Are you aware that it costs employers 33% of a worker's annual salary on an average to hire a replacement? That is what the research states along with the fact that 75% of the causes behind employee attrition are preventable. Employee attrition analysis as stated in one of our previous articles, focuses on identifying these preventable reasons behind employee turnover and the times of the year when you should expect maximum attrition.
Losing a customer-facing employee is especially concerning as clients are more comfortable speaking with people they have an established rapport with. Moreover, it hampers your organization's collective knowledge base, relationships and has a direct effect on revenue. Customer issues and escalations are more likely to increase when you have new folks on the job.
Hence it’s no surprise that employee engagement and employee retention are hot topics in the industry today (especially in a sales organization). The primary focus initially will revolve around preventing employee attrition and identifying methods to improve employee engagement.
There are several qualitative and quantitative metrics for organizations to improve retention. The first step however, is to build an attrition model that helps you identify the WHO and the WHEN of attrition. Once you have identified these metrics it becomes easier to focus your attention on key aspects from a retention perspective.
As a part of our conversations we noticed industry leaders being aware of actionable insights that can be drawn from employee information. However, there was a uniform challenge for everyone in terms of absence of an out-of-the-box tool. The ones available in the market are custom made or developed on-demand and need time and monetary investment. These are standalone tools that have separate licensing and integration requirements along with onboarding and learning needs from a usage standpoint. Power BI helps you overcome these challenges and does not need any technical know-how or onboarding. Considering that it comes as a bundled app with Microsoft suite we have put together a free template that will suffice your needs.
All you need to do is open this template with Power BI and connect it with employee information to see insights as seen in the first screenshot above. These graphs have been created using the standard attrition rate formula and displays attrition rate by years. You can also drill down within a year and find out attrition rate by months as seen in the second screenshot above.
The above tool focuses on the trend of attrition within a year. We will soon follow up with a behavioral analyses of attrition and its reasons. Stay tuned and drop us a note at firstname.lastname@example.org if you have any specific needs above and over the free tool we've provided. We would be happy to get on a quick consultation call to address it.
FinTech impact on Financial Services
UPI, Paytm, Online Banking, just think about how often you use these services. Life has been made easier since we were introduced to online banking. Read this blog to know about how FinTech has had an impact on Financial Services.
Top React Libraries to try in 2021
Wondering which is the correct React library for your project? This blog will help you make that decision. Read this blog and get to know about the Top React Libraries.
Hire Knowledgeable Full Stack Developers for Excellent App Development Services - Incentius
Businesses should hire full-stack developers having specialization in writing codes on both the client-side and server-side of the application.