Using Big Data To Prevent Employee Turnover
- by 7wData
According to the Bureau of Labor Statistics (BLS), employment in the wholesale trade industry is projected to grow 0.8 percent annually until 2022, and employment in the transportation and warehousing industry is projected to grow 0.7 percent annually within the same time period. This means that distributors will look to hire more new employees year-over-year for nearly a decade, while also working to replace retiring baby boomers.
Hiring a new member of the workforce is taxing on resources, requiring a significant amount of time from HR departments and monetary investment in terms of providing both salary and benefits. Decision-makers are essentially "investing" in this new individual, and just like any other investment, maximizing the return is critical to promote the organization’s success. Employees that are committed and a good match for their role stand to provide the greatest return for the company. In contrast, a lack of commitment to both the position and organization detracts from the employee’s ability to reach optimal performance and tenure, thereby diminishing the overall ROI.
An organization is only as good as its products and services, and superior service is delivered by dedicated, knowledgeable employees. Building a workforce comprised of individuals who will remain with the company long-term, retain institutional information and do their best to represent the brand all begins with the hiring process. While most distributors utilize standardized steps for candidate selection, these processes are often lacking in several ways, and independently do not help to prevent turnover.
Initially, candidates for interviews are chosen based on their resume or cover letter, which outlines past experience and education. These criteria are important, however, they are not the most reliable indicators of success, as most skills can be taught over a period of time. During the second phase of screening, hiring managers interview candidates face-to-face to determine whether they are a fit. Making a decision after this brief time together essentially calls for "gut instinct" hiring, where the HR manager is making a selection based on only a few short hours with the candidate. While processes such as these certainly have a place in hiring, they do not guarantee that the right applicant is selected for the right position.
[Social9_Share class=”s9-widget-wrapper”]
Upcoming Events
From Text to Value: Pairing Text Analytics and Generative AI
21 May 2024
5 PM CET – 6 PM CET
Read More