Today we’d like to talk about People Analytics. People (or Workforce) Analytics methodologies come in many varieties. Specific to retail and in today’s challenging workforce environment, there are key questions retailers need to focus on. To achieve the highest level of results possible, Birkhofer Consulting Inc. has partnered with Pegasus Knowledge Solutions, Inc. to help retailers answer critical questions. Some of these include:
- Do you clearly understand the root causes of turnover by age groups with your workforce today?
- Have you calculated the actual cost of turnover for key roles required to run your business?
- Are you currently measuring the impact on employee turnover based on various signing and retention bonuses?
- Would a more accurate cost of turnover by key positions be helpful to support a cost benefit analysis of your variable compensation programs and tactics?
- What data and tools do you have in place to measure current employee engagement and satisfaction?
PKSI has developed People Analytics solutions that utilize internal and external data, supported by AI and ML to provide user-friendly visual analytics and dashboards. PKSI’s powerful tools provide insights that enable your HR and Operations team to make data-driven decisions to attract, train, and retain high-performance employees. These tools combined with BCI’s business process improvement service offerings make for a powerful collaboration.
Do you know how much Employee Experience (EX) can impact your company’s performance?
Gartner has found that only 13% of employees believe their employee experience meets their expectations. Organizations across all industries are recognizing the connection between employee experience and performance and are looking for ways to have a measurable impact.
The Employee Experience (EX) Advantage
PKSI’s data indicates that 64% of executives are increasingly focusing their attention on the employee experience. As a result, Employers who are focused on EX achieve better revenue, profit, productivity, and Earnings Per Share. Furthermore, increases in Employee Satisfaction have led to Productivity increases of 21%, or more. In this Post-COVID world the focus will be even greater on employee experience and new approaches to its management.
The Danger of Disengaged Employees
In the fight against employee dissatisfaction, retailers need every tool available. To this end,Disengaged employees take 15 more days off every year and cost organizations an extra $3,400 on every $10,000 of salary. To improve employee experience, companies on the cutting edge are applying lessons learned in Voice of the Customer (VoC) to Voice of the Employee (VoE). If you want to produce a more holistic VoE, VoC concepts and services are a great option.
In conclusion, if you are a retailer with large volumes of written or unstructured content, Data Mining, Natural-Language Processing (NLP), semantic analysis and Machine Learning are among the emerging techniques that Pegasus can provide to help yield new insights into employee sentiment, behavior and predictive actions. To learn how Pegasus’ tools and BCI’s proven Strategic Process Improvement approach can help you, drop us a line at either of the addresses below: