Application of human capital analytics to mitigate attrition rates in service sector

With the battle for talent loominy large, the attrition rote in Service Sector has been Climbiny up at an alarmlny rate. As per a survey done by AON Hewitt in 2016, the attrition rate in service sector was 19.3% compared to 12.2% In manufacturing sector. Companies are losing intellectual capital in addition to financial loss and rise in cost of hiring. They have introduced several innovative measures like retention bonus, employee stock option plan (ESOP) and career growth opportunities to stem the tide, but many of these measures have not yielded the expected outcomes. Now, the rise of human capital analytics (HCA) hasgiverl the companies an opportunity ta identify the employees who are likely to leave and take pre-emptive actions to retain them. Many companies have started pro actively started to deploy HCA, albeit with different results and outcomes. This research paper seeks to explore how successful has been the application of HCA to bring down attrition rates in service-oriented companies and what further measures could be undertaken to improvise the model.