Why go tech-savvy with Exit analysis?
Updated: Sep 6, 2019
Amanda, the HR head collated all the papers from the past quarter and analyzed them manually churning out all her energy for the day. The attrition was adamantly high, and exit interview forms were piling up. She even pushed all her daily meetings to the next day.
Being a small-sized firm, half of the HRMS still depended on papers. Then an ex-colleague advised her to deploy some analytics tool.
Within a quarter, she saw the attrition numbers falling. Why?
The exit interviews and feedback data were scrolling past her screen and helped her to understand the sentiments of the churned employees. With first-year attrition at the peak, it is even more important to automate the data analysis.
So, going tech-savvy with exit analysis is the right thing. Here are some benefits, you as an HR leader or CEO should deploy an HR analytics software.
1. Measure the sentiments of ex-employees
An efficient exit analytics tool throws insights about the opinions of the exiting employees. Whether the attrition was for a personal reason, any professional feud, or any reason for the unrest in the churning employee, the analytics dashboard can help you understand the emotions of the leaving person.
With the data on your screen, you can analyze the reasons according to the designation, skill set, ASL demographics, and on other factors. Such reports come handy in predicting attrition and taking necessary remediation. After all, easy-to-reckon data are always welcomed.
2. Contemplate the solutions offered by the insights
Based on the insights after measuring the employees’ emotions, you can chalk out a plan from the HR management perspective. Accordingly, you can suggest the management to take necessary action.
An advanced HR intelligence software can not only predict the churn but creates suggestions. Also, offer solutions from the insights based on the exit analysis. All these suggestions help the management design a tactic to check and pull down the turnover rates.
3. Unleash data for faster decisions
A data-driven exit analysis can unleash facts about the leaving employees, including competitor analysis. Prospective employers and industries, attrition stats according to demographics, and impacted managers or departments are some crucial data, which can help you make decisions for the remediation.
Also, you can scrutinize the answers of the leaving employees through reports and charts to understand where your company is doing well, and what needs improvement.
4. Reveal and Unravel an unethical practice
Quite possible that you are not aware of unethical practices, a department is following that is hiking the churn rate. For instance, Amanda was shocked to know how one manager was forcing the team members to work on weekends with no complimentary off. This was a
reason enough to push the turnover beyond the expected rate. The issue also created a stir among the workforce and forced them to talk in hushed tones about the declining work culture.
Having an insightful exit interview dashboard unveiled this unethical issue her company never appreciated. Amanda could not thank enough for the feedback highlighted in the dashboard and took the necessary step. It calmed down those hushed opinions too.
1. Take pride in the appraised factors
What surprised the HR was the unexpected bonuses played a significant factor in gluing some of the ex-employees with long tenure. Exit analytics form and dashboard flashed the element as an employee winning strategy.
Such hidden facts drive management to introduce more employee-friendly strategies. Amanda implemented perks based on the performance of the team and individuals.
Also, businesses can boast these positive figures on social media to attract the talent pool as well. Amanda benefitted using this method.
2. Gauge the rehire probability
What good can an exit interview do to the leaving employees for the future? When asked about the rejoining likelihood, many long-term and a few with short tenure leaving employees scaled the joining probability as high. Their departments had been happy with their performance and rewarded them well enough.
Having a good chance of an ex-employee joining back solidifies a company’s brand, and branding is extremely important.
Insights driven HR teams can always make and implement a winning strategy for employee engagement. Not only such software can reduce the time you invest in paperwork or waddling through an inadequate digital application, but it also allows an employer to close the ties on a good note.
HR Analytics Hub helps you capture the exiting employees’ sentiments and handle the exit interview for meaningful insights to execute better HR policies. Not only would you be able to delve into the root causes of the turnover, but you would also be able to set out a professional picture for the departing workforce.