In this tight labor market, talent retention is a top priority for businesses of all sizes. For any business to gain and maintain a competitive edge, one of the main objectives of HR leaders and business owners has to be not only recruiting the best talent but retaining it as well. So wouldn’t it be great if you had insight into which of your top talent is thinking of leaving so you could take preemptive action?
With ADP’snew Turnover Probability solution, powered by the ADP® DataCloud, companies can more accurately identify the likelihood of future voluntary turnover. By helping to identify those employees most at risk of leaving, the model helps eliminate the guesswork from identifying likely hotspots of attrition within an organization, and mitigates the business risk of losing valued employees in key jobs, departments and locations.
To gain a competitive edge, employers need to know where the highest levels of turnover occur within their organization, how their likelihood of turnover compares to other companies in their industry, and what factors might be causing employees to leave. Armed with that knowledge, they can proactively build retention plans or coach managers who have higher-than-usual team turnover.
ADP’s Turnover Probability offers organizations a more accurate way to understand the likelihood of future voluntary turnover. Specifically, the new solution:
- Identifies the likelihood of voluntary turnover across an organization, within job types, locations, teams, as well as for individual employees.
- Analyzes combinations of a multitude of factors related to job characteristic, organizational dynamics, compensation elements and employee demographics that impact the likelihood of employee turnover.
- Allows organizations to compare their turnover risk against industry risk benchmarks that draw upon the 30 million employees within ADP’s Big Data.
Actionable predictive analytics cannot be done with only one company’s data. You need industry benchmarks to compare yourself to peer organizations when assessing the relevant factors.
What’s really unique about ADP’s validation approach is that we were able to go back in time and score tens of thousands of employees in our unique and expansive dataset and give them a low, medium or high turnover probability. We compared that risk assessment with whether they actually left their jobs one year later and found that our model was highly accurate in identifying who voluntarily left the organization.
Turnover Probability is powered by the ADP® DataCloud which was introduced in 2015. The capability is unique because it draws on ADP’s massive Big Data which is a result of the company paying one in six U.S. workers. Armed with this data, business leaders and HR professionals across an organization can gain actionable insights into their workforce data and make better informed business decisions.
Benchmarking, powered by the ADP DataCloud, gives companies the ability to compare their data with up-to-date industry measures and was recently named one of Human Resource Executive’s “2016 Top HR Products” and “Awesome New Technologies for HR”.
ADP will highlight its new Turnover Probability capability at HR Tech, October 4 – 7. ADP professionals will be available at booth 1900 to discuss how the model works and how to best incorporate it as part of a holistic HCM strategy.