Employee Retention Strategies Through Predictive Data Analytics and AI

Introduction

One of the main challenges today's organizations face is retaining talented and competent employees. Managing and keeping employees has become a concern due to the increased competition and changing market demand. The human resource management team should always be ready to meet such threats from the competitor's talent poaching attitudes and to retain their well-performing employees. It is strategically necessary to develop plans to identify the potential employees who may submit the papers due to short-term benefits and initiate preventive actions to stop them from leaving the organization.

The conventional techniques of identifying such employees have often proven error-prone and ineffective due to delays in arriving at conclusions. There is a great opportunity available to management decision-makers to use digital assets, such as employee-centric data, to predict the chances of employees leaving the organization soon and create retention strategies around the outcome of data analysis. This method of understanding employee sentiments leads to creating customized retention strategies that may be specific to an employee or a group.

The chapter presents employee retention and its impact on organizational growth and performance, the criticality of employee attrition, and an emphasis on the various conventional retention strategies. The chapter provides an overall idea of employee poaching, ethics etiquette, and classical techniques. Also, the analytical tools to identify the less committed employee or an employee planning to exit to create /finetune the various retention strategies. (Kim, J. H,2014).