Employee Turnover: It’s Time to Focus on Retention

Hireology

Employee turnover is one of the most difficult challenges businesses face when running a people services operation. Imagine having to turn new clients away due to employee turnover and staffing shortages. Retention, what’s the big deal?

11 Easy Ways to Reduce Employee Turnover

Bonusly

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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The Psychology Behind Employee Retention

Kazoo

And yet, do a Google search for “ employee retention ” and you’ll find dozens of articles stating what we’ve known for generations: people want more than just money to find meaning in their work. The long work of human resources is to keep employees happy, so what’s the psychology behind employee retention? And how do we translate the data gained in better performance reviews into meaningful opportunities? Why Are You Still Here?

3 Ways Compensation Policies Can Cause Employee Turnover

Lighthouse

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.

Top Skills of High Performing HR Data Scientists

Visier

In our research over the past year, we have found that–in addition to the analytics-focused CHRO , people analytics function leader , and HR business partner manager –the HR Data Scientist is also key to success. The profile of a successful Human Resources (HR) Data Scientist is a unique one, both within HR, and across the field of data science more broadly. Mid- and senior-level HR Data Scientists must cover all these areas. Hire the Right HR Data Scientist.

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20 Surprising Employee Retention Statistics You Need to Know

Bonusly

Employee retention is a challenge for nearly every organization. Although it may seem impossible to perfect a retention strategy in the face of these odds, you can often make a dramatic improvement with a few simple steps. The first step toward achieving better retention is understanding the scope and the core issues that drive turnover. That level of voluntary turnover speaks to the magnitude of the retention issue many organizations face.

How Data is Driving Employee Burnout—and What to Do About It

TalentCulture

Big data has gone from buzzword to business staple , affecting everything from how companies recruit and hire to how employees perform core functions in the workplace. However, it also has a negative side: This “always-on” generation of workers are increasingly burned out, largely citing too much work for too little pay—and, ironically, we’ve got the data to prove it. Organizations with 100-500 employees indicated burnout was the cause of 10 percent or less of turnover.

2 Keys to Millennial Retention: Personality Assessments and People Analytics

ATD Human Capital

” To drive business forward in 2016 and beyond, organizations need to modify the way they inspire, motivate, and connect with Millennials—increasing engagement and retention. Valid and reliable assessments enable organizations to assemble the building blocks that can help reduce turnover, increase job satisfaction, improve alignment with career expectations, and increase effectiveness across multi-generational teams.

Data Management For A Data-Driven HR Organization 

SAP Innovation

What does data-driven HR look like and how can technology help achieve it? In its simplest form, it implies that data gathered from current and prospective employees is used to obtain key insights into the organization. The primary trend behind a data-driven HR organization is the concept of datafication – the transformation of HR data into new forms of value. Data: internal vs. external, structured vs. unstructured.

Data Management For A Data-Driven HR Organization 

SAP Innovation

What does data-driven HR look like and how can technology help achieve it? In its simplest form, it implies that data gathered from current and prospective employees is used to obtain key insights into the organization. The primary trend behind a data-driven HR organization is the concept of datafication – the transformation of HR data into new forms of value. Data: internal vs. external, structured vs. unstructured.

Improve Your Company Culture Using Data

Visier - Talent Acquisition

In an interview with ic4p , Genentech, a global biotechnology organization, shared how they used attrition data paired with people analytics to understand which employees were at risk at their organization. By using attrition data, they found that commute time doubled within the last 15 years. The HR team discovered that employees who had one-way commutes of 45-minutes or more had higher turnover rates. Is talent retention going to drive financial performance this year?

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How to Reduce Employee Turnover? 3 Academic Models to Learn and Steal From

Zenefits

Employee turnover is a costly proposition for business. Some established motivational (and de-motivational) models can help reduce turnover and even engage and inspire staff. The interview data collected led Herzberg to posit two main factors lead to job satisfaction: Motivators : motivating factors include work that challenges, recognition for achievement, involvement in the decision making process, the ability to find meaning in one’s work and personal growth.

How Data Is Driving Employee Burnout – And What To Do About It

SuccessFactors

Big Data has gone from buzzword to business staple , affecting everything from how companies recruit and hire to how employees perform core functions in the workplace. However, it also has a negative side: This “always-on” generation of workers is increasingly burned out, largely citing too much work for too little pay – and, ironically, we’ve got the data to prove it. Organizations with 100-500 employees indicated burnout was the cause of 10% or less of turnover.

Why Workforce Analytics Shouldn’t Start with the Data

Visier - Talent Acquisition

The model starts with the data, then you draw insights, and finally tell a story. Here is how this model usually plays out: An HR professional is given a report , usually data drawn from the HRIS, and is asked to look at the data, derive an insight, then tell a story. Normally, HR professionals find this very hard to do, not because they lack the right competencies, but because it’s genuinely difficult to find legitimate insights in rows of numbers and figures.

The 7 Best Employee Retention Ideas We’ve Ever Seen

ForUsAll

Employee turnover is a frustrating problem. Employee turnover is a really difficult problem to fix, too. Employee turnover isn’t an unsolvable problem. We’ve assembled a list of strategies that several companies – both large and small – have used to knock their employee retention out of the water. Read on to learn about the 7 best employee retention ideas we’ve ever seen. REI has one of the lowest levels of voluntary turnover in the retail industry.

Get Your Crystal Balls Ready, HR Data Ninjas

SuccessFactors

There is a way to avoid this continuing to happen… HR, it is time to embrace your inner Data Ninja! Although companies generally have useful workforce data distributed across the business, fewer than 22% of those surveyed by Harvard Business Review felt able to leverage this data. This means that 78% struggled to connect and analyze workforce data as a basis for talent-related discussions.

Small, Medium, and Large: How HR Teams in Small and Medium Sized Businesses Benefit From Big Data

Hyrell

When it comes to “Big Data,” small and medium sized businesses (SMBs) don’t have the same volume of information as large companies. However, that doesn’t mean that HR teams at SMBs can’t benefit from data integration and analytics similar to what large organizations use. HR expert Josh Bersin has suggested that “talent analytics” is a better term for big data applied to Human Resources. Data analysis can be used to support a wide variety of HR concerns.

ACE 2017: Day One Highlights

Achievers

This year, the Elite Eight consists of: • Alliance Data for Leadership. a decreased turnover rate to an impressively low 6.4%, significantly below the industry standard annual turnover rate of 19.6%. Among the many memorable sessions was a presentation from Rocky Ozaki of NOW Innovations , who shared culture and operational best practices you should adopt to compete in the NoW.

These people problems are destroying your business—and HR can’t solve them.

PI Worldwide

HR has competing goals with the business. ” These designs have competing goals. What executive doesn’t want their functional leads to be data-driven? Retention metrics, absence rates, and training expenditures per employee are common examples of HR metrics. Employee Engagement Retention & TurnoverBusiness leaders, can we talk? I’ve got some good news and some bad news.

Performance Management Trends for 2019

HR Morning

Other research by the Institute for Corporate Productivity (i4cp) and the Center for Effective Organizations (CEO) supports the idea that organizational and financial results improve when positive and productive goal setting, performance assessments and career development conversations result in better employee motivation, engagement and retention. As we move into 2019, organizations of all sizes are once again reviewing employee performance management strategies.

The Digital Crystal Ball That Improves Employee Retention

Oracle HCM - Modern HR in the Cloud

” Thanks to predictive analytics—in this instance, Sheen’s access to meaningful data about DiCaprio—Sheen finds the right guy for a challenging position, Massachusetts defrays the cost of training DiCaprio for a job he’d probably quit soon anyhow, and the recruiters get a heads-up that there’s another slot to fill. In addition, it was identified competency gaps and provided the necessary training to retain more employees.

Increased Transparency of Human Capital Data – an interview with Brian Wilkerson

hrQ

The article examines the pros and cons of more transparency in human capital data being available to investors. Some of the metrics organizations have been measuring for years, such as turnover and productivity, while others such as ethics, leadership, and skills and capabilities are new frontiers for a number of organizations. Why has there been such an uptick in investors analyzing human capital data trends as part of their investment strategy? Retention?

How to Turn Your Vision for Data-Driven HR into a Reality

Visier - Talent Acquisition

If you are a people analytics champion, you need to build a business case that is compelling (appeals to many stakeholders and connects with financial outcomes), complete (covers all the options for delivering analytics), and durable (can compete with investment requests coming from outside HR). Before you address all the competing interests and tackle the C-Suite, make sure you have all of your HR stakeholders aligned. This means going beyond the data available in a single ERP.

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How to Hire for Success in Sales

Caliper

Did you know that the average sales employee turnover rate is nearly triple the average employee rate ? Turnover in sales makes an impact on the entire organization, and it’s expensive. The assessment not only measures specific behaviors and competencies, but also uses the data and insights to match candidates to scientifically-validated job models for sales professions. Professional development is integral to individual success in sales and overall retention.

People analytics: Does Your Organization Run Data-Driven Processes?

Empxtrack

Changing human resource management to a data-driven mindset can be challenging. However, being data-driven is vital for a forward moving business. Data analytics measures success of HR initiatives and helps in making well-informed decisions. Relying on “gut feel” to make important business decisions and competing in a marketplace isn’t an ideal thing any more. Organizations need data to back up even the smallest decisions. And the data is here.

Using HR as a Competitive Advantage

HR Daily Advisor

HR teams have a lot of responsibilities that can directly impact how well a company can compete against others. Here are some of the many ways the HR team can help create and maintain a competitive advantage for the organization: HR can use data to analyze turnover rates and determine where problems may lie, thus allowing the company to more quickly find issues and get them resolved. HR can use data to find potential employee issues before they become problematic.

Do you know the real reason employees quit?

PI Worldwide

Of the top 10 drivers of turnover intent, nine relate to the organization. While competency is a component of leadership capacity , it’s not the only factor to consider when making someone a people manager. The second most impactful driver of turnover intent, according to the report, is trust in senior leadership. While employees might be pointing a finger at the boss, the data doesn’t lie: The problem probably lies further up the food chain.

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.

Five Steps to Simplify Your Compensation Program

Astron Solutions

Competencies and complexities are established within each broad classification level based on required skills. Employees are placed into the classification and level based upon their competency levels and ability to perform the complexity required. Broadbanding allows for more flexibility in determining individual compensation based on the combination of individual skill & competency as well as the complexity of the job.

Women have better emotional tools to be successful managers: Study

HR Morning

The jury’s in: Recent research says women use the emotional and social competencies correlated with effective leadership and management better and more often than men. . A study from the Hay Group division of management consulting giant Korn Ferry shows that women outperform men in 11 of 12 key emotional intelligence competencies — the keys to successful talent management. of women demonstrate the competency consistently compared to just 9.9%

People Quality Makes For Picture Perfect Business

TalentCulture

If the data is right (the math is correct) and the color code followed accordingly (regardless if colored a bit outside the lines), then these two things coming together tell a vibrant story in and of itself. While there is obviously still value in having recruiters and hiring managers who possess good people instincts, it has become even more essential that they have reliable data on which to base their sourcing, screening and hiring decisions. Gather real-time, actionable data.

How Managers Help Retain Talent with Employee Engagement Initiatives In Times of Crisis

DecisionWise

Turnover goes down – engaged employees don’t leave as often when they find their work experience engaging. I guess from my experience, it’s purposely taking the engagement data that you have, whether it’s from a month ago, or from six months ago, or a year, looking at that feedback that you have, and then saying, how does it apply to our current scenario right now, and leverage that. Retention’s a whole different animal in that context.

Keep New Hires From Leaving In The First 90 Days

TalentCulture

Employee turnover — especially in the first 90 days of a new hire’s tenure — costs organizations thousands of dollars per year. This can be especially frustrating in front-line industries like hospitality where, according to results from CompData’s 2014 edition of their annual BenchmarkPro Survey shared by Compensation Force , turnover in 2014 was 27.6 Fix all of them, and you’ll be on your way to lower turnover rates and increased productivity.

Talent Shortages Hit the Levels of 2007: In-house Talent Development Comes to Rescue

Rallyware for Human Resources

ManpowerGroup data shows that 40% of employers have difficulty in filling positions today. In critical times, shared knowledge was more valuable than individual understanding because it allowed companies to keep the needed skills in the house, despite the high rates of employee turnover. Learning as a data-driven tool to fight the talent shortage. Data as a source of facts for HR and L&D decision making.

10 Assignments For Human Resource Managers To Develop Future Skills

CuteHR

Competency developed: Digital transformation. Competency developed: People Analytics. Start collecting feedback from the current dashboard and try to connect new data points to provide new insights Collaborate with IT to learn how to structure and visualize data!

Why Workforce Analytics Shouldn’t Start with the Data

Analytics in HR

The model starts with the data, then you draw insights, and finally tell a story. Here is how this model usually plays out: An HR professional is given a report , usually data drawn from the HRIS, and is asked to look at the data, derive an insight, then tell a story. Normally, HR professionals find this very hard to do, not because they lack the right competencies, but because it’s genuinely difficult to find legitimate insights in rows of numbers and figures.

Prediction: Talent acquisition will use AI and predictive data to become truly embedded in the business

Bersin

This means more than improving TA strategies, enhancing relationships with hiring teams, or becoming data-driven. With smart investments in emerging technology such as artificial intelligence (AI) and predictive data, talent acquisition is poised to deliver increased value and improved organizational performance. The most mature TA functions will lead the charge—but less mature organizations will need to catch up quickly as they compete for the same talent pool.

How Personalized Training Has Been Helping Call Centers Win Customers’ Hearts

Rallyware for Human Resources

Still, the prevailing majority of call centers experience the urgent need to decrease turnover rates, transit to a broader mix of channels, and facilitate interactions with customers through self-service tools. Busy work schedules, irate customers, demanding managers, a constant pressure to keep up with KPIs…it’s not surprising that these types of companies suffer from high turnover rates, employee attrition, and absenteeism.

5 Biggest Challenges for HR Leadership Teams

Achievers - Recruiting

Improving employee retention. In the United States, employee turnover costs an estimated $160 billion , and losing one individual employee may come with a price tag of six to nine months’ worth of the person’s salary. ” In a tight hiring environment, where companies compete for top talent, a workplace with a reputation for inclusiveness will attract more applicants. Human Resources (HR) is a complex profession (but that’s what you like about it, right?)

More Employees Expected to Quit in 2018, Citing Salary as the Top Reason

HR Daily Advisor

Glassdoor ® has released new data which reveals that 35% of hiring decision makers expect more employees to quit over the next 12 months. While two-thirds (64%) of those surveyed believe their organization is satisfactory/very satisfactory at clearly setting pay and benefit expectations within job postings, salary ranges are still an enigma: Glassdoor data shows fewer than one in 10 online job listings include pay data in the job description.