Predicting Attrition

Managing Attrition using Predictive Analytics

We all know that the true cost of losing an employee can be up to two times their annual salary.  

Many businesses will have some kind of measure that involves looking back at how many people left the organisation in the last period to give a view of the extent of the problem.  However, this doesn’t give any insight into WHY people are leaving, or HOW this will financially impact the business.   In fact according to XpertHR, 40.7% of UK organisations do not measure the cost of attrition.

One part of the solution is to identify the signs that your highest value employees are thinking of leaving and prevent this happening, as outlined in our article, “Managing Attrition – Are You Looking Backwards or Forwards?”

Machine learning decision tree for flight risk Owen Analytics

Machine learning decision tree for flight risk Owen Analytics

In response to demand from our clients, Glass Bead Consulting has teamed up with OWEN Analytics, a leading expert in Data Science and Artificial Intelligence techniques.  By combining organisational data with our expertise and knowledge of HR, we help our clients solve unwanted attrition problems, typically as part of a broader drive to significantly improve productivity.

Organisational Network Analysis Owen Analytics

Organisational Network Analysis Owen Analytics

We take a collaborative approach to working with your team to :-

  • Identify key drivers by generating hypotheses from your team and scientific literature
  • Predict attrition through the use of big data and machine learning techniques
  • Provide you with predictive tools and training so you can manage attrition more effectively
  • Enable targeted and timely interventions to reduce unwanted attrition, then measure their effectiveness

 

The benefits of managing unwanted attrition are :-

  • Financial savings -better financial management of workforce cost and budgets, with cost savings from reducing attrition of key employees
  • Scalable – easily scalable across key roles and regions to support strategic workforce planning
  • Evidence-based approach – using organisational data and not just anecdotal evidence
  • Skills transfer – we train your team with new skills and technology to manage your own data and attrition
  • Secure – we comply with your IT security requirements
  • Holistic view – we often identify drivers that may have been overlooked

We believe at Glass Bead Consulting that the best way to understand your needs starts with an informal discussion.  So if you are interested in finding out more then simply arrange a quick call in the first instance.

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