Every company faces some sort of workforce retention. And to understand why this happens, how often, and what changes can be made to reduce it, workforce retention analytics plays a huge role.
It is a small category of the wider spectrum of workforce analytics, and it is one of the most important studies that an HR can conduct. As a newbie HR, if your goal is to understand what is causing your employees to leave within the first year, you might want to learn more about it. That is where we at PAFOW come in!
Why Does It Mainly Happen?
Before we dive into the main solution that we have for you, let’s talk about what even causes a high retention rate? Well, the main reason is that the company and the employee are just not compatible. The employee might be expecting one thing, while the company may want something else.
To better explain this we have an example. Let’s say, a game development company hires a developer who has the same overall vision as the company. However, the work ethics and practices of the company are not compatible with the employee. This causes them to leave after a very short period of time.
How Much Harm Is It Doing?
To be fair, it is doing a pretty large amount of damage. Studies have shown that companies lose around 11000 euros per employee retention. So, the more the retention rate is, the higher the chances are that your company is going to go bankrupt. So, you better learn how to keep your workforce intact.
What Solutions Are Available?
One of the most prominent solutions is that you conduct various surveys and do a full workforce retention analysis. This will help you identify the exact factors that are causing and/or promoting the increase of retention rate. This way, you will know exactly what to do and what not to do.
The best advice anyone can give you about reducing your workforce retention rate is that, provide your workforce with a good work environment and provide the best possible employee experience. And not to mention- hire good employees who want to stick around in the first place.
Learn More About How To Reduce Workforce Retention
If you want to learn more about how to reduce workforce retention, may we interest you in the best HR course on the internet? Here at Learning Labs by PAFOW, we have a full course on these topics that are explained by the world’s greatest minds.
The course instructors explain everything using loads of examples and also by solving case studies. The courses are very interactive and interesting, so you cannot miss it if you want to be a great HR.
Sign Up For Learning Labs By PAFOW Today!
Head over to our site and sign up for Learning Labs. Sign up for our HR course that covers workforce retention analytics, and save your company from losing all these incredible minds and manpower.