Application of Machine Learning (ML) techniques in employee retention

This is just an idea and particularly important for industries that face high employee attrition and rising employee remuneration every year.

It has been observed that people having same kind of economic background, social circle and career profile take similar types of decisions in their career. If we can identify the different parameters that contribute to employee attrition then a regression function or an algorithm can be devised to actually predict the employee behavior in near future.

Lets take an example - a person is hired from a small town and another person is hired from a metro for the same job profile, then propensity to spend and consume should be more for the person hailing from metro; thus giving a hint that metro person may demand a higher remuneration. Another parameter can parental income in PPP terms. If parental income in PPP terms is higher for the non-metro employee than we can get a cue that he may consume more.

There can be various parameters that we can study and research; and if we finalize 8-10 critical parameters to compare the employees then these will act as predictors for the regression equation. The companies may get some hint about the expected future behavior of employees and can take remedial measures beforehand.