Helping organizations reduce employee turnover using smart tech

reduce employee turnover using smart tech

Organizations of all sizes face significant challenges when it comes to retaining top talent and managing the shift in the way we work – even more so in case of large enterprises and multinationals in the new-way-of-work. McKinsey’s latest State of Organisations 2023 report states that 39% of respondents say they plan to leave their jobs in the next 3 - 6 months. 

The emergence of hybrid working arrangements has amplified the need for real-time feedback and data segmentation to inform the creation of an equitable and nuanced employee experience. There needs to be a careful consideration of the different employee experiences produced by varied work arrangements: on-site, fully remote, and hybrid with their specific contexts and needs. However, the complexity, cost, and inflexibility of current technology solutions are overwhelming, leaving HR professionals struggling to find effective solutions for their technology challenges.

To address these retention and employee experience challenges, organizations need to be agile and responsive in their approach. And they must ensure that the data they use are not only accurate, but can be mined in useful ways to answer pressing questions.

Some approaches to consider:

  • Invest in improving internal technology skills and capability within OD, People Analytics, and HR teams to execute more effectively on your employee listening strategies in-house.
  • Consider alternative tech solutions that can reduce cost and solve very specific issues, instead of creating workarounds with existing tech.
  • Ensure you are capturing large, diverse employee sentiment data sets.
  • Distribute authority by putting the data in the hands of line managers in a way that guides them to take appropriate action.
  • Improve your response time in feedback and action at all levels of the organization.
  • Track and compare employee engagement and experience metrics with retention rates or employee churn to optimize your resource allocation.
  • Use real-time feedback to iterate the employee experience as you leverage what works and eject what doesn’t.
  • Ensure your systems utilize robust org chart and employee mapping in order to decipher relevant group-level data.

To make use of the data captured by your employee listening strategies, companies need to be able to segment the data according to any combination of working arrangements, reporting lines, business hierarchies, divisions, locations, territories and demographics to inform a more equitable and nuanced employee experience.

With a focus on employee listening and real-time feedback, Mindset's Engage EX platform with its virtual structure feature enables HR professionals to quickly capture and analyze employee data and sentiment for any group of employees. The platform also allows for the distribution of data, guidance and authority to line managers, improving response times and encouraging action at all levels of the organization.

In short, Mindset's smart tech solutions are flexible and cost-effective options that help reduce employee turnover, and build a more engaged and productive workplace.

Click here for more information on the Engage EX platform’s virtual structure feature.