The Holistic Approach to Decreasing Attrition Rates in Hourly Volume Hiring
Did you know that 39% of companies report a decrease in productivity because of a poor hire? Statistics state that 60% of bad hires can impact 80% of the staff’s resignation due to their behavior.
It’s time companies look at the bigger picture while making a hire. It doesn’t come as to surprise that anything that happens in the company is caused by the people. The productivity rate, employee engagement, work culture, etc. are all created by them.
There are two terms used to describe employees exiting their companies- attrition and turnover. Although a lot of people mistakenly think these phrases mean the same thing, they imply distinct things and have diverse impacts. Employee attrition is the term used to describe personnel quitting their positions because of downsizing an organization, retiring, studying, or changing their geographic location. Contrarily, employee turnover occurs when employees leave one employer for another that offers better opportunities.
While this is a part of an employee’s lifecycle, there very little that an employer can do to control it. But for companies sees that the attrition and turnover rate is higher than average, it can be a cause of concern. Retaining the best talent is the only solution. How? Adopt a holistic approach!
AMBC has some tips to help you dip that impact:
Analyzing employees’ reasons for quitting:
There are many factors at play when an employee is dissatisfied with their job. It may be a cultural misfit with the firm, strained relationships with the management and team, low pay, boredom, excessive pressure, or even improper onboarding. If you manage to identify why the person is leaving, there’s a chance you can make things right and convince them to reconsider.
Averting early turnover of top talent:
Once you have identified the cause of their departure, you must set about resolving it. You need to assess their worth and determine whether you can affect or manage their reasons for being disappointed. Better management of application process expectations would most likely prevent attrition issues.
Begin from recruitment:
You must create an action plan to decrease the attrition rate. This must start at the beginning of an employee’s journey: recruitment. While all employers desire top talent, it is crucial that they take their expectations into account and provide them with what they are entitled to. They must be given the appropriate attention and made to feel appreciated, beginning with onboarding.
Candidates ought to be put through a series of assessments that have undergone scientific validation, such as a realistic job preview, a situational judgment test, or an application-phase day-in-the-life experience. This aids in estimating the hiring process’ success rate.
Reel for the real role:
Assessments on hand are sure to help you analyze the technical aspects of candidates. But what about his ability to enforce them in practice? situational judgment tests! In essence, the candidate is given a challenging situation related to the nature of his job and is required to act out the part in real life. This aids employers in determining if they are a good fit or a misfit.
Data-driven hiring approach:
You need to have the right tools and process to streamline data collection across job boards, social media platforms, CRM tools, ATS, assessments and interviews, and even employee performance data, creating one single source of truth. Let the data be your guide in measuring the quality of hire.
A company can only grow with the right talent. But to allow them to develop professionally they need a great boss. While it’s challenging to control your employee attrition rate, analyzing why it happens can help you minimize the turnover. While companies are new to this concept, its popularity is seemingly increasing.
It’s time to approach expansion, development, retention, and conversion initiatives holistically if you want to maximize their potential.
Get in touch with AMBC to know more!