Big data has been touted as transformative for organizations in a variety of functions. From marketing to operations, big data has the capacity to make functions more efficient and provide valuable insight. However, the most important aspect of big data is its depth of knowledge and versatility in the ways it can be applied.
What is Employee Retention Data?
Before leveraging your employee retention data, you need to understand the employee retention metrics that make it up. Employee retention data can be defined as the data that assesses and determines overall job satisfaction/dissatisfaction, turnover, tenure, and productivity of employees.
Employee Retention Data and Metrics
Common employee retention metrics used for data analysis include:
Job Satisfaction / Dissatisfaction
Voluntary / Involuntary Turnover Rate
Talent Turnover Rate
New Employee Satisfaction Rate
New Employee Time to Productivity
Employee Satisfaction by Manager
Onboarding Satisfaction / Value
Compensation To Turnover Ratio
Avg. Employee Tenure by Role/ Department
Data can be a valuable tool for human resources: for analytics, for finding great people and retaining talent. Data as a Service (DaaS) can help you better use your employee retention data in a number of ways.
Leveraging Employee Retention Data
1) Sourcing your Talent
Effective data and its management can give you clean, accessible information about talent in each stage of the process. Finding talent in a digital landscape is challenging, but it doesn't have to be. If you have the right data on hand, and a system in place that can seamlessly blend internal and external sources together, the result will provide effective talent management.
2) On-boarding your Candidates
Once you have candidates in the process...what then? Having the right data enables you to make business decisions quickly and effectively. Data can provide valuable insights on what part of the process is working, where candidates report gaps in knowledge and how this will impact your long-term HR plans. This data and analysis will give you the tools to make changes that are required for meeting and exceeding business objectives.
3) Knowing what your Employees priorities and career goals are
Innovation is key in all aspects of a business, and talent management is no less. Current employee data can be incredibly valuable as you seek to transform your business and make the transition to the digital age. The right data will give you the insight you need in scaling for growth, and ensuring that employee needs are being met throughout the process.The right data, as well as the right data management system can be an incredibly powerful tool for an organization. Understanding career aspirations will help to keep employee retention up, right from the start.
Are they receiving assignments that are educational and challenging?
Is the mentorship or growth supportive of the employee' priorities?
Can you assign an internal Mentor that matches the Employees long-term goals?
As you scale and grow your business and its talent, make sure you have the best data possible to make that process as smooth and efficient as possible - and keep your employee retention levels as high as possible.
Interested in learning how Data as a Service can transform your employee recruiting and onboarding process? SwoopTalent would be happy to help! Please contact us today.
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