Saving money by predicting who will quit
On March 13 2015, the Wall Street Journal published an article titled
On March 13 2015, the Wall Street Journal published an article titled: “The Algorithm That Tells the Boss Who Might Quit”. The article explored how Credit Suisse was able to predict who might quit the company. It was one of the first examples of the now very popular employee churn analytics.
Not only were the analysts at Credit Suisse able to predict who might quit, but they also could identify why these people might quit. This information was provided anonymously to managers so they could reduce turnover risk factors and retain their people better.
In addition, special managers were trained to retain the high performing employees who had a high flight risk. In total, this program saved Credit Suisse approximately $ 70,000,000 a year.
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