We’re awash in data. From the smartphone we carry with us every waking moment, to the Fitbit we wear as we sleep, we produce and have access to data to an extent never before possible. Of course, the value of such data is in our ability to use it to improve ourselves.
Our unfettered access to data extends to the workplace, and as a recent article from the Society for Human Resource Management (SHRM) shows, managers’ ability to make use of the right data can have a significant impact on an organization’s bottom line. Specifically, data can be used to track and improve upon employee retention and turnover rates.
As the article notes, retention and turnover rates are two disparate yet complementary variables. Turnover refers to the rate that employees leave an organization, while retention is defined as the rate that employees remain. In the end, both rates speak volumes about an organization’s stability, and a failure to stem issues related to one rate may lead to issues with the other.
SHRM provides formulas to calculate both rates. The article emphasizes, however, that data about those factors are only useful when paired with a sound strategy to ameliorate any issues the data may highlight. Of such strategies, increasing the transparency of internal employee growth opportunities and having informed conversations with employees about career goals stand to be the most effective.
Career pathing solutions, like CAEL’s PathSavvy, are perfect tools to inspire and inform those conversations. By providing detailed insight into each employee’s role, employees’ skills and roles within the organization that might be a good fit, organizations stand to provide a powerful incentive to remain with an organization, saving time and money, and increasing employee engagement.
To read the full article from SHRM, click here.
To find out more about CAEL’s PathSavvy career pathing software, click here.