Why?
Have you ever thought about how important it is to keep your employees around for the long haul? We believe that it is important for companies to focus on retention since it can have a significant impact on the overall performance and success of the organization:
Cost-effective: Constantly hiring and training new employees can get expensive. By retaining your current staff, you can save on these costs and redirect the savings to other areas of your business.
Increased productivity: Long-term employees generally have a better understanding of the company's processes and goals, which leads to increased efficiency and productivity.
Positive company culture: A positive culture and strong employer-employee relationships can go a long way in retaining your staff. When employees feel valued and supported, they are more likely to stick around.
Knowledge retention: Experienced employees bring valuable knowledge and expertise to the table. Losing this valuable resource can impact the company's operations.
Customer satisfaction: Happy employees tend to provide excellent customer service, leading to increased customer satisfaction and loyalty.
How Siit can help you?
Siit’s Retention score is a tool for HR or managers in order to help them identify employees “at risk” in terms of retention. Even if some indicators we use to determine the Retention score, cannot be altered (such as the age, the tenure…), other factors can be addressed and improved upon. The Retention score provides a comprehensive overview of an employee's risk of attrition and allows you to take action in order to retain them.
To view the Retention score, you can display the column “Siit Score” in the “People” table. You will see a red, yellow, and green bar that qualifies an employee’s retention.
On top of that, if you need to have a company retention overview with the possibility to go deeper into the scores, we provide a dedicated “Retention” dashboard in the “Analytics” section. You will see the global score distribution of your company but also the score distribution per indicator and the list of employees for more details.
💡 It’s important to note that the Retention score is based on a statistical model and may not accurately reflect the mindset of any individual employee. An employee being “at risk” may have no intention to quit, while an employee with a “good” score may be actively searching for his next opportunity.
Understanding Siit’s Retention score
The Retention score is calculated based on 10 indicators in order to have a score from 0 to 100. Based on this score, we will assign a qualification “At risk”, “Average” or “Good” based on the following thresholds:
Each indicator is evaluated using the following parameters:
Request: Employees with recurring requests are At risk
Age: Employees aged 45 or more are Good | Between 30 and 45 are Average | 30 or less are At risk
Tenure: Employees who have been at the company longest have a higher retention score
Probation: Employees on probation period have a lower retention score
Contract type: Employees with a full-time contract have a higher retention score
Teammates: Employees with more than 5 teammates are Good | With 3 to 5 teammates are Average | With less than 3 teammates are At risk
Team departures: Employees who witnessed 0 departures are Good | 1 to 3 departures are Average | More than 3 departures are At risk, within their team during the last 6 months
New manager: Employees with a new manager during the last 6 month have a lower retention score
Promotion: Employees who got a promotion in the past 1.5 years are Good | 1.5 to 3 years ago are Average | More than 3 years ago are At risk
Salary: Employees who got a salary increase in the past year are Good | 1 to 2 years ago are Average | More than 2 years ago are At risk
Time-off: Employees with 1 to 4 time-off requests are Good | 5 to 10 time-off requests are Average | 0 or more than 10 time-off requests are At risk, during the last 6 months
Take action promptly, before it's too late.
Now you have all the tools to know where to focus your efforts in order to increase your company’s retention.
If you have any questions about this score or any Siit features, please contact: [email protected]