When everyone accepts that something is ‘just the way it is’, there is an opportunity hiding in plain sight. That’s how we feel about staff turnover and employee attrition.
Many organizations get hit with a huge cost each month as key people resign. Those organizations seem OK with absorbing – without question – the replacement costs, the disruption and the lost institutional knowledge. We believe ambitious, forward-looking organizations need a better way to minimize this significant drain on money and resources.
The inertia for many organizations comes from the idea that a certain level of attrition is healthy. They think: “As long as we’re in an acceptable range, there is nothing to fix”. And with that, important systemic issues get swept away and out of sight.
It is time to break the myth: there is no such thing as a healthy attrition rate!
When your best performers are the ones walking away: is that healthy? When your leavers are all from a specific group or demographic: does that make you feel you’re in an acceptable range?
Too many solutions in the current market are general tools: helping you to broadly listen to your employees, or analyse basic trends in your feedback data. Firstly, few of the solutions have a dedicated focus and toolset to solve a problem as critical and significant as employee retention. Secondly, few of the solutions combine the 2 most important sources of your data: your historical HR data and your forward-looking employee feedback.
We identified that every people leader in an organization needs three things:
- To understand who is at risk of leaving;
- To understand why and what the root causes are; and
- To track and measure impact over time.
Image credit Andrea Piacquadio
We believe we have the solution.
At the beginning of 2023, we launched our long term plan to be the employee retention platform. That has meant investing in three crucial areas:
- Integrating with HR platforms so sharing of historical HR data would be easy,
- Connecting employee feedback and historical data together, and
- Building powerful analytics to be able to surface important issues and areas of risk on which to focus, without needing our users to be masters of data or statistics.
We have an exciting roadmap ahead, and hope you’ll join us for the ride.