Bonusly

DECEMBER 5, 2019

To solve employee turnover, we look at employee retention best practices and organization-specific strategies. Current best practice is to improve the employee experience in order to increase employee engagement and retention—and all the other great things that come with them, like improved business performance. Defining and communicating your EVP improves both recruitment and retention. Compensation has less to do with retention than most people believe.

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Ultimate Software

APRIL 24, 2018

Benchmarking enables companies to compare organizational metrics with their peers and competitors, confirming strengths and opportunities for improvement. Many businesses already use benchmarking to analyze their learning and development (L&D) spending, recruiting, and organizational design, but far fewer are actively measuring and benchmarking their employee engagement scores. Of course, this data is even more insightful when weighed against industry benchmarks.

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Bonusly

DECEMBER 12, 2019

Turnover is influenced by many factors that generally come from two directions: external forces and internal forces. We’ll start with external forces, though, because it helps to be aware of how much they contribute to fluctuations so that you can make effective decisions about retention. It also helps assess how important turnover is to your company when you see how you stack up against your competitors. Average turnover rate. 5-Year Average Voluntary Turnover.

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HR Daily Advisor

JANUARY 29, 2018

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 is the process of comparing your organization’s own processes and operations against those of your competitors. However, as the world of work evolves, so are benchmarking tools. Benchmarking can help with a host of concerns.

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Visier

FEBRUARY 20, 2018

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. The Value of a Laser-Focused Approach to Turnover Contagion.

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Bonusly

APRIL 10, 2019

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.

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ForUsAll

JULY 2, 2018

Your goal: figure out the specific calculations for important employment metrics like turnover rate and retention rate. Use these links to get straight to the information you need: How to Calculate Employee Turnover Rate. How to Calculate Employee Turnover Cost. How to Calculate Employee Retention Rate. An Important Note About Calculating Employee Turnover and Retention Rates. Compare Your Employee Turnover Rate to 2018 Industry Averages.

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Retention and Turnover Metrics Retirement Examples 52

Vemo

SEPTEMBER 9, 2016

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.

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Bonusly

JUNE 27, 2018

Employee turnover has a major impact on your organization's trajectory, but if you're having trouble with it, you're not alone. Even the best companies struggle with turnover. In this post, we’ll examine employee turnover: what it is, why it costs so much, and how to reduce it. Voluntary vs. involuntary turnover. From a broad perspective, there are two categories of employee turnover: voluntary and involuntary. Healthy vs. unhealthy turnover.

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Retention and Turnover TinyPulse Kronos Onboarding 56

Bonusly

AUGUST 27, 2020

When it comes to employee retention strategies, HR departments need to track specific measurables. This article provides an overview of how to calculate your employee retention rate, why employee retention strategies matter, and a best practices checklist for employee retention.

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Retention and Turnover Benchmarking eBook Onboarding 52

Lighthouse

JULY 30, 2018

Did you realize that the way your company approaches compensation policy can actually create (or reduce) employee turnover? 3 Ways Compensation Practices Can Lead to Retention Risk. Below are three examples of how attention to compensation can uncover potential retention risk. Organizations that lag the market rate in a specific job function should expect to see higher turnover in that role. Use Compensation Benchmarking as a Retention Predictor.

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Retention and Turnover Policies Compensation ADP 106

HSD Metrics

MAY 17, 2018

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

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HSD Metrics

MAY 17, 2018

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

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HSD Metrics

MAY 31, 2018

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

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HSD Metrics

MAY 31, 2018

Data-driven Ways to Improve Retention. Our recent 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

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HRsoft

APRIL 7, 2016

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.

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HSD Metrics

AUGUST 31, 2018

Top Five Turnover Causes in Healthcare. Human resources professionals and their senior teams are keenly aware that turnover comes at a high cost. Employee turnover also has a rolling effect throughout any company. HR departments are left with the task of managing and improving turnover. In the last 20 years, we’ve worked with over 80 healthcare organizations to improve their employee retention and work environments by capturing key, actionable data.

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Everwise

MARCH 28, 2017

In recent years, employee turnover has become an increasing problem. So, how do you improve retention? This engaged learning makes a positive difference in your company’s turnover rate. Integrate some — or all — of the below six focuses to increase engagement and retention. 6 Key Focuses That Will Improve Employee Engagement & Retention. Doing so will greatly improve employee engagement within your company, which in turn will positively affect retention.

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Retention and Turnover Benchmarking eBook Workday 122

HRO Today

JUNE 14, 2019

Roseland, NJ – June 14, 2019 – As organizations strive to better understand the art of employee engagement in a highly competitive labor market, the ADP Research Institute’s 19-country Global Study of Engagement provides a global benchmark for engagement. It has been widely reported that companies with high engagement perform better financially, are productive, have lower turnover and greater customer satisfaction.

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LaborSoft

JULY 12, 2018

HR departments stand to gain a lot by tracking employee turnover. Valuable data can be collected and deeper insights drawn to reveal the potential source of the turnover, whether it be job dissatisfaction or other more personal reasons. This key HR metric can help companies assess and prioritize changes or adjustments to their culture or practices in order to decrease attrition and ensure retention of employees in the future. Turn Over Your Turnover Findings.

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Bonusly

NOVEMBER 30, 2016

Your organization's employee turnover rate can have a major impact on its trajectory, and if you're having trouble with it, you're not alone. Despite its important place in a successful operation, turnover is still one area even the best companies struggle with. Let's take a few minutes to explore turnover -- what triggers it, and some easy ways to improve. So what is a good employee turnover rate, what's an average employee turnover rate, what's a bad one?

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Bonusly

NOVEMBER 14, 2018

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. Why Does Turnover Spike in the New Year?

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HRsoft

MAY 17, 2018

Calculating turnover is important for developing retention strategies and supporting a strong company culture. To begin calculating turnover in your organization, select a benchmark job to validate internal and external metrics. The position you choose should be a job that would hinder success if significant turnover occurred. It could be one that experiences frequent turnover; in healthcare, for instance, this could be a nursing position.

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Bersin

SEPTEMBER 15, 2016

I’m so excited about a report we published today: Calculating the True Cost of Voluntary Turnover: The Surprising ROI of Retention. I’ve been wanting to write this report since I joined Bersin in 2013, but my study of retention began many years before then. Engagement HR Strategy & Benchmarking Sourcing & Recruiting Talent Strategy Workforce Planning

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HSD Metrics

JANUARY 31, 2020

Retention is a term used a lot when it comes to HR, but do you really strategize for it? Measuring employee engagement will likely depend on your own internal structure and culture, but it is incredibly important to have a balance between qualitative and quantitative data for this benchmark. Having some form of quantitative data allows for easier benchmarking and better discussions between managers and employees.

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Zenefits

JUNE 17, 2019

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.

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Visier - Talent Acquisition

DECEMBER 3, 2019

Employee turnover is a critical challenge that almost all HR managers stress over. Turnover rate is a typical measurement that many organizations use as a scorecard for HR. While many HR departments still use turnover rate as a key indicator of success (or failure), knowing this number does very little to indicate HR’s impact on business outcomes. . Changing the question from “What is our turnover rate?” to “What is the cost of our turnover?”

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Retention and Turnover Analytics Benchmarking Employer Branding 42

Visier - Talent Acquisition

JANUARY 29, 2020

Solving employee turnover and retention is hard. When you’re no longer losing hours of your week trying to extract something useful out of built-in HRIS reporting tools, you’ll have time to action on the turnover and retention strategies you’re trying to create. Here, we’ll walk through how fast and easy it is to begin building a data-driven retention plan in just 10 minutes using Visier for mid-market.

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HRsoft

JANUARY 12, 2016

Most companies check their turnover numbers. They compare it against industry benchmarks and if they come off even a little better, they rejoice and settle into their old routine of grueling performance reviews, ‘Employee Appreciation’ endeavors, knee jerk cash reward distributions and exit interviews (which are conducted after an employee has already decided to leave.). First and foremost, HR departments and line managers need to recognize the importance of employee retention.

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Precheck

OCTOBER 24, 2017

How Healthcare Employers Can Overcome Unprecedented Turnover Oct. It’s not just your organization — turnover is rampant across healthcare employers. A report from NSI Nursing Solutions says the average cost of turnover for a bedside RN can range from $38,900 to $59,700, with the average hospital losing $5.1 The challenge for healthcare HR is to improve their own organizations to improve retention. Here are some tips for lowering turnover.

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HSD Metrics

AUGUST 12, 2019

We offer several survey solutions, including our StayRight program to help strengthen your employee retention, and ExitRight® to provide insight into turnover benchmarks and more. Articles Employee Retention customer harassment employee exit interviews employee retention employee stay interviews Employee Surveys employee turnover causes exit interviews ExitRight harassment at work HSD Metrics reduce employee turnover reduce turnover Stay interviews StayRight

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Namely

JULY 16, 2015

The idea of using a soft measure like positivity to benchmark a company’s performance would have been laughable not too long ago. Every company should recognize a few absolutely critical things related to their ability to be competitive with culture, and the ways it can increase employee retention. The retention tips don't need to stop here. Download Namely's widely popular report How to Reduce Turnover and Retain Your Top Performers and keep the conversation going!

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Retention and Turnover Company Benchmarking Groups 85

OmegaHR Solutions

JANUARY 16, 2018

Reduce Turnover—and Accompanying Expenses—by Hiring the Right Candidates. But how do you define the best plan for long-term employee development and ultimately, better retention? Define Measurable Benchmarks for HR Success. Any number of objectives can be measured this way: employee and customer satisfaction, retention levels, the percentage of employees who meet their development targets or individual performance objectives and so forth.

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Retention and Turnover Resources Tools Benchmarking 55

Linkedin Talent Blog

JUNE 17, 2019

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. Employee Retention Talent Analytics Artificial Intelligence

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Achievers

OCTOBER 2, 2018

On average, it costs $4129 for each hire, according to SHRM’s Human Capital Benchmarking Report. Moreover, the average annual employee turnover rate is 19 percent, or almost one out of five. Employee Engagement Employee Retention Leadership Millennials employee engagement employee turnover employees Halloween HR HR professionals HR stats manager stats work-life balance workplace culture

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Retention and Turnover Survey Benchmarking Diversity and Equality 123

HR Bartender

OCTOBER 31, 2017

The group can agree on things like less turnover, more employee engagement, and increased productivity. Human Resources Metrics : According to a survey from Korn Ferry, 98 percent of executives believe that onboarding programs are the key to employee retention. Using that statistic means that turnover is an important metric when it comes to evaluating onboarding programs. In addition to the turnover rate, the cost of turnover could be equally significant.

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Insperity

SEPTEMBER 1, 2016

High turnover, skill gaps and slow time-to-fill a vacancy, when frequently associated with a particular role, could all indicate the same issue. Spending the money to benchmark a position will help you judge whether you’re offering an appropriate salary or if the root cause is elsewhere. Be open to changing your mindset and to hearing what a compensation benchmark may tell you about the fair market pay for a position in your area.

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Retention and Turnover Benchmarking Compensation Analysis 48

HSD Metrics

JULY 30, 2019

Using exit interviews, like ExitRight® , will give your company turnover benchmarks and analytics, so you are able to effectively improve your employee retention for others. Articles Employee Engagement Employee Retention departmental conflict employee stay interviews employee turnover causes exit interviews ExitRight HSD Metrics reduce employee turnover reduce turnover Retaining Talent Stay interviews workplace conflict resolution

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HSD Metrics

OCTOBER 15, 2018

Offensive jokes can lead to bad morale, turnover among employees, or even worse, potential legal problems. Help to reduce employee turnover by taking the time to know your employees and their skills, knowledge, abilities and unique capabilities. To learn more about improving the employee retention at your company with the help of comprehensive exit interviews, turnover benchmarks, and in-depth analytics, contact us today to schedule a live demo.

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HR Bartender

MAY 31, 2018

A certain amount of turnover is healthy for the business, as are certain types of turnover (for example, the dismissal of a toxic employee). Using that as your benchmark, which positions must be filled in less time? Recruiting and Retention Strategy and Planning SHRM strategic planning

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