HR Dashboard - Employee Turnover Analysis

Project Overview

Employee turnover is expensive and negatively impacts an organization\\\'s revenue, profitability, productivity, and staff engagement. According to the Work Institute Retention Report, employee replacement cost is $16,500 per person for an employee earning a median salary of $50,000 per year. This project analyzes key turnover metrics which provide insights on the drivers of turnover in the organization and helps to determine whether the organization is losing employees to other opportunities at a higher rate than the industry standard. When leaders understand the cause of employee turnover in their organization they are better equipped to create data-driven solutions to improve staff engagement and retention initiatives leading to reduced turnover costs, increased staff morale, productivity, and retention, and increased revenue and profitability.

Role:

Problem Statement

Over 47 million people voluntarily quit their jobs in 2021 according to the U.S Bureau of Labor Statistics. While the unprecedented high employee turnover in 2021 known as ‘the Great Resignation’ was spurred on by Covid 19, the trend of rising employee turnover rates across all industries began more than a decade. The turnover rate – which includes terminations increased from 19.3% in 2018 to 57.3% in 2021. Generally, a turnover rate of 19% can be expected in many industries. Also, employee retention rates of 90% or higher and turnover rates of 10% or less are considered good. Based on data analyzed, in 2018, the retention rate and the total turnover rate for the organization was 93.72% and 6.28% respectively which is good.

Executive Summary

Data Dictionary

Key Takeaways

Next Steps

1. The data shows that the production department has the highest turnover due to 79% of total terminations from 2012-2018 being from the department. I recommend engaging the production team members and leaders to understand the causes of high turnover in the department. Also, exit interviews should also be conducted by a neutral party. Based on the findings, a turnover reduction plan should be developed and implemented.
2. Data shows that across industries employee turnover rates increased from 19.3% in 2018 to 57.3% in 2021. To mitigate the risk of rising turnover, I suggest that the organization invests in retention strategies such as offering career and professional development, manager training, team building activities, and conduct through onboarding of new hires.
3. The data shows that the overall employee performance score rating for the organization from 2012 -2018 was 58.37% which is low. To improve, employees and managers need to receive training and formal/informal feedback on a regular basis. Performance reviews should be conducted every 3-6 months to ensure feedback is relevant and timely.

Deployment