Global chemical company BASF faced two major workforce challenges: aging employees who were facing retirement and recent, diverse hires who were at a significant risk of leaving the company.
Using big data and technology, BASF’s human resources team was able to leverage rising trends to address workers’ specific needs. The talent management team built two data tools: the Talent Dashboard and Workforce Planner, which allowed the company to track data that make key workforce decisions.
These tools gave leaders the analytics to understand and apply their talent, assess risks and perform scenario modeling. Florham Park, New Jersey-based BASF experienced a slowdown of rate of loss and increased its retention of women and minorities employees. The data tools also allowed the company to connect leader practices with compensation.
And the connection between the two led to improved metrics.
For its efforts to create tools to manage retention, BASF is the winner of the silver Optimas Award for Vision.