Top HR Software Provider, Paycor, Launches New Predictive Resignation Feature, Enabling Businesses To Forecast Employee Turnover

Rhea-AI Summary

Paycor HCM, Inc. (Nasdaq: PYCR) unveiled a new feature in its Paycor Analytics tool, which offers predictive analysis on employee turnover. This functionality assists HR and business leaders in identifying at-risk employees and understanding factors driving potential resignations. A Gallup study indicates over 50% of employees are seeking new roles, highlighting the need for tools to mitigate turnover. The predictive metrics allow for data-driven discussions focused on retention strategies. Paycor's partnership with Visier enhances this offering, marking a significant advancement in workforce analytics.

Positive

• Introduction of predictive analysis on employee turnover enhances decision-making for HR leaders.
• Collaboration with Visier strengthens analytics capabilities, offering a competitive edge in HR tech.

Negative

• High employee turnover rates (51% actively seeking new jobs) indicate a challenging market environment.

CINCINNATI, Nov. 11, 2021 /PRNewswire/ -- Paycor HCM, Inc. (Paycor) (Nasdaq: PYCR) today announced the release of new functionality within its Paycor Analytics tool, which will offer its customers predictive analysis on employee turnover. This feature gives human resources (HR) and business leaders actionable insights from its company data, including identifying at-risk employees, factors driving the risk of resignation, expected resignation across organizations and locations, and the probability and extent of employee turnover in the next 12 months.

A recent study from Gallup found that 51% of existing employees are currently looking for a new role, while 52% of employees who have recently given notice could have been prevented from leaving. Further insights from the study revealed that there is often a disconnect between what executives believe makes employees quit, and what employees cite as their reasons for leaving. Tools like predictive analytics help identify at-risk employees or departments so leaders can address challenges before they become insolvable issues.

"As companies nationwide continue to face the 'Great Resignation,' it's more critical than ever for leaders to understand why employees leave—and what an employer can do to prevent or better plan for that outcome," said Ryan Bergstrom, Chief Product Officer at Paycor. "The ability to retain top talent is key for any business, and this new offering is an extension of Paycor's commitment to trusting data analytics in informing our clients' business decisions." 

The new offering looks at the top drivers of employee resignation and highlights the five most important aspects for each employee's prediction, allowing for focused and problem-oriented discussions based on data-driven results. Like other metrics in Paycor Analytics, predictive metrics can be filtered by position in the organization, location, tenure, and more.

Paycor's new offering is a result of their existing partnership with Visier, a globally recognized leader in people analytics and planning. The two have been partnered since 2019, with Paycor being the first client to bring predictive analytics to its customers and offer this solution to SMBs.

Predictive Resignation is the first of many predictive reporting features coming in Paycor Analytics that help identify workforce trends that directly affect companies bottom lines.

ABOUT PAYCOR

Paycor creates Human Capital Management (HCM) software for leaders who want to make a difference. Our HCM platform modernizes every aspect of people management, from the way you recruit, onboard and develop people, to the way you pay and retain them. But what really sets us apart is our focus on business leaders. For 30 years, we've been listening to and partnering with leaders, so we know what they need: HR technology that saves time, powerful analytics that provide actionable insights and Personalized Support. That's why more than 28,000 customers trust Paycor to help them solve problems and achieve their goals.

Supporting Resources

• Paycor Analytics, powered by Visier
• Paycor Website
• Paycor Latest News
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• About Paycor

 

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SOURCE Paycor

FAQ

What is the new feature launched by Paycor on November 11, 2021?

Paycor launched a predictive analysis feature in its Paycor Analytics tool focused on forecasting employee turnover.

How does Paycor's new predictive analytics feature help businesses?

It provides actionable insights to identify at-risk employees and the factors influencing their potential resignation.

What does the Gallup study mentioned in the press release indicate?

The study reports that over 51% of employees are looking for new jobs, highlighting a significant turnover challenge.

What company partnered with Paycor to enhance its analytics tool?

Paycor partnered with Visier to improve its predictive analytics capabilities.

How can businesses benefit from the predictive metrics in Paycor Analytics?

These metrics enable focused discussions based on data, helping leaders address retention challenges effectively.