New Benchmarking Package Provides HR Professionals with Meaningful Workforce Insights to Retain Talent and Help Meet Business Objectives
Namely, the leading HR platform for mid-sized companies, announced its Benchmarking Package, a new people analytics product powered by machine learning to help businesses make strategic data-driven HR decisions.
Namely’s HR Benchmarking platform uses machine learning to search through millions of real-world scenarios impacting business-critical workforce dynamics, including attrition, retention, diversity, and more. The innovation indexes big data to extract insights, identify trends, and distill business-specific actionable intelligence for each client. These insights enable Namely’s clients to make small adjustments that can have big impact on critical issues, from pinpointing definitive reasons behind employee turnover rates to combating issues like conscious and unconscious bias.
Early results from Namely’s Benchmarking Package uncovered surprising findings on workplace trends, such as:
- The number one reason employees leave mid-sized tech companies is a lack of role clarity. More than 52 percent of employees report that this key cause of dissatisfaction led to their departure.
- Across all company sizes, teams led by managers with 8-10 direct reports had the lowest turnover rates.
- The occurrence of “ghosting,” or employees abandoning their jobs, has doubled over the past year.
People analytics is a vital tool for making business decisions for 71% of North American companies, yet only 22 percent are currently applying analytics in HR (LinkedIn). Industry research continually shows that HR leaders lag behind other professionals in their ability to drive the culture shift to data-driven decision-making in the C-suite, with only 11 percent of business leaders saying they trust HR to use data to fill their talent needs at all (DDI World).
“Organizations face aggressive competition for talent, but all too often, HR teams are left to follow their gut and make assumptions on critical business decisions,” said Nick Christman, SVP of Strategy & Markets at Namely. “At Namely, we’re empowering our clients with actionable insights and the right resources to meet business and people objectives. The Benchmarking Package enables HR to make an outsize impact on improving employee experience and creating an environment where talent can thrive.”
Namely’s platform brings simplicity to processes that stymy HR teams when trying to organize their workforce. The Benchmarking Package equips HR professionals with the business-specific learnings and data visualizations they need to make better business decisions and drive effective strategies and outcomes.
With Benchmarking, HR teams can now answer questions such as:
- How does our workforce compare to our competition?
- Do we have a healthy turnover rate?
- Who leaves, why, and how can we retain them?
- Are we creating a fair and equitable workplace?