Without Retention, Diversity Efforts Fall Short

Reflektive

Building diversity in the workplace is an initiative HR leaders cannot afford to miss. Companies with diverse workforces are proven to deliver higher performance and greater innovation. Therefore, many technology companies are directing large sums of money to increase internal diversity metrics and cultivate a broader pipeline of minority candidates. Despite investment in equal-opportunity hiring practices, diversity numbers are unimpressive Click To Tweet.

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? Chances are, you derive some meaning or worthiness from your work, and that’s why you’re still there — all other things being equal. Why Are You Still Here?

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How HR can navigate the emerging world of culture tech

HRExecutive

Not only is it easy to see how this technology could be used to help people work smarter, but one could also see applications in enhancing diversity and inclusion, increasing manager effectiveness and even guiding employees through periods of large organizational change.

15 Ways to Improve Diversity and Inclusion in the Workplace

SocialChorus

Mention diversity in the workplace and you’ll generally get a positive response from executives. That’s because most of them understand the many benefits of a diverse workforce. Diversity in the workplace benefits. And execs know a diverse workforce (in age, race, religion, nationality, sexual orientation, and gender) brings diverse viewpoints and perspectives to the company; these elements can help you develop great new products and great new ways to cater to customers.

Employee Referrals: A Players, Diversity Hiring, and Key Benefits

UpstartHR

Using Referrals to Improve Diversity Diversity has become an HR buzzword, thrown around in meetings and leveraged for positive PR, but what does diversity really mean? Legally, diversity refers to the age, socioeconomic background, gender, race and ethnicity differences in your workforce. Diversity sourcing, by extension, is a dedicated effort to attract, engage, and hire a diverse slate of candidates. Diversity begins and ends with your company culture.

Innovative HR and Why Technology Innovators Can’t Survive Without It

Visier

While the race to out-innovate with new ideas and products fuels the technology industry at large, the competition between companies is fought most pervasively as on the talent front lines. Develop The Right Mix of Workforce Diversity.

Healthcare’s Challenging Relationship Between Onboarding and Employee Retention

Hospital Recruiting

The healthcare industry is suffering due to under staffing and low employee retention rates. Healthcare facilities benefit from an employee’s long tenure, but retention is difficult for some facilities. By implementing an onboarding process, organizations will see results: a diverse staff that grows and stays. A recent study of a 187-bed community hospital located in Washington, DC reported new hire turnover decreased from 39.1% Turnover rates and costs.

Employee Turnover: A Major Challenge in Today’s Workforce

HRsoft

Workforce challenges vary by industry, location, and other differentiating factors, but rising employee turnover rates affect virtually all employers. Here, we’ll take a look at why turnover is such a significant issue in today’s workforce. Compdata Surveys & Consulting tracked turnover rates from more than 30,000 US employers. Alarmingly, within the last seven years alone, voluntary turnover has risen steadily across all industries, increasing from 9.1%

Creating a Diversity and Inclusion Statement for Your Business (With FREE Workbook)

Zenefits

If your business doesn’t already have a diversity and inclusion statement for your business, you should. When you define your commitment to diversity and inclusion, it directs the company to achieve. Download a FREE Diversity and Inclusion Workbook here.

Motivating employees to higher performance

HR Morning

A collaborative and cross-functional workforce where diversity is cherished. Happiness equals productivity. A recent study found that employees who are happy are 12 percent more productive than those who aren’t. Management Performance Managemnt Retention & Turnover Talent ManagementBuilding and sustaining an energized workforce that takes initiative requires creating an inspiring atmosphere.

Motivating employees to higher performance

HR Morning

A collaborative and cross-functional workforce where diversity is cherished. Happiness equals productivity. A recent study found that employees who are happy are 12 percent more productive than those who aren’t. Management>Performance Managemnt Management>Talent Management Retention & TurnoverBuilding and sustaining an energized workforce that takes initiative requires creating an inspiring atmosphere.

8 Things You Need to Fix to Increase Employee Retention

Linkedin Talent Blog

Recently, the Department of Labor reported that turnover is now at its highest level since 2008. Because a lot of executives don’t realize the tremendous cost of turnover: (e.g. And, the cost of each employee who walks out the door is $100,000 worth of product. Without data to understand problem areas and plan ahead, it’s no wonder retention efforts are failing. How a lack of data hurts your retention efforts and what you should do. Employee Retention

Innovative HR and Why Technology Innovators Can’t Survive Without It

Visier

While the race to out-innovate with new ideas and products fuels the technology industry at large, the competition between companies is fought most pervasively as on the talent front lines. There are a few areas where technology companies commonly struggle to improve when it comes to their people: Recruitment, Workforce Diversity, Retention, and Strategic Workforce Planning. Develop The Right Mix of Workforce Diversity.

When Hiring for Culture Fit, Make Sure You Aren’t Sacrificing Diversity

HR Daily Advisor

Employees who are good culture fits are those who mesh well both professionally and personally – the idea being that a team of employees who believe in your company mission and get along well enough to grab post-work drinks together will be more productive. In 2015, the Harvard Business Review published tips on hiring for culture fit – less than a year later, the publication featured an article warning that hiring for culture fit can thwart a company’s diversity efforts.

7 Reasons Your Employee Retention Efforts Are Failing, and What You Can Do About It

Linkedin Talent Blog

The Department of Labor reports that employee turnover is now at its highest level since 2008. However, it’s a fact that most corporations spend more time on product inventory turnover than they do on employee turnover, even though employee turnover often has a much higher impact. This inverse resource allocation occurs because the HR retention function often doesn’t spend time calculating and reporting the actual cost of turnover in dollars.

5 Biggest Challenges for HR Leadership Teams

Achievers - Recruiting

Absenteeism costs the country’s employers about $225 billion annually , and that’s only the amount from lost productivity. 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. Building a diverse workforce. Brainstorm new strategies to hire diversity of thought in your organization.

13 HR Stats That Will Make You Lose Sleep This Halloween

Achievers

In fact, the Gallup News article cited above notes that organizations could experience 44 percent less absenteeism and 16 percent higher productivity if they give their workers a chance to learn and grow on the job. Lack of Inclusiveness Equals Lower Employee Engagement.

Construction and Diversity: Are You Being Left Behind?

BirdDogHR - Recruitment

Construction and Diversity: Are You Being Left Behind? The article advocates for diversity as a way to broaden the workforce and ensure that everyone who can work, is. Diversity is an answer to the skills gap , and will create an applicant pool with varied talents and backgrounds. Here’s how to encourage diversity in your construction business. A diverse workforce has diverse needs. Equal work for equal pay is a good place to start.

Women, The Workplace, and Capacity

Women of HR

But things that must be said bear repeating, and it’s time for me to repeat myself: women and their equal pay and progression in the workplace is a serious problem for capacity. Think about your turnover rate. The article goes on to explain that a lot of companies want to know why they’re not making progress, that since middle management looks pretty thick with gender diversity they must be doing something right. Add in recruiting costs and lost productivity.

Announcing the Employee Experience Index: Why Moving Beyond Engagement is Essential

BetterUp

But, is employee engagement the best construct that employers should use to positively impact productivity and performance? BetterUp’s research shows that when companies enhance their employee experience, businesses directly benefit in the form of increased productivity, reduced turnover intentions, and higher job satisfaction. For example, in our research we found that the relationship between EX and productivity was six times higher than for engagement alone.

3 HR Strategies You May Have Overlooked

Achievers

Many organizations have undergone significant changes in light of new employment regulations and more diverse, younger employees who demand modern HR departments. Here are three additional HR strategies your organization may be overlooking: Create a Retention Strategy. Did you know that the costs of employee turnover can range from 30 percent to 150 percent of the employee’s salary? A strong work-life balance helps create a solid retention strategy.

Three Tips To Help Managers Understand Their Employees

PYMNTS

But equally important are in-depth discussions with people across the organization who have diverse perspectives on employees and their work. But avoiding turnover is just one of the reasons why it makes sense to invest emerging into getting to know employees at a deeper level. Increased productivity. Do you know what time of the day your employees tend to be most productive?

13 HR Stats That Will Make You Lose Sleep This Halloween

Achievers - Recruiting

In fact, the Gallup News article cited above notes that organizations could experience 44 percent less absenteeism and 16 percent higher productivity if they give their workers a chance to learn and grow on the job. Lack of Inclusiveness Equals Lower Employee Engagement. There is good reason why 69 percent of executives surveyed by Deloitte cited diversity and inclusion as a top priority.

Top Workforce Challenges and Trends Impacting the Healthcare Industry in 2020

Achievers - Recruiting

In order to maintain the high level of patient care that many healthcare organizations aspire to, both employee recruitment and retention must become a priority. From an HR standpoint, increased employee burnout also leads to a spike in turnover rates.

6 Employee Rewards Ideas for Blue Collar Workers

Fond

Offering incentives will boost morale, performance, and retention. . It’s beneficial to have diverse leadership. . They can boost all aspects of a business, including morale, productivity, and retention. . According to Bersin & Associates, employee recognition programs can reduce turnover by 31%. When blue-collar workers work harder, that means that there will be an increase in production, output, and revenues. Retention.

The Top 10 Strategic HR and TA Metrics That CEOs Want to See

Visier

So, if your metrics don’t directly and unambiguously cover strategic goals like increasing revenue, productivity, or innovation, they simply won’t drive executives to act. Revenue per employee — the most effective way for measuring the productivity and innovation output value of your workforce. This metric is widely accepted by CFOs as the standard workforce productivity metric. So measure recruiting’s contribution to increasing diversity in these critical jobs.

3 Must-Read Digital HR and HR Tech Articles of September 2018

Digital HR Tech

The top articles of September feature a business case for onboarding automation, an article on the pipeline opportunity for diversity in tech, a piece on the importance of hiring for soft skills, and a video with our experts explaining what excites them about Organizational Network Analysis (ONA).

Overcoming the Manager Divide: How HR can Accelerate the Path to Gender Pay Equity

Visier

Although significant progress has been made in employers proactively pursuing policies of equal pay for equal positions, this alone will not close the gap: gender equity is a complex and systemic issue that requires action on many fronts. Despite an increased trend towards equal parenting, in today’s society women still typically take on more of the family care responsibilities. Boosting morale and worker productivity.

Five Powerful Ways Your HR Team Can Leverage Big Data

SuccessFactors

Big Data also has an affect on existing staff; for example, by learning what increases and decreases productivity, work processes can be adjusted. Analyzing various internal surveys can help HR understand what improves retention. If common employee complaints are identified in surveys, HR can eliminate them to prevent employee turnover. Survey analysis can also help HR: plan new, more effective talent-retention programs.

Thirst for Knowledge

HRO Today

The study found that employees are eager for more frequent, diverse training. This suggests that investment in L&D from recruitment to leadership benefits the bottom line and can help organizations improve employee engagement, satisfaction, and retention. Improving Retention with L&D. If business leaders don’t meet the need for enhanced training, organizations will be at risk of high employee turnover.

An In-Depth Look at HR’s Role in Employee Engagement

KeenAlignment

Human resources professionals can help decrease employee turnover by baking learning and development opportunities into company culture. The Power of Equality: How to Empower Your Employees and Drive Impact.

Influence Your CEO With WOW And OW! Talent Data

Visier

Let’s start with an illustrative example: You report your standard turnover metric – that your salesforce turnover rate is 20%. And when you convert the metric to its dollar impact – such as turnover reduced our sales revenue by $2.3 Innovation… plus productivity.

Data 242

HR Advice for Small and Medium Businesses

HR Partner

The culture and leadership within a business have big implications for employee output, innovation and of course, employee turnover. While communication tools like Slack, Email, Zoom, etc provide ways to collaborate with your team, equally important is the need to understand personality types, common interests, and the personal why of an individual. The number one cited reason for turnover is your boss. Employee engagement translates to employee retention.

Making Data-driven Decisions with HR Reporting - Sapling Blog

Sapling

Diversity and inclusion. Employee retention. Turnover rate: Track your turnover rate over time to find patterns, identify potential issues, and plan for backfilling positions. For instance, you may find that your turnover rate increases after each of your quarterly bonus payouts, so perhaps you switch to monthly bonuses to spread out your turnover. These insights can help you improve employee retention.

Becoming Simply Irresistible: Positive work environment

HR Times

Flexibility also means offering a workspace that accommodates different modes of work, including a focus on productivity, innovative space (often called creative space), exercise, outdoors, and passion activities. We also studied this topic and found that “high-recognition companies” have 31 percent lower voluntary turnover than companies with poor recognition cultures. Fair, inclusive, diverse work environment. Part 3 of 5.

Your Cheat Sheet: How To Attract and Retain Top Talent

Best Money Moves

Providing a best-in-class employee financial wellness program increases engagement and productivity while reducing unexplained absences, turnover, and ultimately, healthcare costs. Financial stress is the number one source of all employee stress – which not only negatively impacts personal health and wellbeing, it also costs your company money in the form of lost productivity, higher costs in healthcare, higher turnover and more absenteeism.

Paternity Leave: Does Your Company Offer It?

HR Daily Advisor

It can even be argued that it is a matter of equality—all parents should be able to have the option to take time off after the birth or adoption of a new family member. Such a policy promotes gender equality, in and out of the workplace. This, in turn, keeps more parents—both men and women—in the workforce, which increases productivity and helps the economy as a whole. Paternity leave can help to equalize or remove this situation in the workplace.

Influence Your CEO With WOW And OW! Talent Data

Visier

Let’s start with an illustrative example: You report your standard turnover metric – that your salesforce turnover rate is 20%. And when you convert the metric to its dollar impact – such as turnover reduced our sales revenue by $2.3 And when you report that much of the turnover was preventable (for example, 78% of the turnover was preventable by using stay interviews) you have turned a “so what metric” into an “OW metric” ( ouch we need to take action! ).

Data 180

A Blog with a story

EverFi - HR

Equal Employment Opportunity Commission (EEOC) received over 7,514 claims of sexual harassment, resulting in $68 million in direct settlements. . Sexual harassment impacts employee productivity. Toxic workplaces lead to reduced employee productivity.

How to Optimize Workplace Conversations for Better Business Success

Reflektive

Such meetings build relationships between managers and workers, increase trust, and when used in combination with the advice given below, increase productivity, retention rates, and business success. This is especially important when you work in a diverse workforce. While this advice applies equally to employee and manager, it’s especially important for managers to remain objective during performance reviews.