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Why Your Crappy Data is Harming Employee Retention

May 23, 2018

It's inevitable: people change. That goes for your employees, too — the person you hired right out of college is not the same four years later. They have different goals and experiences, and hopefully have broadened their knowledge and skill set.

It is not enough to know who your employees were when you hired them, or who they were two years ago. You wouldn't recruit from an aging resume bank, because you know that it doesn't accurately reflect the talent currently available. So why manage your workforce based on outdated data? You need to know who your employees have become, and how they have changed, in order to support them most effectively and use their growth to make the greatest impact on your company's goals. 

But understanding (and leveraging) employee change is not the only reason to track and regularly update workforce data. You risk turnover, which is costly to the company both in terms of needing to find replacements for experienced employees, and losing your best performers to more proactive organizations.

If you don't know how your employees have changed, how can you know what they want out of their work? How do you keep track of where your employees' strengths lie, and how they feel about their career? When it comes to managing your company's workforce, ignorance is not bliss. The data you have collected on your employees may be stale, but it is safe to assume that other companies' recruiters (including your competitors!) are constantly working to get the most complete picture of the top talent in your organization. 

It is clear that a lack of recent data leaves you open to losing your best employees, and missing opportunities to benefit from employee growth. So, what can you do to ensure that you have an up-to-date profile for each employee? A great start is creating and maintaining a skill inventory, but that alone won't provide what you need: a way to manage talent data and glean insights on an ongoing basis. The good news is, we can help. Contact us today to learn how.

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