Managing Employee Turnover Risk

July 26, 2018

Employeeturnover Benefitspackage

In the competitive corporate landscape we work in today, understanding how to manage turnover can change the dynamics of how your company operates.

Why is it important to know and act on turnover risk?

Operationally: Turnover grinds down productivity of your company as a whole. Capacity challenges due to regrettable turnover reduces expected revenue and can shrink the bottom line.

Culturally: The revolving door and perpetual onboarding process can affect employee engagement, erode team membership, and flatten overall morale. Decrease in employee appreciation and satisfaction directly affects overall company performance.

Though some turnover is unavoidable, if a company can gain a deeper understanding of what they are losing (or gaining) from employee turnover, they can begin to make necessary changes for heightened control of their business. Unwanted turnover can be costly, so focusing on managing it is highly valuable and essential in today’s competitive environment.

The Solution:

We recently found that insight from an interactive analytics solution could reduce the cost of turnover by building a thorough understanding of the current state of turnover, why turnover is happening, and how to build an action plan to reduce the risk of unwanted turnover. The solution we built brought in data from various sources including Workday and the client’s ERP and then surfaced the processed information into an interactive data visualization dashboard including:

  • A visual, user-friendly, roll-up-drill-down, actionable solution
  • A turnover risk indicator and score per employee dashboard with persona-based views and row-level security
  • A collection of statistical and time-based trends for predictions of future turnover risks
  • Correlation-based charts and Actual vs. Target charts for turnover analysis
  • Time and Geo Location filtering

The Value of this Solution for our Client is:

  • Reduced Cost: The cumulative effect of managing and reducing regrettable turnover is estimated to be ~12-14% of HR operational costs annually
  • Topline Impact: There is a 7-9% impact to top line results by decreasing turnover and avoiding lost sales, lost capacity, and/or inability to deliver quality products and services
  • Culture and Morale: Difficult to quantify, but potentially more important, is the impact on culture… keeping and growing leaders and high performers has a huge ripple effect

Would you like to see a demo? Get in touch with me here

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