In highly competitive businesses, where attracting and retaining the right talent is the key to innovation and continuous growth, it is important for HR functions to recognise the urgency to embrace the analytics led approach.
In the current context of employee experience being the key driver for HR managers for employee retention, the critical prerequisite would be the ability to define the scope and metrics for the employee lifecycle with organisation. This also means it is time we moved away from measuring employee satisfaction through surveys alone to blending the surveys with data points and insights offered through people analytics for planning and devising the correct approach. And such insights would be meaningful and will lead to appropriate analysis and proactive measures to avert likely dips in employee experience only when they are continuous. The employee experience journey has to commence even before the employee joins the organisation with innovative communication through the company website as well as social media channels.
Listening to the universe on the social media and carrying out useful analytics on how the potential target segment as well as their influencers perceive the company as well as the roles offered has to be the starting point with the view to enlarging the base of audience universe and their positive inclinations towards the organisation. Eliciting insights from the experience of candidates during the interview and the selection process and building models to decipher the joining ratio and creating alerts for critical positions would enable the HR managers to finetune their further candidate engagement processes.
Insights from these milestones would be extremely useful for developing the retention model for various categories of employees. Thereafter, the talent development programs, the coaching process, individual skill development tracks, performance definition and assessment process, customer satisfaction index, social interactions and a whole host of other touch points offer a huge potential for insights all of which contribute further in shaping the retention and attrition models. While most HR managers recognise these touch points in the employee lifecycle and often use fuzzy logic to help in retention of critical talent, the use of data analytics to drive the employee experience and the resultant positive impact on retention is yet to become mainstream with HR functioning.
In highly competitive businesses, where attracting and retaining the right talent is the key to innovation and continuous growth, it is important for HR functions to recognise the urgency to embrace the analytics led approach. For data led approach to gain momentum, the first step is to integrate the existing systems in the organisation such as HR MIS, Learning Management Systems, Performance Management Systems on a digital platform and be able to pick the data sets that would enable the HR function to build a suitable model and train AI tools to support in decision making related to employee experience milestones.
The ability to link business performance parameters with personal aspirations and the growth path of the employees on the strength of predictive and prescriptive analytics should help create an environment of trust and transparency that would be welcomed by employees. Hence for a positive employee experience leading to enhanced retention, analytics should be the priority area of focus for HR managers.
The writer is chairperson, Global Talent Track, a corporate training solutions company