Experian: Predictive Workforce Analytics for Employee Retention and Human Resource Planning |
|
| - |
|
|
|
| <<Previous Page |
EXCERPTS |
|
| |
| Experian made a name for itself not only for its innovation, but also for its employee friendly workplace. It believed in and strove to establish a workplace that supported its employees and promoted a culture where employees could be their most authentic selves. Understanding the needs of an organization’s employees is one of the keys to building and maintaining a positive workplace. Experian conducted regular engagement surveys, held weekly roundtables with the CEO, organized town-hall meetings, and encouraged practices of informal skip-level meetings with managers. All these were intended to promote ongoing communication between employees and management... |
| |
 |
| or |
 |
| or |
PayPal (9 USD)
|
|
|
| |
| |
| Experian believed that its employees were its real asset and that they played a crucial role in the company’s innovation and growth. However, despite the fact that Experian was considered one of the best companies to work for, employee turnover became a major challenge for the company. In 2016, it found that the resignation rates were an alarming 4 percent over the industry standard. Financially, every 1 percent increase in turnover was costing the business around US$3million. This had a significant effect on the company... |
| |
| |
| A team was formed to first build support across the organization to see how workforce analytics could address attrition by identifying workforce issues. Olly and Wendy Cunningham from Experian’s Global HR team started working on building a data-driven analytics solution that would give global HR teams better insight into employee needs and motivations. They believed that such an approach would enable the company to identify the benefits that people valued and enable more informed retention strategies... |
| |
| |
| According to Dickens, the exercise of identifying metrics and efforts to gain global alignment itself led to savings for the company. “It was also very clear at the beginning that the team was doing a lot of reporting for reporting’s sake. So, through a thorough audit of all reporting activities and the implementation of our Workforce Analytics system Visier, we have been able to reduce the time spent on scheduled reporting by almost 70%. We no longer provide reports that aren’t needed, and we encourage users to self-serve information where possible,.. |
| |
| |
| For Experian, the predictive workforce analytics platform proved transformative, bringing in favorable outcomes for the employees while saving costs for the company. The predictive model transformed the HR culture from a reactive to a proactive and data-led function. By developing a predictive analytics tool, Experian was able to transform its one-dimensional view of employee. The tool helped combine data from up to 200 employee attributes with its Experian MOSAIC and Financial Strategy Segment data... |
| |
| |
Exhibit I: Revenue Details of Experian (2010-2019)
Exhibit II: Experian’s Awards and Accolades
Exhibit III: Activities Involved in Visier Adoption
Exhibit IV: Benefits of Predictive Workforce Analytics
Exhibit V: How Experian Workforce Analytics for Retention Works
|
| |
|
