Employee Retention – Improving the Game

 

Part 2: Improving the employee retention game using the right tools and techniques


Gone are the days when employers had the upper hand over employees. Today, employees have the power in their hands, leading the job market, from hiring through training and development to resignation. And, as it turns out, employee turnover is the most expensive for the firm of all of them. To put that in context, according to Gallup's research, corporations lose a trillion dollars every year due to voluntary turnover in the United States alone — not to mention the companies with offices all over the world. As a result, it is critical to strengthen the staff retention game.


Read Employee Retention- Understanding the Necessity to understand better why employee retention is crucial.


Let us look at how you might improve your employee retention game with that in mind.


Hiring

If you do not hire right, you cannot retain right. Therefore, identifying and employing the right talent is critical. This may be accomplished by using effective screening approaches that assist evaluate whether a candidate is willing to stay for an extended period. These data-driven screening assessments help not only gauge talents like programming language knowledge or human resource abilities but also personality, reasoning capacity, and risks.


Overall, predictive analytics can assist you in optimizing the hiring process. Using predictive modeling, data scientists may also help anticipate which applicants will most likely succeed and how long they will stay with the organization. They can also provide you information on other elements of recruiting, such as determining which talents are most needed in your business, so you know what competencies to recruit for—additionally assisting in places where skills shortages exist that you are unaware of. Overall, it eventually contributes to developing a talent pool that is here to stay.


Trends

There are moments when you know something is going on but can't quite put your finger on it. People analytics can also help with this. Analytics enables you to identify patterns and answer various questions about what is going on in your organization.


For example, which staff is most likely to leave and why?


Advanced people analytics allows you to examine the behavioral changes that are taking place around you using business analytics insights collected from corporate emails, chats, and surveys. This will assist you in determining which individuals in your business are likely to resign soon. Furthermore, these analytical insights can assist in determining the causes for potential turnovers, such as compensation, workload, uncertainty over promotion, or job function.


Then there's the question of when most staff quit.


According to Glassdoor research, January is the most popular month for employees to hunt for new employment. In the United States, 22% more applications are submitted on Glassdoor in January than in any other month. This might be attributed to employees returning from vacation, making New Year's resolutions, or waiting to get Christmas bonuses in December before beginning their job hunt.


Yes, there may be other forces at work at your firm leading individuals to resign at various periods. However, the only way to comprehend this is to investigate the patterns, which can only be accomplished with the assistance of people analytics.


Measurement

Finally, monitoring the results of your staff retention program is pointless unless you measure to see whether it is working. That is because even under the best of circumstances, change management is challenging for enterprises, and even an excellent new program may have limited employee acceptance and have no influence on staff retention.


Fortunately, business analytics modeling can also assist you in understanding how your current initiatives are performing. And even if you don't have an employee retention program in place, prescriptive models can help you decide what steps to take.


To conclude, employee retention is a vital aim for every business, but it may be tough to achieve. However, spending time and money on employee retention is better than partaking in the one trillion-dollar market of voluntary turnover. Therefore, hire wisely, identify trends and patterns, and measure the effectiveness of your employee retention program with the help of advanced people analytics. It will only assist you in eliminating the guesswork and plan better while making informed data-driven decisions. Contact the experts here to learn more about the benefits of analytics in employee retention and how it may assist your company.

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