Why Businesses Need to Use Data-Driven Employee Retention Methods
Employee turnover costs businesses a lot in terms of lost knowledge and productivity. High turnover rates can also lead to excessive training costs. For these reasons and more, companies increasingly say that, for them, controlling employee turnover is either an important or urgent matter.
One talent-acquisition professional found that, across the board, one-third of new hires last only about half a year in their new position. Another third of employees will start looking for a better job unless they get a pay raise within their first year. As a matter of fact, among firms that employ more than 100 employees, 33 percent of them, on average, have already returned to the job market.
Especially in light of current tight labor markets, companies need to find ways to reduce the volatility of their human resources. Although you can start this process by measuring turnover, such data only help if you can understand the underlying causes of the problem in your company.
So, in addition to collecting data, you need to properly analyze it. When you know why your employees want to leave, you have a chance to find ways to improve retention. You can also lay the groundwork to progressively make your company a ...
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One talent-acquisition professional found that, across the board, one-third of new hires last only about half a year in their new position. Another third of employees will start looking for a better job unless they get a pay raise within their first year. As a matter of fact, among firms that employ more than 100 employees, 33 percent of them, on average, have already returned to the job market.
Especially in light of current tight labor markets, companies need to find ways to reduce the volatility of their human resources. Although you can start this process by measuring turnover, such data only help if you can understand the underlying causes of the problem in your company.
So, in addition to collecting data, you need to properly analyze it. When you know why your employees want to leave, you have a chance to find ways to improve retention. You can also lay the groundwork to progressively make your company a ...
Read More on Datafloq
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