Another month, another significant announcement. We are only a few months into 2019 but the product team has already delivered some game-changing innovations and everyone is thrilled. This month we are giving you a sneak peek of our industry-first real-time attrition risk prediction solution. We’ve also made it possible for teams to benchmark themselves more accurately and introduced a new way for managers to acknowledge employee feedback.
In case you missed the news, we’re also proud to announce that last week we extended our Series B funding by €30m, bringing the total for our B round to €48m. You can read about it here
Now, on to the monthly releases:
Forecast Attrition Risk With Peakon’s Real-Time Attrition Prediction
Peakon tracks your employees’ engagement, understands why your employees leave and now predicts how many others will follow, in real-time.
Our team has developed a way to accurately and continuously predict your attrition risk within different teams, and provide you with the insights to reduce it.
What makes the ability to predict departures in your organisation so valuable?
Firstly, it allows you to optimise your engagement strategy to address specific issues in high-risk groups and prevent regrettable churn.
Secondly, it allows you to take a proactive approach to recruitment and plan ahead in order to account for new hires and disruptions to existing teams.
As a Peakon admin , you can now see the attrition risk for your highlighted populations in your dashboard’s overview, within each and any of your segments and on your heatmap, where you can slice and dice the data to get to the root of the problem.
The highest value of our new solution is the fact that your risk predictions are calculated in real-time. The attrition risk prediction in each of your segments is recalculated every time an employee responds to an engagement survey based on four key factors that indicate risk of departure:
In our product release post, which will be posted in the next couple of weeks, we will explain how attrition risk is calculated and what you can do with your predictive insights. In the meantime, if you want to learn more, you can watch our latest webinar with Jakob, our Senior Data Scientist and Michael, our Director of Employee Experience.
Set realistic goals with personalised benchmarks
As with everything in life, it’s easier to improve when you set smart goals. Goals that are realistic and push us to the next level, help us reach the top, amongst the ”best-in-class”. The benchmarks we define guide our goals by allowing us to compare and track our progress. That is why they need to be personalised and accurate.
At Peakon we invest heavily on setting accurate and fair benchmarks by taking into consideration the different team compositions and goals. Peakon’s new percentile benchmark allows you to set the next goal that can shape your company’s and team’s culture.
While you can still choose to be benchmarked against the average performance of your industry, the new percentile benchmark allows you to choose with more granularity where you are and where you want to aim for.
As with all of Peakon’s benchmarks, you can configure this for your company and specific teams in your organisation. e.g. In the video loop below, this company in the consumer industry chooses to be benchmarked against the average (50th percentile) of the consumer industry. However, for their IT team, they choose the Top 5% of the technology industry.
Once a team reaches its goal, they can choose the next percentile until they reach their ultimate goal. At Peakon, for example, we want to stay in the top 5% of the Technology industry. If you want to set more accurate targets for your teams, read more about your benchmark possibilities here, ask our support team or reach out to your dedicated Customer Success Manager.
Also, you can watch our latest webinar on how organisations can use engagement data in KPIs in which Michael, our Director of Employee Experience and Ashley, our Senior Customer Success Manager introduce the Percentile Benchmark.
One more Acknowledgement response to get back to your team
Acknowledgements are one of our most successful and well-adopted ways to address employee feedback. They give team leaders a way to acknowledge employee feedback without having to initiate a conversation. This is a great way to close the feedback loop.
Almost a year after launching this new 2-way anonymous conversation feature, we are introducing a new comment acknowledgement – I agree.
We decided to introduce a new acknowledgement based on feedback from our customers, which is highlighted perfectly in the quote below from one of our Peakon power users:
So, let us know how it goes, and if you want to know more about how to respond with acknowledgements, my colleague Michael shares some great advice here. Our support team is always happy to help as well.
Empowering additional local administration
Our larger enterprise customers have global admins that are responsible for configuring the company’s engagement survey structure, and local admins that can personalise the experience for local teams. This ability to configure settings on a local level is valuable for the survey experience of all employees, no matter their location, language or time zone. This ensures higher participation rates and better quality feedback.
Our latest update gives local admins even more flexibility. More specifically, they can now give different people within the business access to team insights. This reduces the dependence on global admins, and makes it easier for local admins to support different parts of the business and adapt to changing priorities.
An example of this would be when an HR business partner needs to support a manager. The local admin can grant access to the manager’s team insights so that the HR business partner can come prepared to the meeting and facilitate the discussion. This also makes it easier for them to report back to senior leaders within the business using Peakon’s reports.