Pinpointing factors that drive turnover in your organization is key in reducing voluntary turnover. With the latest updates to our Turnover Insight, you get to identify such factors, work out the cost of turnover, explore specific employee segments, and implement effective interventions.
What is the Turnover Insight?
The Turnover Insight tells you a story of factors often linked to turnover in your organization. It also tells you just how strongly each of these factors is linked to turnover, which makes it easier for you to effectively intervene and implement initiatives that keep turnover at bay.
The Turnover Insight allows you to explore factors in a specific employee segment by utilizing our multi-filtering functionality.
Below we dive into how this insight works and how you can use it in your organization. Read on to learn more.
How the Turnover Insight works
The Turnover Insight will appear on your Home page and in your Turnover chapter, if you have your HRIS source connected to the Orgnostic platform.
To generate this insight, however, there are some data criteria to meet.
For example, there have to be enough turnover events accumulated over years (more than 20% of your total workforce), at least 30 active employees in your company, and at least three measurable factors in your HRIS. If some of these conditions are missing, the insight will notify you about that.
Once you open the Insight page, you can explore four different elements:
- a summary overview
- a chart
- the explanations of factor associations, and
- a playbook.
The Insight summary
The Insight summary shows the expected turnover costs for employees that are at a high or medium risk of leaving the company.
This cost is calculated using indices from the most recent research or by using your Time to Productivity data (if available).
It also tells you which variables are strongly associated with turnover, as well as if any employee segment has unexpectedly higher turnover rate when compared to the rest of the company.
The Insight chart and factors association
The chart summarizes all factors significantly associated with turnover in your organization, while the factor explanation offers a view into the strength of that association.
In this example, given an increase in tenure of 3 years among your employees, the odds of leaving the company increases by 44%. All other factors are explained in the same fashion.
Below factor explanations, you can find a table with individual predictions for the risk of turnover, as well as the estimated cost of turnover for specific employee segments. You can group the table by any employee segment your HRIS supports.
Keep turnover in check with the Insight Playbook
Our insights are accompanied by a Playbook – a set of suggestions you can try out if you want to explore these topics further. Our Playbook is constantly growing and we’re working to surface highly specific and researched advice and suggestions.
You can also track your progress and tick off the suggestions you have already rolled out.
Turnover Insight: use case
Say that your leadership wants to explore what turnover looks like in your organization, as well as what you can do to reduce it.
You’ve been tasked with finding out all the actionable insights from your data.
This process would certainly require a lot of working hours if you’re to extract this insight on your own. You would need to extract and merge data, operationalize variables, clean data, build and evaluate models, and create a story around the final model.
With the Turnover Insight, you can do this in a matter of minutes.
You can explore the summary part and report findings on the approximate costs of turnover if you were to lose all your employees that are at a medium or high risk of leaving.
Furthermore, you can pinpoint the factors driving turnover the most and you can even suggest a number of action steps.
For example, it turns out that with an increase of 16 months between salary hikes your turnover rises. You can then look at employees who have not received the salary increase for the last 16 months or more and figure out if someone is due for a raise.
Which other insights can I find in Orgnostic?
Insights are a really powerful tool — they allow you to take that next step and draw conclusions that can drive your initiatives and interventions. Here are some other insights you can find in Orgnostic in addition to the Turnover Insight.
You can explore differences in employee salaries through the Pay Gap Insight. This insight tells you the story around salary practices in your organization.
The Candidate Drop-Off Insight and Hiring Bottlenecks Insight offer a view into processes you can optimize for a smoother candidate experience.
All these insights run on your data and you can explore its cleanliness through Data Health. This is part of our people analytics offering that detects HRIS and ATS fields that need your attention.
Want to keep turnover at bay in your organization?
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