Explore workforce analytics that boost healthcare employee retention, mitigate disengagement risks and receive actionable morale-boosting suggestions.

Using a data-driven approach to analyze employee turnover can empower your healthcare organization to understand the reasons for unwanted departures and improve the retention of valued staff. Examining turnover factors across different organization segments is essential to gain comprehensive insights. This is where workforce analytics comes in.<h2>What Is Employee Turnover?</h2>Employee turnover represents the percentage of employees departing from a company within a specific timeframe. While turnover is a natural aspect of business operations, a high turnover rate often signals deeper underlying issues.The concept of turnover is generally divided into two main categories: voluntary and involuntary. Voluntary turnover pertains to an employee's choice to leave the organization, while involuntary turnover occurs when an employer terminates an employee.<h2>What Does Employee Turnover Cost?</h2>Employee turnover is costly for organizations and includes direct and indirect costs, such as:<ul><li>Lost productivity and potential missed deadlines</li><li>Reduced morale from the additional workload and the loss of a colleague</li><li>Damaged employer brand</li><li>Increased likelihood of future turnover</li><li>Lower customer satisfaction</li><li>New hire costs like advertising, time spent interviewing, screening and performing background checks, pre-employment tests, signing bonuses and relocation expenses, time for orientation, onboarding and training of new staffers, and more.</li></ul>According to Gallup*, the cost of replacing a single employee varies from one-half to two times the individual's annual salary. It's a serious business issue.In today's business world, leaders need strategic insights more than ever. It's crucial for them to quickly and accurately understand how employee turnover affects revenue and profits. Workforce analytics plays a vital role in offering this valuable perspective.<h2>Three Steps to Reduce Employee Turnover with Workforce Analytics</h2>To create customized turnover solutions that match your staff and culture, follow this data-driven approach using workforce analytics:1. Identify the Turnover DamageAssess the extent of the impact of turnover by using key metrics:<ul><li> Resignation rate: Ensure consistent calculation across departments for meaningful comparison. Identify patterns impacting organizational knowledge and connections, especially if top performers or senior managers leave.</li><li>Business metrics: Monitor how workforce dynamics, including resignations, affect business outcomes like revenue. Take proactive measures to understand the correlation between employee exits and overall business performance.</li><li> Root causes: Investigate and analyze the leading causes behind turnover, considering factors such as workplace culture, job satisfaction, and leadership.</li></ul>2. Know the Causes of Turnover Use workforce analytics to investigate the reasons for employee turnover, delve into the root causes of staff departures, and develop a focused retention plan. Explore:<ul><li> Resignation drivers: Use clustering algorithms to analyze factors influencing resignations (such as burnout, well-being, lack of career progression, etc.) to target and refine retention strategies precisely based on concrete data.</li><li>Resignation correlations: Move beyond single metrics and examine how resignations correlate with variables like compensation ratio, promotion wait time, pay increases, tenure, performance, and training opportunities. Identifying these correlations enables proactive measures to address concerns before employees decide to resign.</li><li> Who can be saved: Adopt a strategic approach by recognizing that not all turnover is detrimental. Assess which employees, particularly those in critical roles, can be retained through targeted retention programs.</li><li> Resignation Segments: Compare resignation rates across various segments, including locations, functions, tenure, age, diversity groups, performance levels, and more. This analysis provides insights into how employee populations respond to their work experiences. Strategic investment in programs targeting specific segments can yield significant results.</li><li> Risk of exit: Utilize predictive analytics to identify employees at risk of leaving before officially resigning.</li></ul>3. Implement a Targeted Retention ProgramIdentify critical areas for intervention and craft a program addressing the factors that drive and retain crucial talent in your organization, including:<ul><li> Motivations to stay: Understand what keeps individuals within your organization, such as doing purposeful work, having flexible schedules, and accessing mental health services. Explore career advancement, learning and development, flexible work policies, and other factors through discussions with HR business partners and leaders.</li><li> Promotions actioned: Evaluate promotions within teams or departments, developing promotable individuals. Analyze promotions, considering the percentage of people promoted from within the organization.</li><li> Impact of training: Correlate training investment with high performance and promotions to justify increased learning budgets.</li><li> New hire performance: Assess the effectiveness of onboarding programs and manager support by gauging how quickly new hires reach optimal performance.</li><li> Retirement trends: Anticipate retirements and plan for workforce succession by implementing programs that equip junior staff with skills for future roles.</li></ul>To curtail employee turnover, leading healthcare organizations are transitioning to a more data-driven approach, moving beyond basic descriptive analytics and progressing toward exploratory and predictive workforce analytics. This helps to proactively identify at-risk employees, allowing for targeted interventions to improve retention. Retaining a few critical positions for over a year can result in substantial savings, making a targeted retention program a worthwhile investment.Need help addressing turnover? Let's connect to discuss how <a href="https://www.intellify.com/intellify-sales-lp" rel="noopener noreferrer" target="_blank">Intellify Talent Solutions™ (ITS)</a> can deliver the analytics and insights you need to hold onto valued employees, cut costs, and save time.*<a href="https://www.gallup.com/workplace/247391/fixable-problem-costs-businesses-trillion.aspx" rel="noopener noreferrer" target="_blank">This Fixable Problem Costs U.S. Businesses $1 Trillion (gallup.com)</a>

Mastering Workforce Analytics for Enhanced Employee Retention

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