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Most employers know that the higher the staff retention rates are in their company, the better their business will perform.
A large part of this is because happy employees who want to stay with your organisation and know how to do their jobs well are more likely to add more value – both in terms of sales and productivity.

However, given that young millennials are now fully immersed into the workforce, retaining staff can be tricky. Millennials are more likely to change companies than the generations before them, which means companies have to work harder to keep them happy so that they stay for longer. One of the ways to do this is to use data in your company and industry to create a strategy, both for hiring the right staff and retaining them. Here are five types of data that can be used to do this:

1. Employee engagement surveys.

Having your employees fill out online surveys can help you as an employer keep up to date with the health of your organisation by tapping into the mood of your workforce. Being on top of this knowledge means you can act quicker and prevent minor problems with your staff from becoming more serious.

2. Employee responses.

Monitoring how your employees react to things like benefits and raises can be a great way of determining what really motivates them. You can gauge these employee Reponses reponses by using qualitative data that you gather through management conversations, anecdotal incidents and regular focus groups. You can then use this data to make internal improvements, whether it’s allowing flexible working hours ,or providing a corporate medical aid scheme that includes things like an employee wellness programme.

3. Wider market insights.

As well as examining data within your organisation to improve your staff retention, you can also look at data within your industry as a whole to do this. For example, various software tools can tell you how many jobs similar to yours are currently on the market. This can help you determine how you should package it in terms of remuneration, benefits and responsibilities involved. Other tools also help you to see the available talent pool that you can tap into to find the right person for a particular role.

4. Identify potential skillsets that you need.

Predictive analysis can go a long way to helping you specify the exact skills that would be optimal for a particular role. As an organisation, you can do this by identifying the common qualities displayed by current high-performing employees in a particular role. You can then use this list of criteria to narrow down the pool of potential candidates for that role. You can also use data analytics to help you select employees who have the qualities and values that align with your organisation. Conversely, this data can also help you identify the reasons behind any employee dissatisfaction or disengagement.

5. Predictive analytics.

Predictive analytics can give you insights into who is most likely to leave your organisation in the near future. This can help you identify early on the need for mentoring and advancement opportunities for those employees – or starting the recruitment process for finding someone new.

Whether it’s finance, sales, payroll or inventory, most companies use analytics for a wide range of operational functions to streamline their operations and improve performance. But streamlining doesn’t have to end there: extending this data analysis to the HR function in your organisation can add even more value to both hiring and retaining staff. The key is to be able to gather the data effectively, and then interpret it correctly for a meaningful result.  

Provided by Fedhealth.

Sources:
https://www.michiganstateuniversityonline.com/resources/business-analytics/big-data-recruitment/#.WUpWeBOGPok
http://engageforsuccess.org/using-data-to-improve-retention-and-engagement
http://www.thestaffingstream.com/2015/09/14/taming-the-big-data-beast-5-tips-for-putting-big-data-to-work-for-you/

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