How Human Resource Analytics Helps Retain Better Talent: Part 1
In an increasingly competitive marketplace, hiring and training new employees is a major factor affecting the bottom line for most companies. It can be time consuming and expensive to find, hire, and train the best employees, especially as the demand for more specialized skill sets increases. Once you’ve invested all this time into a new hire, how can you ensure that you are doing not only what you can to prepare that individual for the role they have, but also taking steps to keep them there?
Workers change jobs for a wide variety of reasons. They may be dissatisfied with their position, they may move to another town, or they may just get a job offer somewhere else that you just can’t beat. According to the Bureau of Labor Statistics, those born between 1957 and 1964 (those who most recently reached retirement age) held 11.7 jobs between the ages of 18-48. However, they held an average of 2.1 to 2.4 jobs during the four year periods of 25 to 29, 30 to 34, and 35 to 39. When they reached their most established work years, between 40 and 48, they held only 2.4 jobs during that 8 year period. The recently retired generation was relatively stable in their prime work years, however the new generation of workers born between 1980 and 1996 account for a large percentage of the current workforce and, according to a recent Gallup Poll, are the least engaged generation of workers.
Only 29% of millennials are engaged at their job, with a full on 55% not engaged at all. What this means for your workforce is that there is a large number of your employees who may not necessarily be looking for another job, but are more so looking for a reason to stay. The millennial generation has the reputation of being entitled, but according to the same Gallup Poll, they are simply looking for a job that has purpose, and they will continue looking until they find one. This presents an opportunity for you to provide that purpose and keep them. Human resource analytics can provide that edge and help you retain those employees who may potentially separate from your company by finding out, in detail, about their needs.