Turnover is one of the greatest cost-drivers. Not only in the loss of productivity and organizational knowledge while a position is vacant, but the high cost of finding, evaluating and training new hires. Costs relating to directly replacing an employee can be as high as 50–60% of the employee’s annual salary. Employee retention should be a key goal for any company, and especially for those with a high number of employees in similar roles.
Many employers today are investing resources and research into innovative programs for employee recognition, creative benefits, or work schedules to allow them to attract and keep top talent. What if there was a simpler approach, helping employers find employees who value a company for its current makeup, culture and ethos?
Use Data to Help Retain Employees
Pre-employment surveys, when correctly applied and analyzed, can quickly and accurately offer insights into prospective employee’s fit. Today’s data-driven world has resulted in dedicated employment scientists who have developed proven predictive algorithms that can do just that. By connecting with talent that align with your company’s mission, measurable gains in employee retention have been proven.
The key is not just surveying potential hires, but existing employees as well. How better to learn about the existing culture, as seen through the eyes of those who have found the business a valuable work environment.
By using just a simple, 20-minute online survey, important insights can inform your decisions about future hires. Within seconds (thus saving thousands of man hours a year), statistical data and predictive measures can be presented of large groups of candidates. Hiring in alignment to mathematical scores has been proven to increase retention rates by more than 15%.
TalentAIM Provides Retention Improvements by Fixing the Hiring Process
Companies save money in the hiring process by utilizing data-driven evaluation Each day more are discovering untapped talent pools; improving engagement, performance and retention, hiring people that will stay longer and perform better.
Increase Retention – Eliminating costs for hiring and onboarding
Increase Productivity – Eliminating costs of rework
Increase the Speed of Decision Ability – Eliminating costs in hiring
Increase Access to Talent – Opening avenues for new pools
By transforming data into clear insights of a workforce and talent pool, a clear picture is given of the traits of longer and shorter tenures, as well as what typically leads to the most/least productive members. This data is then available to evaluate new talent more accurately, increasing employee retention and cutting waste of money, time and resources. Beyond the initial hiring, the survey also gives a psychometric snapshot of the potential employee, giving insights as to their motivations and potential for future upward mobility.
How TalentAIM Works
TalentAIM analyzes your organization to identify the unique characteristics of your workplace and the role you are hiring. Based on this analysis, TalentAIM develops a custom predictive fit algorithm that identifies which applicants will thrive in your organization. Armed with TalentAIM's fit data and tailored interview questions, you’ll be able to pinpoint how an applicant’s interests, values, and personality fit the role and your organization.