What Is Employee Turnover and Employee Retention?

Bonusly

When we talk about employee turnover, we mean the number of employees who leave an organization over a specified timeframe, typically one year. On the other hand, employee retention is number of employees an organization keeps during a given period. Many companies track turnover closely because it can be a huge cost to replace employees. Like customer retention, investment in employee retention has a higher return than investment in acquisition.

How To Reduce Employee Turnover with Workforce Analytics

Visier

With voluntary resignations at an all-time high and unemployment rates historically low, employee retention is a key objective for most HR organizations, and employee turnover is the single most prevalent HR metric. However, knowing your turnover rate does little to support strategic business plans. To achieve true insight, a more in-depth analysis of what’s causing turnover in different parts of the organization is required. Look For The Causes of Turnover.

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How To Reduce Employee Turnover with Workforce Analytics

Visier

With voluntary resignations at an all-time high and unemployment rates historically low, employee retention is a key objective for most HR organizations, and employee turnover is the single most prevalent HR metric. However, knowing your turnover rate does little to support strategic business plans. To achieve true insight, a more in-depth analysis of what’s causing turnover in different parts of the organization is required. Look For The Causes of Turnover.

Tackle Employee Turnover With Strategic Leadership Development Investments

Visier

We had built a leadership development program for our Millennial population with the goal of reducing turnover costs. After the first three cohorts went through the program, we dug into the data, expecting to see just that: promotions driving retention.

How One Company Is Tackling the Turnover Challenge

WorkHuman

A few weeks back I wrote about how retention/turnover will be the biggest challenge for HR leaders in 2017. The state of turnover right now is pushing companies to innovate and transform their cultures to create a better employee experience that benefits both employees and employers. human resources, will join Globoforce’s Lynette Silva to share more about how DENSO tackled the turnover challenge. How One Company is Tackling the Turnover Challenge Click To Tweet.

Top Five Turnover Causes

HSD Metrics

Data-driven Insights for Employee Retention. 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. In most industries, pay ranked third in importance out of the top 12 turnover causes.

How Foot Locker Can Reduce Employee Turnover with Workforce Analytics

Visier

With voluntary resignations at an all-time high and unemployment rates historically low, employee retention is a key objective for most HR organizations, and employee turnover is the single most prevalent HR metric. However, even for progressive brands like Foot Locker, simply knowing the turnover rate does little to support strategic business plans. Why should HR make employee retention a priority? The problem was that HR had no data to prove it.

Steps to take when your turnover rate is enviably low

Stratus

True story: some companies have low turnover rates. So here’s the answer: the average turnover rate across all industries in the U.S. If you’re relying on good luck and intuition alone to keep employees in place, eventually that turnover rate is going to catch up with you. How turnover costs your company. Turnover is one of the costs of doing business, but it’s an expensive one. You can see the full scope of the costs of employee turnover here.

Employee Turnover is Highest in January: How to Keep Critical Employees from Leaving

Visier

This is the time of year when employers need to be proactive with their employee retention strategies. Recent data from Glassdoor specifically calls out January as the month when more employees are likely to leave. Data-driven organizations use workforce analytics to identify the employees who are most likely to resign and more importantly, why , so the right levers can be pulled to stem the tide of employees rushing for the exits. The Cost of Employee Turnover.

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?

Launch Bold Employee Retention Programs That Work: Avoid Copycat HR

Visier

Today — at a time when hiring, new job creation, and voluntary turnover are all at 5-year highs — there is no shortage of examples of CEOs making bold (albeit more “gentle”) talent policy moves: In the wake of high-profile announcements about unlimited vacations and $70,000 annual minimum wage , the CEO of Boxed revealed that he will pay the college tuition for the children of his employees. Prove the retention problem.

How to select the best HR system for your organization

Zoho People

One of the best and easiest ways to improve employee experience is to implement an HR system. HR systems provide all the necessary modules and tools needed to improve people management, achieving all the strategic goals of your organization. They reduce the reliance of the HR department on spreadsheets by organizing all essential HR functions in a centralized system. What does an HR system do? This is where an HR system can help your organization.

Top Five Turnover Causes

HSD Metrics

Data-driven Insights for Employee Retention. 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. When respondents were asked if lack of upward mobility contributed to their decision to leave, they ranked this cause is second in importance out of 12 turnover causes.

3 Ways People Analytics Ends Employee Retention Guesswork

Visier

Hiring, vacancies and turnover are critical measures on both the state of the economy and the health of the organization. Some turnover is healthy for organizations, but the danger in such record-setting times is passing a critical threshold of talent loss. For many organizations, voluntary turnover costs millions of dollars. Before designing retention initiatives, you must first figure out the impact of churn. The End of Retention Guesswork.

Delving Into Data

HRO Today

Three organizations share how they use people data and analytics to amplify business strategy. People analytics” has been a hot catchphrase in the business world for years, with data promising to revolutionize recruiting, talent management, and myriad other HR processes. But while organizations have embraced data collection and reporting, data analysis remains in its infancy for all but the most sophisticated companies.

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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.

5 Exit Interview Metrics Your Business Should Be Tracking

HSD Metrics

The negative impact of employee turnover on your business can manifest itself in several important ways. To mitigate turnover costs, businesses need to implement proactive strategies designed to reduce attrition. Quantifying Employee Turnover.

GDPR Data Retention Precautions for Multinational EU Employers

Celergo

As a result, more and more data is being shared on the web. In fact, there were an estimated 8 exabytes of data created and shared this year alone. How does a heavy amount of digital reliance and data transfer affect your business? Well, there are a number of platforms, such as payroll software or HRIS systems, that make employees’ data accessible in a centralized, web-based system. GDPR Data Retention: What You Need to Know.

Critical Retention Strategies: AI Identifies Dissatisfied Employees Before They Leave

Eightfold

Tools like artificial intelligence technology can inform retention strategies and help employers predict who is most likely to leave, as well as what incentives might encourage them to stay. Most retention strategies rely on two tools: exit interviews and annual employee surveys. The problem is that these data don’t give managers a real-time picture of who might be considering leaving,” they write. Using AI to Inform Retention Strategies.

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? And turnover isn’t just a morale-killer – it’s expensive. Why Does Turnover Spike in the New Year? Although some turnover isn’t within anyone’s control (e.g.

Could HR be the most data driven function?

HR Digest

They include: people, data-driven analytical decision-making, and showing how their actions directly impact strategic goals at the end of the day. Historically, HR executives and practitioners have faced insurmountable challenges from lack of data. This competitive urgency to utilize HR analytics isn’t new; however, in the past five years there has been a dramatic increase “data-driven equals high business impact” school of thought. Retention.

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What’s a Performance Management System? A Guide

Astron Solutions

Due to its importance, performance management is best handled with a dedicated strategy and a reliable software system. After all, how you manage teams and handle internal engagements will affect not only your employee retention rate, but facilitate their paths to leadership.

Worried About Your Employee Turnover? See How it Stacks Up

Reflektive

Sure, there’s a certain amount of turnover that’s to be expected, but how can you know if the turnover in your organization is normal — or indicative of a larger problem? Using data from Compensation Force and CompData , we created a simple bar chart outlining the average voluntary and total turnover rates in major industries in 2016. An Easy Way to Improve Retention. The post Worried About Your Employee Turnover? Losing employees can be scary.

Engage, Retain, Succeed: A Recognition Culture as a Business Growth System

Rallyware for Human Resources

Let us share our insights gained through years of developing and analyzing the most successful recognition programs for direct selling companies to help you drive distributor retention , increase sales, and boost customer engagement. . The system creates an emotional connection with a company.

Taking Data-Driven Action

HRO Today

In fact, LinkedIn’s Global Recruiting Trends report indicates that 64 percent of today’s organizations use data at least occasionally and 79 percent are somewhat likely to take advantage of it in the next two years. The concept of leveraging analytics to drive more informed decisions isn’t new, but HR leaders are now faced with an unprecedented volume of data and the technology to analyze it quickly and efficiently. Monitor the quality of the data. Look at data holistically.

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Why Extend HR Data to Business Leaders?

Visier

If your job is to run an HR function, you likely encounter this challenge on a regular basis: It is often the managers and department heads who make decisions that impact the results of key programs, such as retention and recruitment. And these decisions can bring negative or suboptimal results for the organization when made without data. As described by analyst firm Bersin by Deloitte , “[Business leaders] should be able to retrieve data on their own.

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Why Data is the Key to Strategic HR Decisions

Visier

Historically, many issues arose from lack of data. Specifically, this initiative is not just about understanding data-driven HR and the usual metrics, but specifically how HR can connect what it’s doing to business outcomes. According to Deloitte’s Global Human Capital Trends 2016 , “As technology makes data-driven HR decision-making a possibility, 77 percent of executives now rate people analytics as a key priority, up slightly from last year. Adding Data into the Mix.

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10 Workforce Intelligence Cures for Improving Nurse Retention

Visier - Talent Acquisition

Discover how people analytics and workforce intelligence helps you uncover the information you need to improve nurse retention. A high turnover rate puts hospitals at risk by increasing costs and potentially impacting the quality of patient care. The good news is that using workforce intelligence to understand what drives turnover can help your organization improve retention rates. Here’s the information you need to start improving nurse 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.

5 Free Applicant Tracking Systems

Surlet

Applicant tracking systems (ATS) have been known to cost upwards of $1M a year for large firms-- but is it possible to find quality with a free applicant tracking system? We have pulled together five great examples of free applicant tracking systems that deliver real value for budget conscious organizations. 5 Free Applicant Tracking Systems. Surlet is a modern free applicant tracking system available in three tiers -- starting with a free applicant tracking system.

The ultimate guide to selecting a Human Resource Management System

Zoho People

A Human Resource Management System, commonly abbreviated as HRMS, is a software application that enables HR professionals to automate all essential HR operations, including onboarding, talent management, performance reviews, attendance tracking, and more. This allows the HR department to focus on other pressing aspects of the business like employee retention, work-life balance, and team-building. Saves a substantial amount of time as employee data is easily accessible.

How to Onboard for Retention in a Competitive Hiring Market

Silkroad

Companies with higher levels of automation have much higher levels of unwanted turnover – nearly a third of highly automated organizations lose more than 50 percent of their new hires in the first year, and one out of 10 say goodbye to 75 percent of their employees in the first year. Nearly two-thirds of CFOs say their firm has a hard time keeping wanted employees, and poor employee engagement is the prime cause of unwanted turnover. Improve retention through employee engagement.

How Hospitals Can Reduce the Risk of Employee Burnout During a Health Crisis

HSD Metrics

Highly-skilled, experienced nurses with incredible bedside manners are vital to any healthcare system. They are directly tied to positive patient experiences, yet industry trends point towards high-turnover rates among healthcare providers. . We analyzed exit interview data from our healthcare clients and found the following five main turnover causes: Supervision. We help our healthcare partners improve employee engagement , increase retention, and reduce turnover. .

How to Put Your Employee Engagement Data to Work

Reflektive

HR analytics produces large amounts of insightful employee engagement data, filled with potential insight into employee attitudes, morale, retention rates, and more. To get the most out of your employee engagement data, take the following steps: Understand the Business. Data that’s important to HR rarely reflects the data driving business outcomes. Understand your company’s metrics and how employee engagement data influences those priorities.

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. In order to satisfy both these needs, the next section provides the top 10 most strategic reasons for shifting to a data-driven high business impact approach.

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Get Onboarding Right for Better Employee Retention

Compensation Today

Employee turnover is a major problem for companies Studies about employee turnover can be shocking. Real time compensation data means there’s no reason you shouldn’t be paying competitively. The Society for Human Resources Management (SHRM) report Retaining Talent stated, “Research suggests that direct replacement costs can reach as high as 50%-60% of an employee’s annual salary, with total costs associated with turnover ranging from 90% to 200% of annual salary.”

What if you could predict all of your Turnover? #UltiConnect @UltimateHCM

The Tim Sackett Project

Out at Ultimate Software’s Conference, this week and one of the cool features that Ultimate has within UltiPro is Retention Predictor. Ultimate has done a really good job at going out and buying some great data analytics companies and implementing that tech and talent into their organization. So, what’s Retention Prediction? . As an organization, we really want and need to know data this to help retain our best performers.

Employee Retention in Health Care: 4 Keys to Keep Your Best and Brightest

HR Morning

Because the current healthcare climate is heavily focused on meeting strict quality guidelines from the feds and payors while providing top-notch care, employee retention in healthcare is more critical than ever. Retention is difficult in the healthcare industry for several reasons – one of the most significant being employee burnout. Not surprisingly, this creates high turnover in hospitals. Turnover is a significant contributor to high burnout rates in healthcare.

Four Common Tech Ageism Myths Debunked With Data

Visier

But is it happening on a widespread, systemic level? . This question — one we sought to address with our latest Visier Insights report — has traditionally been difficult to answer: While leading tech companies openly publicize their organizational diversity data in terms of ethnic and gender composition, little data has been shared about the age makeup of the tech workforce. Reality: Systemic Ageism Exists in Tech Hiring Practices.

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Four Common Tech Ageism Myths Debunked With Data

Visier

But is it happening on a widespread, systemic level? . This question — one we sought to address with our latest Visier Insights report — has traditionally been difficult to answer: While leading tech companies openly publicize their organizational diversity data in terms of ethnic and gender composition, little data has been shared about the age makeup of the tech workforce. Reality: Systemic Ageism Exists in Tech Hiring Practices.