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Benchmarking: An Important Tool in the War for Talent

HR Daily Advisor

Additionally, nearly two-thirds of the global workforce is actively or passively seeking new job opportunities, according to the ADP Research Institute’s study, The Evolution of Work 2.0. . HR and business leaders see this firsthand as they fight to keep innovative, eager talent engaged and on their teams and are leveraging their people data to improve the hiring and talent retention process. Benchmarking. Benchmarking can help with a host of concerns.

Curbing Employee Turnover Contagion in the Workplace

Visier

Turnover Contagion: Tracing the Source. It’s also a lesson for HR leaders looking to treat a viral event of a different sort: turnover contagion. Turnover contagion happens when people quit their jobs simply because other people are talking about leaving, job searching, or actually jumping ship. In other words, voluntary turnover doesn’t just happen in isolation due to an individual’s job satisfaction issues. Otherwise, examining project team data can be of benefit.

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ADP Research Institute Sets International Benchmark for Employee Engagement with its 19-Country Global Study of Engagement

HRO Today

Study uncovers what conditions at work are most likely to attract and keep workers: Sixteen percent of employees around the world consider themselves fully engaged, revealing 84 percent of the global workforce is not working at its full potential. The study reveals that 84 percent of workers globally are just “coming to work” instead of contributing all they could to their organizations as “fully engaged” employees. Informed by data and designed for people.?

How to Save Your Company from Unhealthy Turnover and Optimize Retention

Bonusly

High turnover is a major concern for many organizations. But how do you know if your turnover really is an issue? Let’s take an analytical approach to retention. Turnover is a key HR metric and tends to be understood by leadership as a serious risk. If you are looking to leverage people analytics, retention is a great place to start. A high turnover rate likely gets your attention, but what else should you be paying attention to? Pre-turnover red flags.

What is HR Data Analytics & How Do We Leverage It?

Ultimate Software

Data is now the most valuable currency in the world. But in contrast to the murky ethics of sourcing and selling consumer-driven data , leveraging internal HR data analytics to make better workforce decisions has been a key Human Resources best practice for decades. But what exactly is HR data analytics and how can HR leverage it to achieve organizational goals? HR Data Analytics Definition. From Data Reporting to Prediction: A Retention Case Study.

ExitRight® Norms and Retention

HSD Metrics

Data-driven Ways to Improve Retention. Our article about the most important turnover causes for employees in 2017 illustrated trends across all industries and drew out some interesting exceptions. ExitRight® now offers industry specific norms to help our customers benchmark their organization’s turnover trends against peers in their industry. The post ExitRight® Norms and Retention appeared first on HSD Metrics. Articles 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.

15 HR Analytics Case Studies with Business Impact

Analytics in HR

For this article, I have collected 15 of the best HR analytics case studies I’ve come across in the past two years. Each of these case studies are connected with a concrete business impact. For each case study, I will refer to their original publication. Quite a few case studies have come from the excellent Strategic Workforce Analytics report by Corporate Research Forum. This is one of the few papers that has collected case studies with business impact.

Why Employee Turnover Spikes after the Holidays and What to Do about It

Bonusly

But come January, the environment can be drastically disrupted by New Year turnover. Why is Turnover Important? Turnover is an important piece of data for companies to pay attention to: according to a massive study on evidence-based practices in retention and turnover , reducing turnover rates is linked to sales growth and improved employee morale. And turnover isn’t just a morale-killer – it’s expensive. Employee Retention

Data Journalism for HR: The Beginner’s Guide

Visier

For the average person, data without a narrative is like a trip into the wilderness without a compass: overwhelming and disorienting. That’s why data journalism — a kind of factual storytelling based on data — has become a big trend. Take a look at this solid piece of data journalism posted on NYTimes.com , which invites readers to explore what may be surprising patterns relating to racial disparities in income mobility. Why HR Needs Data Journalism.

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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. According to a Gallup’s 2015 Workforce Panel study, 51% of employees are actively looking for a new job at any given time. 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.

10 Reasons To Shift To A Data-Driven High Business Impact HR Model

Visier

In order to move from this “list of challenges” to the “corporate asset list,” I have found that HR and its key functions like recruiting, retention and learning must move to dramatically increase their measurable business impacts by adopting analytics and data-driven decision-making. Unfortunately, a study by AICPA revealed that only 12% of CEO’s were confident with Human Capital metrics. 10 Reasons To Shift To A Data-Driven High Business Impact HR Model.

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Five Powerful Ways Your HR Team Can Leverage Big Data

SuccessFactors

The term “Big Data” seems mysterious to many HR organizations. Big Data describes the huge amount of data, both structured and unstructured, that people and systems are using. But only the data that affects business greatly on daily basis counts. Even so, this amount of data is usually so large that traditional software can’t analyze it. How people use Big Data for business. Data can actually make a big difference if used wisely.

Why Being Data-Driven Isn’t Enough

Visier - Talent Acquisition

Even the most qualitative departments, such as Marketing, moved from “art” to “science” through the use of data. . Indeed, the “art” of modern business is that everything can be quantified and measured, and data is now the single most important type of capital that an enterprise can own. Business operations run everything on data and it seems like there isn’t a single corporate function that isn’t data-driven–except for HR. . The data hurdles HR faces.

Amazon Coming to Town? Mitigate Talent Shortfalls with People Analytics

HR Daily Advisor

A data-driven process is one smart strategy that business leaders can take to mitigate the risks—and find the opportunities—associated with Amazon’s big move. By using data and analytics, companies can create a tailored and realistic action plan aimed at retaining their employees. banking franchise, discovered that turnover was highest for one particular revenue-producing role. When crafting your retention strategy, make sure you have the answers to these five questions: 1.

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. Employee engagement efforts have helped AseraCare Hospice distinguish itself as a leading national provider and employer by improving communication, increasing satisfaction and reducing turnover in the workplace,” says Sholly. Surveys Help Improve Communication and Reduce Turnover.

How HR Can Tackle Diversity Using the Rooney Rule

Visier

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. A Mckinsey & Co study showed that ethnically diverse companies are 35% more likely to have financial returns above national industry medians and gender diverse companies are 15% more likely to do the same. Metrics to watch: New hires vs. existing workforce / New hires vs. industry benchmark.

Calculating Your ROI with Talmetrix: Free Trial of Our ROI Calculator

Talmetrix

Studies have linked increased employee engagement to better productivity and reduced turnover – but what about its impact on your financials? We created our proprietary ROI calculator to measure three key data points: turnover rate, cost to replace an employee, and how increasing engagement can reduce turnover rate. If you don’t know these costs for your company, you can also use industry benchmarks to estimate your ROI.

How Healthcare Employers Can Manage Nursing Talent More Strategically

Precheck

First and foremost, healthcare organizations need to address problems in the work environment that can lead to employee dissatisfaction, burnout and turnover, and that starts with nursing management. Investing in educating and supporting frontline nurse managers is a key strategy to improving retention of direct care nurses,” says Beth Ulrich , principal investigator for the study. Investing in additional support for nurses can also reduce burnout and improve retention.

The Future of Workforce Planning

HR Daily Advisor

Employee turnover is extremely expensive, costing up to 1.5 Glamorous and exciting perks are certainly useful tools, but studies have shown that these types of perks are not actually what employees want. Thanks to cloud services for data analytics, scenario planning, and predictive technologies, it doesn’t have to be this way. Which training programs will have the biggest impact on retention? Strategic HR data employees managers Workforce Planning

8 Questions to Ask for Effective HR Reports

EmployeeConnect

That’s why staff members complain and protest about inaccurate assessments, data-driven errors and unpopular decisions – HR reporting fails to deliver unless the HR reports dig down into the databases to get the most accurate and relevant performance information, employee profile data and business intelligence. Data-driven decision management , or DDDM, is an approach that uses verifiable data to assist in decision-making processes.

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SurvaleTM Announces Record Growth, New Capabilities and Awards for 2018

Survale

New features such as Reference Checking , Text/SMS feedback collection, Shared Insights hiring manager self-monitoring feedback views, internal peer benchmarking, new reports and more. Three new client case studies. Survale is a Workforce Analytics Platform providing employers with an “Always On” solution for automatically gathering, analyzing and acting upon satisfaction and engagement data from candidates and employees as they traverse the hiring process.

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.

13 HR Nightmares to Avoid This Halloween

Achievers - Recruiting

Deloitte researchers did in-depth studies on this topic, and they learned that companies with a culture of recognition enjoy 31 percent less voluntary turnover than their low-recognition peers. . The dread of being trapped in a dead-end job plays a major role in voluntary turnover.

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. Several other studies prove the links between EX and objective performance measures as well. 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.

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Employee Engagement in Healthcare: 5 Facts You Need to Know

Bonfyre

A recent study from the American Medical Association (AMA) and the Mayo Clinic found 54.4% Notably, a separate study found 45% of primary care physicians say that if they could afford to quit, they would. This is because the signifiers of engagement are consistent across industries–higher productivity, job satisfaction, retention, profit margins, and more. A 2012 study from Towers Watson found that 44% of U.S. In the healthcare industry, turnover hits hard.

Why We Need Retail Employee Engagement Now More Than Ever

Bonfyre

According to a Harvard Business Review study, 77% of “high prioritizers,” or strategists who believe engagement is important, say employee engagement has a considerable impact on customer satisfaction. To understand why this is so significant, it’s important to note that similar studies of this nature most often report correlational links, rather than causal ones. Retail turnover is breaking records–bad ones. However, retail turnover has been trending upwards as of late.

Is Your Company Following its Compensation Philosophy?

Workday

A WorldatWork study sponsored by Aon Hewitt found that while 92 percent of companies surveyed have a formal compensation philosophy, only 63 percent have it in writing. Special perks like Friday yoga or in-chair massage, retention bonuses, and large cash incentives for employee referrals may be critical components. By regularly conducting fair market salary benchmarking, you can identify if there are any major gaps in your compensation plan.

New Virtual Reality

HRO Today

Adopt a data-driven approach. Data and analytics can offer insight into talent pipelines, helping organizations recruit best-fit talent. His company leverages both internal and external data to build a talent plan that can support the business. Internally, the talent acquisition team looks at turnover and demographic data to determine where the workforce is growing, where it is contracting, and how it aligns with the broader business plan.

View from the HR Tech Show Floor: Top 5 Workforce Trends

Visier

They are varied, but we are seeing HR focus on critical areas such as retention, recruiting, diversity requirements, and generational divides. Here are our top 5 trends for the not-so-distant future: Trend #1: Companies will double-down on retention and recruiting. In the improving economy, retention challenges will arise as workers become more confident in exploring new jobs.

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A Full Guide to Compensation and Benefits

Digital HR Tech

While their findings were statistically significant and turnover is expensive, it’s probably not enough to convince a boss to give someone a 10 percent raise. A Payscale study gives some insight into the influence of salary. They found a strong correlation between pay and engagement (and engagement profoundly influences retention ), but what was stronger is pay clarity. A study in the UK showed a link between procedural fairness and engagement.

Your Guide to AI Talent Acquisition

AllyO

AI talent acquisition harnesses the ability of artificial intelligence to derive insights from large amounts of data and automate much of the labor-intensive, repetitive work that goes into hiring talent. AI-powered computers can apply human-like reasoning to problems, and these systems get progressively better because they “learn” through exposure to data without human intervention. All these aspects of onboarding contribute to employee satisfaction and retention.

Hire-to-Retire – Rethinking HR with Oracle HCM Cloud

Oracle HCM - Modern HR in the Cloud

According to EBN “ Employers can do better with Wellness ,” employers who are focusing on wellness, increase engagement, resulting in higher workplace enjoyment, loyalty, and retention. Cultural Amp’s 2018 Engaging Growth Benchmark study found that “Confidence in leadership is the top driver of engagement for these fast-growing and highly engaged companies.” By Anshul Gupta, Director - Projects, and Aashima Sethi, Sr.

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.

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. Last year, a study from the Center for Talent Innovation showed that companies are likely to experience less innovation and productivity alongside higher staff turnover costs and fatigue when employees perceive bias. We also take a data-driven approach to the analysis of pay discrepancy.

What Does Employee Engagement Mean? Everything You Need Know

Jason Lauritsen

Employee engagement isn’t a tangible, concrete thing that is easy to identify and measure like sales revenue or customer retention. This study began with the premise that people can use varying degrees of their selves, physically, cognitively, and emotionally, in work role performances, which has implications for both their work and experiences.”. This will result in both better performance and higher retention.

Nichole Kelly: “Slow down to the speed of wisdom”

Thrive Global

After flexing her rapid prototyping and data geek muscles, she created one of the first true ROI case studies in social media and authored the book How to Measure Social Media. I’m conducting the first marketing executive benchmark study on emotional intelligence.

4 Key Ways to Align Compensation with Culture

Oracle HCM - Modern HR in the Cloud

” Market data, industry benchmarks, and application of best practices are useful, but also too generic. In a fascinating study, Dr. Pankaj M. Flexibility : According to PayScale’s 2019 Compensation Best Practices Survey , 73 percent of organizations have a variable pay plan in place and 23 percent of top performing organizations have increased variable pay to improve retention. By Jason Richmond, Chief Culture Officer and Founder at Ideal Outcomes.

How to Speak With Your Non-Profit Employees About Compensation

Compensation Today

However, when communication about compensation is handled correctly, it can increase employee trust in the organization, improve employee engagement, and decrease turnover. Communication about compensation starts with having a compensation philosophy and strategy , solid market data and an understanding of how your current pay practices stack up against the market, as well as a compensation structure that follows best practice.

Lisa Hannum: “How to Create a Fantastic Work Culture”

Thrive Global

Providing people with rich growth and development opportunities is critical to engagement, satisfaction and retention. According to this study cited in Forbes, more than half of the US workforce is unhappy.