Remove 2016 Remove Benchmarking Remove Data Remove Retention and Turnover

Benchmarking & What-If Analysis

Vemo

Benchmarking Metric Benchmarking can be a great way to compare your metrics to industry best practices, however accessing relevant benchmarking data for you industry is not always easy to obtain or broadly available for every industry. Most enterprise organizations are big enough to benchmark against themselves and with our Analytics tool they can do just that. Take turnover comparisons by performance ranking, for example.

Top Five Turnover Causes

HSD Metrics

Data-driven Insights for Employee Retention. ExitRight ® recently updated its ExitRight norms based upon responses to benchmarked questions from all clients during 2016 and 2017. In most industries, pay ranked third in importance out of the top 12 turnover causes.

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How to Calculate Employee Turnover

HRsoft

Analyzing employee turnover can be painful but necessary. As you probably already know, the costs associated with turnover can be damaging for any organization. If you’re not already analyzing turnover data, you can use this quick guide to figure out how to calculate employee turnover. Or, if you’re pretty aware about the turnover rate in your company but just want make sure you’re on the right track, you can use this information as a little refresher.

Top Five Turnover Causes

HSD Metrics

Data-driven Insights for Employee Retention. ExitRight ® recently updated its ExitRight norms based upon responses to benchmarked questions from all clients during 2016 and 2017. In our most recent norm analysis, we found interesting results by industry—and for employee turnover as a whole—that we’d like to share. Here are 2017’s top five employer influenced turnover causes across all industries, pulled from a list of 12 reasons. Employee Retention

Here’s How IBM Predicts 95% of Its Turnover Using Data

Linkedin Talent Blog

With the cost of replacing an employee sitting anywhere between 30 and 400% of that person’s annual salary, there’s obviously a strong financial case for investing in retention — not to mention the benefits of preserving institutional knowledge and protecting morale. By focusing specifically on high performers with in-demand skills, IBM says it has saved $300 million in retention costs. There’s plenty of data you can gather without being obtrusive, including the metrics noted above.

What Is Employee Turnover (and Why It Matters)

Zenefits

At some point, if your business is more than one person, you’re likely to deal with employee turnover. But learning how to calculate employee turnover rates, assuming certain costs with lost staff, and building a business plan that anticipates some amount of employee turnover can better prepare you and your business for voluntary terminations. What Is Employee Turnover? A common definition of employee turnover is the loss of talent in the workforce over time.

Why People Leave Their Jobs (and How Their Reasons Should Shape Your Organization’s Talent Strategy)

Something Different

…So I spent the weekend reading about turnover and engagement, and this HBR article had some really good insights that got me thinking about talent attraction and retention strategy – specifically how Managers/HRBPs can use human capital data to improve turnover and progression outcomes. Who is a flight risk and why based on historical data? <www.teambonding.com> Happy Monday all. . .

The Role Of HR Analytics In Workforce Planning

Get Hppy

The most recent JOLTS , or Job Openings and Labor Turnover Survey published by the US Bureau of Labor Statistics , puts the the latest job openings level registered in November 2015 at 5,431,000(p). As technology advancements in HR system are bringing in more data and key insights into the dynamic of workplaces, workforce planning is becoming an essential business process for companies of all sizes. The latest data shows that it’s not.

How to Evaluate the Success of Your Company’s Onboarding Program

HR Bartender

The group can agree on things like less turnover, more employee engagement, and increased productivity. The interesting aspect of the model is, it suggests that there’s an inverse relationship between the ease in gathering the evaluation data and the value of the data. Human Resources Metrics : According to a survey from Korn Ferry, 98 percent of executives believe that onboarding programs are the key to employee retention.

How to Elevate HR (And Keep the C-Suite Happy)

WorkHuman

In addition to the impact on motivation, retention, and productivity, the C-suite is now keenly aware of the financial benefits of focusing on engagement and culture. Research from Great Place to Work Institute shows that best companies have significantly less turnover, perform nearly 2x better than the general market, and provide nearly 3x the return. According to CEOs, the sweet spot is where HR is leading organizational culture, driving purpose, and making data-driven decisions.

Build Your Team and Increase Engagement with Gamification

HR Daily Advisor

Lack of engagement is a big problem in the modern workforce, but gamification can help trainers and HR professionals find the data they need and increase engagement. For some helpful tips, we present an article by Karen Hsu, vice president of marketing at Badgeville , on how gamification can make HR a more data-driven organization. There is an engagement crisis in the workplace, and it has profound implications for company performance and staff retention. By Karen Hsu.

Engaging the workforce

HR Times

Posted by Alyson Daichendt on September 15, 2016. More than 8 in 10 (85 percent) of the executives responding to our Global Human Capital Trends 2016 survey rated engagement as an important (38 percent) or very important (48 percent) priority for their companies. Performance and retention: Organizations with engaged workers may have employees who are 57 percent more effective and 87 percent less likely to leave than organizations with low engagement.

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Engaging the workforce

HR Times

Posted by Alyson Daichendt on September 15, 2016. More than 8 in 10 (85 percent) of the executives responding to our Global Human Capital Trends 2016 survey rated engagement as an important (38 percent) or very important (48 percent) priority for their companies. Performance and retention: Organizations with engaged workers may have employees who are 57 percent more effective and 87 percent less likely to leave than organizations with low engagement.

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Quality of Hire: A Vaguely Valid Metric?

China Gorman

In November I wrote about Linkedin’s 2016 Global Recruiting Trends Report (you can re-read it here ) and took them to task about their methodology. Turns out they did a bit of a miscalculation and corrected data that looked askew. As I looked at a relatively new infographic about their survey data, I was again intrigued by some of their findings. Employee retention is growing as a top employer priority. Turnover/Retention.

Stay Interviews Are the Innovative Thing We Didn’t Know We Needed

Saba

What data told Steve that we would want cell phones that would store downloaded music, making us walk around with buds in our ears? There was no data, just the ideas in Steve’s head. discussion a leader conducts with each individual employee to learn the specific actions they must take to strengthen that employee’s engagement and retention with the organization. The key to success is found here: It’s the magic and the data of fresh thinking in your company.

A new operating model for talent acquisition

HR Times

Posted by Arthur Mazor and Bill Cleary on December 13, 2016. But, they filled open positions 20 percent faster and had 40 percent less turnover in new hires. Many companies have already developed “systems of engagement” for their employees in order to boost retention and motivation. By centralizing the employee data, HR was able to move the organization toward an “open market” approach to talent and mobility.

A new operating model for talent acquisition

HR Times

Posted by Arthur Mazor and Bill Cleary on December 13, 2016. But, they filled open positions 20 percent faster and had 40 percent less turnover in new hires. Many companies have already developed “systems of engagement” for their employees in order to boost retention and motivation. By centralizing the employee data, HR was able to move the organization toward an “open market” approach to talent and mobility.

Unlock the Power of Employee Data

Paycor

According to Bersin by Deloitte Research, in 2016, companies experienced a massive 120 percent increase in correlating their people data to business performance. Obviously, merely mining HR data is no longer enough; your clients are expected to actually do something with it. Today’s organizations have an operational business imperative to extract insights about their workforces that are informed by data. What impact employee turnover is having on productivity.

The Role of HR in a Candidate Driven Job Market

Synergy

But a comprehensive understanding of an organization’s business objectives will enable HR to better prioritize and plan for talent acquisition, retention initiatives, employee engagement, performance levels and more. To this end, HR must rely on a balance of more strategic hiring within the HR department itself as well as the adoption of the latest tools – think big data technology – to gather actionable insight into the company’s employment data.

How to Measure Quality of Hire

HR Daily Advisor

These organizations take several truly objective measures, such as turnover rates, and look at those measures in coordination with more subjective measures like performance reviews. Here are some of the many metrics organizations are using concurrently to get an overall “quality of hire” measurement: Turnover/retention rates. Cultural fit (as measured by survey data). For example, such a formula might include: (Performance + Productivity + Retention) / N.

Retaining Home Healthcare Workers with Employee Engagement Surveys

HR Daily Advisor

Employee retention and satisfaction are more central to leadership agendas and a top priority at strategic planning sessions and industry conferences. Surveys Help Improve Communication and Reduce Turnover.

How HR Can Tackle Diversity Using the Rooney Rule

Visier

Many companies are already setting lofty goals as a result of the call to action: For 2016, Pinterest aims to fill 30% of full-time engineering roles with women and 8% with people of underrepresented ethnic backgrounds. Dropbox is committing to unconscious-bias training for all it’s employees (over 1,200 people), and to regularly release data on the diversity of its workforce. Metrics to watch: New hires vs. existing workforce / New hires vs. industry benchmark.

Talent Management Transformation in the US Healthcare Industry: Q&A with Dr. Kevin Groves

Saba

As with most industry transformations, major shifts in the business environment drive the need to implement significant changes across an organization—including the acquisition, selection, development, and retention of leadership talent. Plus, they are less apt to leave the organization over time, which means lower annual employee turnover rates and personnel transitions.

20 Factors You Need to Include In Your Business Case to Get More Recruiting Budget

Linkedin Talent Blog

The data shows that the root cause of the sales problem is the weak performance of new sales hires, as a result of the inadequate assessment of sales candidates during the hiring process" Remember executives spend all day talking about business problems, so show the impact of recruiting on those talked about business problems. A data-driven and metric-rich approach: Everyone at the executive level operates in a data-driven environment.

The Employee Experience Imperative: Q&A with David Johnson

Ultimate Software

A 2016 IBM study showed that 96% of employees in the top quartile of employee experience report high levels of work performance, as opposed to 73% for employees in the bottom quartile. Lower employee turnover. The factors that affect employee turnover vary by industry and job role, but excessive workload is a top culprit across the board. Starbucks enjoys an annual employee turnover of only 65%, in an industry that averages 150% to 400%.

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KPIs Alone Will Not Fix The Diversity Problem

SuccessFactors

And when it comes to business objectives, KPIs are our go-to benchmark. We know bias in business undermines employee commitment, performance, and retention. We also take a data-driven approach to the analysis of pay discrepancy.

Onboarding: Your Upfront Investment in Employee Performance

Everwise

In today’s increasingly competitive talent market , what if there was a way to improve retention of top employees? Companies are embracing technology to take an innovative employee-experience approach versus the age old employee data management method of onboarding. This engagement manifests itself in three key performance areas for businesses: retention, productivity, and profitability. Better Retention. This observation is corroborated by the data.

The Three C’s of a Great Global Hiring Strategy

General Information Services

But HireRight’s Employment Screening Benchmark Survey for 2018 found out that background checks are not being used nearly enough for either global employees based in the U.S. 15% said they screen employees based outside of the United States — a 2% increase since last year, yet still 4% fewer than 2016. The pursuit of new markets is part of many a company’s long-term growth strategy, as is global expansion. From small businesses to enterprise firms, the key should involve people.

How Hospitals Can Shed 3 Myths Hindering Employee Engagement

HR Daily Advisor

Hospitals and health systems can discard three myths of employee engagement to improve patient satisfaction and Medicare reimbursement and raise their image for patient safety with well-designed initiatives, according to the new report Data-Driven Insights for Your 2017 Employee Engagement Strategy, released by Advisory Board. “The data show the steps every organization can take to improve their own engagement and drive successful care transformation.”