30 May
Reducing costs through employee retention
According to Forbes Advisor, it costs an average of $1,400 to onboard a new employee. For smaller companies with fewer than 1,000 employees, the cost is even higher because they have fewer resources for onboarding. Overall, it takes about six months for a company to recoup the cost of a new hire. So how can these enormous costs be reduced?
The most obvious answer is employee retention. Losing fewer workers saves the cost of new ones. Many companies try to solve retention problems the traditional way, by conducting extensive exit interviews. The big advantage of people analytics over this approach is that it is predictive, not reactive. This provides more objective information and allows for proactive measures to be taken for all employees. As a result, the workplace becomes more attractive and resignations can be avoided.
So how can People Analytics help you actually?
By getting a full overview of the most important retention metrics, you can identify patterns and trends to ideally adapt measures to your company’s situation. Here is a selection of our most important metrics:
- Attrition rate
- Voluntary vs. involuntary exits
- New hire retention rate
- Forecast attrition
Further metrics for the analysis of employee retention in your company can be found in our metrics library.
After this analysis you can develop strategies together with your team and measure the success in later analyses. The results of your analysis can also help you advocate your interests and suggestions to executives. PeopleIX supports you in your goal to retain employees
Why slog through countless Excel spreadsheets when it’s easy? Our platform uses data from all your HR systems to make people analytics easy for you in dashboards & reports.
For example, if you want to get an overview of the company’s exits, this is how it looks to us:
Now you have a good overview of how many people have left our example company within a year and what the main reasons for the exit were. But this is only one of the many features our platform has to offer. You can find more retention use cases here:
What are you waiting for?
Book a free demo to quickly and easily understand how your company is doing with employee engagement.
Start saving money now and improve employee engagement at the same time!
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