In a healthy economy, a certain amount of voluntary employee turnover is normal. People switch jobs for many considerations: family, convenience, compensation, growth opportunities, and more. But long before a star employee starts looking for a new position, there are usually a variety of signs that they’ve become a flight risk. If you could see those signs, you might be able to prevent the attrition. That's where PwC's Predictive Services comes in.
Many companies use people analytics retroactively: they focus on recording who leaves, and whether the separation was by choice. This has some value, but it's difficult to act on the results. After all, you have to know why employees have left to accurately predict attrition risks of current employees. With the right knowledge, you can take real steps to keep your talent happy, engaged, and less susceptible to competitive overtures.
Organizations have more control over attrition than they think — if they know how to read the signs.
Our Retention Analytics and Attrition Risk services uses advanced statistical modeling to see the correlations that lie hidden in your data. We begin with standard HRIS demographic data, and incorporate information about compensation, commute, performance, attendance, and hundreds of other attrition variables. Then we cross-reference this data with historical trends, to see which indicators are most relevant. Our tools even let you simulate the use of different retention tactics, to assess initiatives before you make investments. Dashboards and other visualization tools make it easy to get and share the information you want.
But anticipating potential vacancies is just the start. With the right information, you can predict skills gaps, helping you to determine whether your learning and development program is capable of addressing inevitable changes. You'll be able to develop contingency plans, treating turnover as you would other business risks. And you'll be able to manage overall headcount more effectively to align turnover, voluntary or otherwise, consistently with your workforce planning strategy.
Our predictive analytics tools let you act, rather than react.
Our Retention Analytics and Attrition Risk services complement other PwC talent analytics and predictive services programs by extracting insights from your HR Big Data. We use advanced statistical techniques to find the hidden patterns, so you can anticipate rather than react. From surveys and benchmarking to predictive services and people analytics strategy, we help our clients make fact-based decisions about human capital, creating meaningful change for employees, teams, and entire organizations.
We would love to learn more about you—and learn how we might be able to help. Take the next step: click here to start a conversation.