit our vendor match page to get started.