Having high employee turnover rates is a primary concern for a prospective company. Despite the industry, employee retention is necessary for growth and productivity. Talent analytics can help prevent employee turnover by analyzing bottlenecks in team development and hiring processes. If your hiring team analyzes current departmental performance, they can use the information to guarantee more qualified hires willing to work long-term for your company.
Improving employee retention policies can start with improving the hiring process. Including talent analytics within the hiring process can bring in candidates willing to stay with your company.
Talent analytics can help hiring managers to determine what skills they should prioritize within their evaluation of candidates. Hiring candidates with strengths that the team lacks can improve employee turnover. Teams will not be struggling as much to finish projects with talented employees and a wider range of skill sets.
When there are a lot of candidates, sometimes the resume is skimmed but not analyzed. Hiring based on the pedigree of a resume is not ideal. Resumes are important to analyze because they help determine unique skill sets and prior experience. Artificial intelligence (AI) resume screening will analyze unique skill sets that may have been overlooked.
Resumes also give insight into whether the candidate fits your company's standards. If there is lacking experience and the candidate is trying for a senior position, it may not be the best fit. Despite how well developed their hard skills are, a senior position may be too much pressure, causing them to resign or fall behind.
Talent analytics can also determine different biases in your hiring process. These biases could be a reason for low team performance. If every employee fits the same demographic, your company is leaving socioeconomic gaps that should be filled with different cultures, backgrounds, and perspectives. This bias causes cracks in aspects of project management. Diversity is vital for a well-rounded team to perform multiple duties efficiently.
A faster hiring process will retain employees already working for your company. When an employee leaves a team, the workload gets split between the rest of the members. This scenario increases each member's workload and stress levels. The longer the hiring process, the longer it takes to fill that position. Therefore, causing the existing employees to experience heavier stress and workloads. If that position is not filled quickly, overworked employees are likely to leave, creating a domino effect of employee turnover.
Talent analytics can help decrease the time it takes to fill positions without compromising the quality of the hire. By employing data-driven recruiting technology, hiring teams can eliminate candidates faster and thoroughly analyze their hard and soft skills to verify they are fit for the position.
While analytics alone will not fix employee turnover, the application of information from analytics is what will give your company benefits. Implementing talent analytics from the beginning of an employee's career with your company will give better results.
Analytics can give insight into bottlenecks within your team and your processes. By tracking employee engagement, you can determine where there are strengths and weaknesses within each team member. If a project takes longer than expected, the assigned employee may be struggling with some aspect of the assignment. You can solve this issue with extra training or re-arranging assignment operations so specific employees have projects that fit their strengths. Without talent analytics, that employee may have continued suffering and burnt out.
Analytics can help track productivity and other key performance indicators (KPIs). These analytics can help your teams build better assignment timelines and optimize efficiency. If one team is outperforming in one area over another, this will show in the analytics. Therefore, the team manager will know which projects fit best with each team.
Specific analytics provide managers with a better understanding of employee habits. These habits illustrate which employees are more likely to leave and why. With this information, your team can develop retention strategies to keep employees from leaving. These analytics allow management to develop the workplace environment with knowledge of what needs improvement. Employees may not feel comfortable voicing dissatisfaction with management. Talent analytics can help managers start those conversations by highlighting an issue in the employees' productivity or habits.
Talent analytics can decrease employee turnover significantly if utilized properly. Data-driven recruiting technology can give insight into different bottlenecks that may not have been assessed. Determining different biases in your hiring process, accurately assessing resumes, and fixing prioritizations within the company can all help with employee retention. Filtered can provide all these analytics and more so your company can continuously grow and perform.
Filtered is a leader in skill-based, data-driven recruiting technology. Our end-to-end hiring platform enables you to focus on skills, spend time reviewing the most qualified candidates, and streamline workflows. We’ll help you humanize hiring while applying data-driven techniques to select the right candidates. To get started, contact our team today or register for a FREE demo.