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LEARNING RESOURCES
New York University.
Many organisations also look at a
churn model, which shows turnover,
Data Analytics Core Concepts Certificate and a cost replacement model, which
An essential guide for accounting and finance professionals. reveals the expense of losing an
Learn core concepts in data analytics and how to conduct employee. Either model can be used to
and apply data analytics to projects in your organisation. create an average for the entire
Find this resource in the AICPA Store and the CGMA Store. organisation, or the data can be stratified
to look at certain job levels, he said.
COURSE In addition, predictive analytics can
create an approximation of future
retention, Lieberman said. For example,
Data Analytics Foundations Certificate a lifetime value model, usually
Understand how data analytics can transform your employed in marketing, can be put to
organisation and close data analytics skills gaps for future work in the human resources context by
success. using past data to determine, for
Find this resource in the AICPA Store and the CGMA Store. example, how long people stay in
particular jobs. The organisation might
COURSE then perform regression analysis using
employee satisfaction survey data to
create the best incentive to keep the
Data Analyst Certificates Bundle employee, he said.
Comprehensive five-part programme that provides training Cost-per-hire metrics that
and practical guidance on the topic of data analytics. demonstrate the value of avoiding
turnover are another important tool
Find this resource in the AICPA Store and the CGMA Store. because they can motivate organisations
COURSE to focus on improving retention if they
are losing more people than they would
like.
Microsoft Power BI: Power BI Series
A nine-part, self-study online series created to help you Target problems to solve
develop the skills necessary to use Microsoft Power BI If a company is facing attrition, it can
tools. better address the problem if it knows
Find this resource in the AICPA Store and the CGMA Store. whether it is happening at certain levels
or areas — for example, after a certain
COURSE length of tenure, with a particular
gender, or based on any other attribute
patterns in the dataset, Woods said.
For clients, he typically creates a
labour map that covers the entire
workforce and a heat map that highlights
manage employee turnover or loss on a systemised processes, Morris said, areas of attrition. The heat map can
routine basis.” allowing finance and accounting to add show, for example, which areas hover at
That is evolving, though, as more significantly more value. “They can spend a reasonable 5% attrition rate and which
sophisticated CFOs and controllers time on exception management and are seeing 25% or 30%. “That visual is
expand their contributions in this area. analysis, research, critical thinking. really powerful,” Woods said. Companies
“There’s a real opportunity, depending Finance and accounting leaders can can then determine if the issue causing
on the size of the organisation, to work exercise this muscle,” she said. attrition is compensation, benefits, lack
with HR or the people and culture teams of flex-time or promotion opportunities,
to be a partner from a metric Tap into a range of resources ineffective management, transparency
standpoint,” Morris added. Within the to collect data about careers, or another concern.
finance and accounting team, cutting Employee satisfaction surveys, for “There are so many nuances within
down on attrition is an important goal example, can tell a company how well the employee population,” Woods said.
given the high demand for professionals. someone likes working there, and “Data allows you to get underneath that.”
Turnover problems can, for example, managers’ performance evaluations can Woods worked with one professional
affect the ability to close the books measure employee effectiveness, services organisation that was facing
quickly, she said. according to Michael Lieberman, significant losses of newer employees
Also, much of the minutiae of finance founder of statistical consulting firm after the company had already invested a
and accounting jobs can now be handled Multivariate Solutions and an adjunct great deal of money in training. Data
by algorithms, reconciliation tools, and professor of market research at analysis showed that the point of exit

10 I FM MAGAZINE I June 2022