Attrition hurts businesses. When it comes to employee turnover, around 70% of organizations report that attrition “has a negative financial impact due to the cost of recruiting, hiring, and training a replacement employee and the overtime work of current employees that’s required until the organization can fill the vacant position.”
You spend a great deal of time and money training employees. You rely on them, you entrust them with all your internal secrets, you grow attached to them in both a practical and emotional sense. Then all of a sudden, they’re gone. You know some level of attrition is inevitable, but isn’t there a way to go beyond all the normal efforts to ensure they’ll stick around?
The commonsense advice is to improve your HR and pay attention to employee engagement. Worldwide, in 2016 Gallup found only 13% of workers are engaged, while the US numbers stand at 32%. Disengaged employees are more likely to leave, while engaged employees are likely to help a business succeed. According to a study from Harvard Business Review, 71% of respondents view employee engagement as “very important to achieving overall organizational success”.
Employee retention through the strategic use of big data is already happening. Bank of America …