Understanding the Retention Strategy Module

Companies such as yours face the challenge of attracting and retaining the best employees. Traditional turnover analyses provide only lagging indicators in explaining why employees have left. The Retention Strategy functionality in Workforce Rewards provides the tools to model your predictions about why employees may leave, and determine how those retention issues can affect your business.

With the Retention Strategy module you can:

• Set up complex business rules that define the selection and weighting rules for risk, cost, and value factors. Base them on calculations, key performance indicators, or on any data captured in the Operational Warehouse - Enriched (OWE).

• Define decision rules that delineate the employees to track as high potential or high risk, employees to retain and a factor by which to retain them, and employees to reduce.

• Assess your employees attrition risk, as well as their internal value and replacement cost.

• Determine whom to retain or whom to lose, and determine the cost of retention investment for each individual.

• Track high potential employees .

• Evaluate the impact of current workforce programs on retention.

• Integrate the results of a finalized scenario with the Compensation Strategy module to determine your future strategy.

• Use this data to preempt market and competitive conditions, and reduce turnover in essential areas.

Retention Strategy Business Process

Image: Retention Strategy business process overview

The following diagram outlines the main steps in the Retention Strategy business process.