By the time an employer knows that an employee is leaving, it’s often too late to change their mind. Tools like artificial intelligence technology can inform retention strategies and help employers predict who is most likely to leave, as well as what incentives might encourage them to stay.
For example, workers who switched jobs received an average 15 percent increase in pay at their new position, an option their previous employers did not offer absent a promotion, says Brian Kropp, group vice president at research and advisory company Gartner. Fewer opportunities for promotion also make it more appealing for workers to switch jobs.
Why Renegotiation and Exit Interviews Aren’t Enough
Often, the first notice a company has that an employee will leave comes in the form of the employee’s resignation. It’s possible to offer to renegotiate the employee’s compensation or duties at this point, and many companies do. Yet an employee who has resigned has already decided to leave the company — and may already have another job waiting for them.
Most retention strategies rely on two tools: exit interviews and annual employee surveys. Exit interviews seek to learn why an individual employee is leaving, while surveys seek to take
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