Story Published in Deccan Herald 3 November 2022
What is Employee Attrition?
In simple words employee attrition is reduction in the workforce due to resignations, retirement, sickness or death. Employee attrition rate tells us which employees are about to leave the organisation. As per research and survey reports, healthy attrition rate is around 10% per year.
Currently, statistics indicate that the majority of attrition happens due to resignations. If the attrition rate is so high in an organisation it’s a serious challenge for the HR teams.. Some noticeable consequences include:
1. The project deadline may fail
2. Failure to recruit the right candidate at the right time
3. Additional training and upskilling is also required to train the newly recruited candidates.
In any organisation, employees are the key driving force to achieve expected business targets. Sometimes we don’t know the reason why the majority of employees have started leaving an organisation. In such a scenario the HR Sixth Sense will come to the forefront.
e2eHiring Solution -
There is a need to recognise the need to transform every part of an enterprise with technology, data, AI and new ways of working. “Imagine, how good it will be if an informer can tell the HR personnel about the reasons for resignation of each employee and who wants to leave next,” says Monuranjan Borgohain, CEO e2eHiring Pvt Ltd. This will surely make employers try to resolve the issues through personal interaction with the employee and try to retain them. This informer role will be played by e2eHiring's HR Sixth Sense which is our Attrition Analytics product.
The HR Sixth Sense will provide organisations with various insights in a single dashboard. It facilitates you with the list of expected employees who may leave next.
Moreover, it helps HR personnel to freeze or reduce the attrition rate by knowing the reasons for exits very proactively.
This is a huge step towards strengthening the recruitment and job stability process within an organisation and will help higher HR officials to recreate strategies and implement the same in more innovative ways.
Exit reason, Salaries, Satisfaction level, Projects, Promotion, Work-Life balance, and many more customised to your requirements.
Employee retention, Pre-plan your projects, Pre-plan your hiring needs, ability to overcome sudden challenges that come with resignations.
These will be useful recommendations to the HR officials to take preventive measures with our insights by counselling the predicted employees.
It’s an Integrated Framework that has been developed by blending various Machine Learning Models with NLP capabilities
A plethora of features are taken into consideration such as exit interviews and assessing employee satisfaction as well as assessing exit interviews to conclude the prediction.
End User -
HR Officials, Finance department executives, and any higher authority
Top corporates are trying to retain top talent by offering a wider range of responsibilities or roles for growth apart from only monetary rewards. However, that is not enough. Multiple job opportunities are available so how can HR retain talent in the highly competitive job market. Once they use HR Sixth Sense Solution in their organisation, the relationship dynamics with peer groups and superiors could change for ever. Such solutions help in empowering internal resources by giving them opportunities to rotate in different job roles and keeping them involved and reduce the rate of attrition.