The formula for measuring annual turnover, is simply dividing the number of separated employees by the average number of employees in that period.
The extracts from HRIS on basic tables can lead us to start the development of the Workforce Turnover Prediction dashboard, we will make this formula interacts across the dashboard with other measures you select.
There are number of factors that leads to high turnover, we can look at the dataset and provide you advise on options to decrease the attrition in your organization. Many orgainzation started to implement some of the following strategies to keep employees more engaged and loyal to the organizationn:
- Training and development courses
- Succession Planning
- Conduct well-being surveys
- Offer flexible working arrangement
- Offer long term employees the oppurtunity to buy stocks at lower cost
When using Machine Learning method, it is possible to predict how the turnover or the attrition rate will change in the next few years. Obviously with more data loaded into the model, the more accurate prediction can be achieved from the model.