When your employees resign, it can cost your company between 50% to 250% of their salary to replace them. However, while attrition is inevitable, you can take steps to reduce it. Understanding what causes it means you can be proactive to better manage the impact it has on your organisation.
In this episode, Michael, our Director of Employee Experience, and Jakob, our Senior Data Scientist, take a look at the reasons why team members quit, and how low employee engagement directly contributes to staff turnover.
These concepts underpin our new Attrition Prediction feature, which helps organisations forecast when and why turnover is likely to happen, and the warning signs to look out for.
Part one: The reasons behind attrition
In the first part of this month’s episode, Michael and Jakob examine the reasons that drive employees to hand in their resignation.
While employees leave roles for a number of reasons, we’ve identified four key indicators from our dataset that can have an impact on when and why they might resign, including tenure length and declining engagement.
Part two: How Peakon’s Attrition Prediction model works
The second part of our webinar will see Michael and Jakob introduce Peakon’s Attrition Prediction feature.
They explain the methodology behind the model, showing how you can forecast attrition within different employee populations at your organisation to find out where your at-risk segments are. We also show you how our feature recalculates attrition risk in real-time to keep your data up-to-date.
Part three: How forecasting attrition can benefit your organisation
In the concluding part of this month’s episode, Michael and Jakob take a look at how forecasting your organisation’s attrition risk can help inform a more proactive approach with recruitment and engagement strategies.
Watch the full webinar recording to learn more about how you can monitor attrition using Peakon and use the insight to inform your engagement and recruitment strategies.
If you have any questions, please contact our team at firstname.lastname@example.org or reach out to your Customer Success Manager. If you would like to register for the live broadcast and participate in the Q&A session afterwards, send me an email.