Retention – pay & benefits: Measuring impact through data

Meet Emma, the Chief People Officer of a fast fashion brand. See how she makes staff retention improvements with the help of illumin8HR.



Video transcript:

In this video we’re going to cover how illumin8HR can help you improve staff retention by uncovering and understanding your pay & benefits trends in just a few clicks.

Emma is Chief People Officer of a fast fashion brand. She has received an automatic alert from illumin8hr that is telling her there has been a significant increase in people leaving the company over the last nine months.

Knowing the adverse impact this can have on productivity and costs if gone unchecked – and with exit interviews not offering any clear answers – Emma needs to understand where and why this is happening, and if there are any particular issues that are having a greater impact than others on this troubling trend.

Emma knows there are many reasons why workers leave their jobs; better work-life balance, remote work options and improved training opportunities etc,

But with the inflation and the cost-of-living crisis being so prevalent, she wants to know to whether pay and benefits is a factor or if they can rule this out.

Within a couple of clicks Emma is able to compare staff retention over the last 12 months to the year prior

She’s able to rule out any other contributing factors such as leadership, training completed, overtime pay etc. as there are no significant changes in the data relating to these metrics over the same period.

She can see there is a direct correlation between those that have been leaving and those have not had a change in salary in the last 2 years.

She can drill into the data further to see that those earning under £40k are most effected.

After consultation with staff, and sharing findings with the Senior Leadership Team, they decide to introduce a Performance related Bonus scheme for those earning under 40k, and introduced an early pay and salary sacrifice scheme to help lower paid workers spread bills over longer periods and make tax and NI savings.

Crucially, through illumin8HR Emma is now able to regularly monitor the impact of these initiatives on retention on a monthly basis to see how much it is bringing staff attrition trends down, how it is reducing the risk to the business, the costs saved, the return on investment of said initiatives, and how much it is contributing to improving staff sentiment and employee engagement.

Want to make improvements to your organisation’s retention rates? Speak to us about how you can track and measure your people data – contact us here.

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