It is being called ‘The Great Resignation’ and the team at Everperform believe that it doesn’t need to be. Too often leaders first hear about an employee’s exit when they receive their resignation letter which is too late. So how do you go about seeking the cues earlier in order to proactively retain your team?
Based on a recent report by Harvard Business Review they highlight the need to develop a ‘truly data-driven retention strategy’ to understand what the key measures of retention are and also the root causes that are driving it to then be able to address the real issues.
At Everperform, we live and breathe data driven decision making, and as importantly, ensure that the time between signal and action is as short as possible.
Often the data that holds the answers to who may be on their way out is already available, however the key is joining the dots between these data points that reveals what is really going on.
Let’s show you an example.
Based on research conducted by Limeade referenced in this article by Forbes, 40% of employees cited burnout as a top reason for leaving.
By measuring the wellbeing of your employees via Everperform on a frequent basis, you can understand the employees that have low wellbeing scores and compare that to the productivity metrics that are commonly measured in Professional Services firms. This insight below from the platform compares wellbeing scores on the Y-Axis with the productivity on the X-axis. Those with low wellbeing and high productivity are certainly worth keeping an eye on, and interacting with to ensure they are not pushing themselves too hard towards the burnout cliff.
Relationships that employees establish with clients, managers, teammates and peers are also critical in their decision making to stay or leave. As Gallup states here.
52% of voluntarily exiting employees say their manager or organization could have done something to prevent them from leaving their job and 70% of the variance in team engagement is determined by the manager. So by also measuring these relationships on a frequent basis via Everperform, it is possible to understand the strength of relationships between a manager and their employees to provide preventative insights into what may happen into the future.
“The best leaders don't wait for signs of trouble: They take preventive action to keep their talented people,” as said by Gallup.
Leaders have a wonderful opportunity to turn the Great Resignation into the Great Rejuvenation and Everperform has already being used by companies such as Pitcher Partners and KordaMentha to establish these data driven strategies in an agile rollout to have an impact before it is too late.