Paycor has announced the release of new functionality within its Paycor Analytics tool, which will offer its customers predictive analysis on employee turnover.
This feature gives HR and business leaders actionable insights from its company data, including identifying at-risk employees, factors driving the risk of resignation, expected resignation across organisations and locations and the probability and extent of employee turnover in the next 12 months.
A recent study from Gallup found that 51% of existing employees are currently looking for a new role, while 52% of employees who have recently given notice could have been prevented from leaving. Further insights from the study revealed that there is often a disconnect between what executives believe makes employees quit and what employees cite as their reasons for leaving. Tools like predictive analytics help identify at-risk employees or departments so leaders can address challenges before they become unsolvable issues.
“As companies nationwide continue to face the ‘Great Resignation,’ it’s more critical than ever for leaders to understand why employees leave – and what an employer can do to prevent or better plan for that outcome,” said Ryan Bergstrom, Chief Product Officer at Paycor. “The ability to retain top talent is key for any business and this new offering is an extension of Paycor’s commitment to trusting data analytics in informing our clients’ business decisions.”
The new offering looks at the top drivers of employee resignation and highlights the five most important aspects for each employee’s prediction, allowing for focused and problem-oriented discussions based on data-driven results. Like other metrics in Paycor Analytics, predictive metrics can be filtered by position in the organisation, location, tenure and more.
Paycor’s new offering is a result of their existing partnership with Visier, a globally recognised leader in people analytics and planning. The two have been partnered since 2019, with Paycor being the first client to bring predictive analytics to its customers and offer this solution to SMBs.
Predictive Resignation is the first of many predictive reporting features coming in Paycor Analytics that help identify workforce trends that directly affect companies bottom lines.
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