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Managing a workforce can be like playing chess. CEO’s and other leaders, need to be 2 and three steps ahead at all times. Will actions and investments made today, produce the optimal results tomorrow? To know that, requires data.
Human resource departments are sitting on mountains of people data that can provide just those insights. But it’s often siloed in different systems and not presentable in a manner that can provide usable insights. And so, too many important decisions are uniformed and made at a gut level.
TrenData’s AI-driven predictive analytics solution can change all that. By allowing HR and business leaders to aggregate all of their people data, TrenData constructs easy to use modeling scenarios that will demonstrate the near and long term affects of strategic decisions and investments.
Leaders from the C-suite to line managers need to quickly see significant trends and know what they can do to affect them in a positive manner. As in this example where turnover is visibly on the rise, and most notably, high-performer turnover. Below are three metrics that might have an effect on this trend. The percentage of the population allowed to work from home, salaries of employees versus the industry averages, and high performers currently being offered career and professional development. Would altering any of these three help with turnover, let’s use TrenData’s predictive modeling capabilities and find out.
In the model built here, this TrenData client can see future trend changes brought on by specific actions. If the average salary were brought up by $5,000 across the board, the result is a mere .2 of one percent turnover reduction. Not much for a rather large investment. So let’s not do that.
Another option is to increase the number of employees that are allowed to work remotely by 10%. From that we can see that the reduction in turnover is actually greater than one percent. And if we follow the future recommendations from the system we can push it down even further. But the impact has not done as much to bring down high performer turnover which still remains relatively high.
As we look at the last changeable metric it appears the company has been rather stingy with professional development. Particularly amongst high performers. If we hike that amount from the current 6.72 up to 15%, you can see the result in turnover goes down by more than 50%. Thus it would make sense to invest the most in this area.
So when considering workforce investments, don’t gamble the company’s future with uniformed decisions.
Bet on sure things with TrenData’s AI-Driven predictive modeling.
