Employee retention is always a challenge, but when unemployment rates are at historic lows, it becomes that much harder. What if you could find a solution which could predict turnover? According to ENGAGE Talent, the predictive assessment it offers measures the likelihood of a candidate looking for new options.
In assessing financial services, healthcare, and tech industries, ENGAGE says financial services employees are the most likely to quit/change jobs in the next 90 days. This same group is also the most likely to respond to a recruiter and be interested in a new job. Healthcare workers are the least likely to change jobs.
For small businesses, losing an employee has a bigger impact. Being able to identify a potential turnover before it happens can prevent operational disruptions, lower training costs, implement retention plans and mitigate risks. Simply put, you are better prepared to plan for the changes which will take place.
But before you even start worrying about a turnover, you will lower the eventuality by recruiting the right person. Granted there is no guarantee the person you hire will stay longer, but you can make informed decisions. This is what David Allen, Associate Dean and Professor of Management at TCU and Science Advisor to ENGAGE Talent, explained in the press release.
Allen says, “Our research revealed that recruitment and replacement training costs alone can add up to 100% of annual pay… Making sure employees and employers are a good match from the start saves time, reduces costs and increases productivity.”
Engage Talent is AI-Powered
ENGAGE uses an AI-powered platform to bring a host of tools in one talent recruitment and engagement engine. The platform includes Talent Mapping, Competitive Intelligence, Passive Candidate Engagement, Outbound Recruiting, and Web Listening.
Recruiters can engage with more than 100 million passive candidates. If they choose to augment their own CRM and ATS candidates, they can do so with predictive, AI-based insights.
ENGAGE provides these insights by continuously monitoring candidates and alerting you when they are likely ready for a new opportunity. Once the talent is part of the organization, ENGAGE then identifies what matters most to future employees.
People have different goals and desires, which is why it is so difficult to identify the needs of employees.
ENGAGE predicts the most attractive qualities new candidates are looking for in new job opportunities using AI-based predictive models. It makes this possible by looking at professional histories, past employers, environment, dynamic market changes, and the actions of their peers.
Additionally, ENGAGE assesses career drivers which are most important to candidates. They include strong leadership, business stability, company resilience, growth opportunities and a positive environment.
According to insights from its platform, ENGAGE says growth potential is the biggest concern for employees in the financial services, healthcare and tech sectors. This group also values a positive environment and strong leadership.
On the other hand, tech industry professionals ranked a positive environment the lowest, instead, they prefer company resilience. For people in financial services it is second on the list, and last on the list for healthcare workers.
What these differences show is, there are differences. If as a business you can identify them before you make your next hire, you will have a better chance of keeping the recruit longer.