Ceridian announced Dayforce Flight Risk, a solution that uses predictive analytics to forecast when an employee may be ready to quit. According to the company, employees are more likely to switch jobs and careers in an era of record-low unemployment.
Employee retention is a top concern for millennial small business owners, according to a First Citizens Bank report published last year, with more than one-fifth of SMBs surveyed noting they did not expect employee retention to be as difficult as it is.
Internal business data is analyzed to pinpoint which workers may be ready to leave, Ceridian said of its new offering. The tool also quantifies the cost of employee turnover and provides insights into the benefits of investing in employee engagement.
"Companies need the necessary tools to help identify high performers that are at risk of leaving," said Ceridian Chairman and CEO David Ossip in a statement. "Going beyond data, Dayforce Flight Risk also guides managers with tips and coaching, helping them to make the right decisions for their teams."
At the time of its announcement, Ceridian also revealed plans to develop additional capabilities for Dayforce, including the introduction of payroll capabilities for business users in Australia. Later this year, the company also plans to launch its planning, surveying and on-demand pay functionality for Dayforce.
According to separate research published earlier this year by The Workforce Institute at Kronos, U.S. HR and payroll professionals widely bear witness to "questionable" practices that could jeopardize their companies' compliance; a lack of resources is squeezing payroll departments, the report concluded.
In March, Malysa O'Connor, senior director of Kronos' payroll practice group, told PYMNTS that issues like inaccurate payroll can "jeopardize retention and employee engagement efforts."