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Leveraging the Power of Attrition Data to Transform Your People Agenda

As summer begins to come to a close, this time of year usually means annual planning season for those on a calendar year fiscal cycle (and for others whose fiscal year may have started in June or September, annual planning is behind us with a Q1 checkpoint or a Q1 launch on the horizon). But regardless of when annual planning begins for any of us, there’s a headline that should be front and center as part of the 2023 annual planning agenda --- the “great resignation”. Because people are an organization’s greatest assets, your talent strategy should be at the top of your planning priority list. According to a PwC survey, it is projected that 1 in 5 workers globally are planning to quit their jobs in 2022. This level of attrition is impacting some employers more than others. And while pay is a factor for some workers, there are a variety of other reasons also contributing to workers voluntarily leaving their employment. Ironically, workers are not necessarily relegated to unemployment after resignation, but instead are feeling empowered to choose other employment in pursuit of greater satisfaction in a strong job market. But could the original employers have met the needs of these workers before they resolved to resignation? With reliable data, the answer is probably yes for some of these workers. For example, did the employee articulate career goals in a performance review and was there a clearly documented plan to address those goals? Was there an opportunity for reskilling or upskilling? Is there grievance data that might uncover a toxic work environment that has not been addressed? Was there a culture management plan in place to foster an environment of inclusiveness and authenticity? Were actions being taken (and tracked) when employees reported workplace violations of policy? What are the demographics of the employees choosing to voluntarily leave, i.e., race, gender, age, ethnicity, religious affiliation, sexual orientation, gender identity, military status, disability status, etc.? How is the data being collected and utilized in the employers’ overall talent management strategy? While some of this data, the DEI data in particular, is collected to satisfy mandatory reporting requirements, the insights that can be gleaned from this data has value that can be directly tied to an organization’s bottom line if targeted appropriately. A data-driven analysis for not only a talent management strategy but also an overall business strategy can be transformational for establishing a rational, measurable, and outcome-driven annual fiscal plan. Therefore, when organizations lead with a data-driven analysis, they can unveil the power of an analytics-driven attrition review and transform their people agenda as a safeguarding mechanism for the bottom line. #dataanalytics #analytics #DEI #data #talentmanagementstrategy #bottomline #attrition #greatresignation #strategicplanning #diversity #diversityandinclusion #equityandinclusion #equity #peopleagenda #peoplemanagement

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