Working the Great Resignation: How Employers Can Transform Things to their Ad...Dana Gardner
Transcript of a discussion on new research into why one of the tightest labor markets the world has ever seen means a transition to a more healthy and sustainable environment for employee well-being.
Strategic People Management for the 21st CenturyAdrian Boucek
The challenge from an HR standpoint is that 20th century tools and approaches don’t work in the fast-changing, 21st century workplace. Strategic people management – where HR initiatives are directly tied to business goals – is critical.
Why are some companies thriving while others are struggling to stay in business? What is the distinctive difference between a good company and a truly great company? The answers to these questions can only be found when looking at what defines the company: its people. The people who make up a company are that organization’s unique and biggest asset. For most businesses, the workforce is also its largest expense, or better put, its largest investment.
At Sage, we believe that employees are the most important component in the quest to improve business results. It makes sense to treat employee-related expenses as an investment in the workforce. Like any other investment, this critical company investment must yield a healthy return.
We call that the Return on Employee Investment or ROEI. This white paper looks into investments that can help a company maximize the value of its workforce, and shows how technology can help improve ROEI and build a more profitable and successful business.
Evolution of Work 2.0: The Me vs. We MindsetAdrian Boucek
2/3 of employees are actively looking, or open to, a new job. Yet, employers report a continual struggle to find the right talent for their organizations. What's going on?
Working the Great Resignation: How Employers Can Transform Things to their Ad...Dana Gardner
Transcript of a discussion on new research into why one of the tightest labor markets the world has ever seen means a transition to a more healthy and sustainable environment for employee well-being.
Strategic People Management for the 21st CenturyAdrian Boucek
The challenge from an HR standpoint is that 20th century tools and approaches don’t work in the fast-changing, 21st century workplace. Strategic people management – where HR initiatives are directly tied to business goals – is critical.
Why are some companies thriving while others are struggling to stay in business? What is the distinctive difference between a good company and a truly great company? The answers to these questions can only be found when looking at what defines the company: its people. The people who make up a company are that organization’s unique and biggest asset. For most businesses, the workforce is also its largest expense, or better put, its largest investment.
At Sage, we believe that employees are the most important component in the quest to improve business results. It makes sense to treat employee-related expenses as an investment in the workforce. Like any other investment, this critical company investment must yield a healthy return.
We call that the Return on Employee Investment or ROEI. This white paper looks into investments that can help a company maximize the value of its workforce, and shows how technology can help improve ROEI and build a more profitable and successful business.
Evolution of Work 2.0: The Me vs. We MindsetAdrian Boucek
2/3 of employees are actively looking, or open to, a new job. Yet, employers report a continual struggle to find the right talent for their organizations. What's going on?
he EIU conducted a survey of 502 C-suite respondents, evenly distributed across four geographic regions in the US to better understand how they prepare for and combat workforce challenges.
In a global survey of 375 executives, The Economist Intelligence Unit explores how early adopters are using evidence to show connections between HR and business KPIs and opening doors to new processes and people strategies that impact the bottom line of the organisation.
Innovative Employee Solutions
9665 Granite Ridge Drive, #420
San Diego, CA 92123
(858) 715-5100
http://www.innovativeemployeesolutions.com/
Innovative Employee Solutions specializes in payrolling and outsourced HR administrative services as the employer of record for various industries including technology, engineering, medical, insurance, clerical, research companies and many more.
The following whitepaper discusses the ways in which artificial intelligence (AI) can help businesses
connect with and manage employees more efficiently, specifically as it pertains to workers who do not
use computers in their everyday work. In this whitepaper, you will learn how AI-driven systems:
• Can be deployed in workforce management
• Reduce friction and create a more unified workforce
• Provide deeper insights into workforce productivity and sentiment
Link: https://www.staffcircle.com/artificial-intelligence-modern-workplace/
Hiring for success — what makes the difference? Why are so many organisations...Steven Jagger
Hiring for success — what makes the difference? Why are so many organisations failing?
Please find Hudsons superior sourcing strategies? For further information or advise please contact steven.jagger@hudson.com
RECRUITMENT AND RETENTION PLAN 1
RECRUITMENT AND RETENTION PLAN 6
Recruitment and Retention Plan
MBA 533
January 25, 2015
Recruitment and Retention Plan
Given the increase in product demand, I would need to hire a number of employees in different functional areas. Since the emphasis of Motors and More is on innovation, growth and product development, the areas that will require a huge number of new employees include marketing and sales, manufacturing, operations, customer relations and HR. In order to meet the 96% output requirement, there will be need for hiring an additional five employees in the manufacturing and operations departments. Because of high automation in the company, this number of employees will be enough in streamlining operations. The employees in the manufacturing and operations departments will be responsible for new product developments and making modifications to guarantee production efficiencies (Arthur, 2004).
There will also be the need for increasing the sales and marketing personnel by 25%, which will involve hiring an additional 6 employees to cater for the needs of the expanding market. Employees in all the departments will come from different demographic backgrounds. Motors and More will also hire two additional customer service representatives. The primary function of these representatives will be responding to and resolving customer queries. Lastly, the HR department will require four additional employees responsible for formulating policies and procedures, conducting employee appraisals and formulating training programs.
The turnover rate at Motors and More has currently been higher than normal. This might be due to a variety of reasons. First, the high turnover rate might stem for unfair promotion practices in the company. Even though approximately 48% of Motors and More employees are minorities, the senior and supervisory positions are primarily held by Caucasian men. This lack of inclusivity might be demoralizing some employees and make them feel detached from the company. According to Truss, Mankin, & Kelliher (2012) lack of inclusivity can lead to high turnover rates. Furthermore, the company might not have proper reward structures for compensating the employees. Failure to provide necessary incentives can reduce job satisfaction and increase the turnover rates.
Lack of flexible working arrangements is another factor that might be contributing to increased turnover in Motors and More. Employees might feel overburdened due to the high expectations to meet consumer demands, a factor that might decrease their commitment at work (Arthur, 2004). The absence of a functional HR Department also implies that the company has deficient training programs. This can also increase turnover rates. It is worth noting that turnover can have negative costs and implications for the org ...
1. Why do employees leave and what to do about it?
At any point in time, about 25% of employees are considering or having thoughts about quitting,
as per Mercer's 2018 Employee Engagement Index report. Even big companies like Infosys and
Wipro constantly work to bring their attrition rates to single digit numbers, going to show the
importance placed on this HR parameter. In some cases, hiring managers’ appraisals are linked
to their ability to maintain low attrition rates.
Here, it becomes crucial that companies keep employees motivated and engaged because this,
in turn, will help them flourish. The repercussion of not taking corrective steps could be high
employee attrition which could in turn cause monetary and non-monetary losses to the
company.
According to various reports and statistics available on the internet, employee attrition ranges
from 3% to 25% across various sectors and countries. A 2017 survey report by Ann Bares
pointed out that total employee turnover in 2016 across industries was close to 18% and this
number has been on the rise since 2013.
Investing in predicting attrition
The adverse effects of attrition on a company are numerous - reduced motivation, low morale,
low customer service, replacement costs, etc. Wouldn’t it then make sense for companies to
make a tiny investment here? An investment in reducing attrition would not only save money but
also retain their best employees.
While models do exist in the market, they only predict likely attrition using a diagnostic approach
and have low to moderate accuracy. Sometimes, the HR department uses judgement
techniques such as asking managers to keep a check on people’s lives.
When we did our research, we found this space lacked the clarity it required. This gave birth to
our employee engagement platform - La Cole, a platform that utilised artificial intelligence,
machine learning, and modeling techniques to predict employee attrition rates.
High accuracy prediction
We went a step further to enable managers to take the situation in their hands in retaining
potential attrition cases. In study cases, La Cole had a 91% accuracy rate in predicting
employee attrition and since it is a self-learning algorithm, the accuracy will only improve with
time.
To do this, the platform took into consideration several variables within the company such as
environment variables (facilities, profitability of company etc.), financial variables (salary and
CTC), external variables (distance between office and home), work-related variables (date of
last promotion, average working hours), legal variables (scheduled working hours) and
individual variables (marital status, etc.). These helped us in statistically analysing the
relationship between variables to know -
A: Which employee is likely to leave the organisation.
B: When will the employee leave the organisation.
C: Why will that employee leave the organisation.
2. Conversely, the same model helps recruiting managers predict which prospective employee will
fit the company’s culture and stay for longer periods, proving beneficial to both companies and
consultants.
HR analytics on the rise
The global recruitment industry is worth $504 billion, out of which the backfill market size is
conservatively estimated to be around $200 billion. However, the HR analytics market size is
expected to grow to around $860 million by 2020.
The company’s attrition rate speaks volumes about its working and intricacies. A high number
could indicate poor performance of the company or an unhealthy team/work environment. You
might unwittingly be spending time and money on recruitment-related tasks or overtime given by
employees and management in place of this person. Exit interviews are a clear indicator that
companies want to understand why someone decided to leave.
A platform like La Cole has the potential to change these numbers in the market. When
employees are engaged and happy they tend to stick around for longer. By figuring out the
reasons that make employees quit and how long does they ponder the idea before acting,
companies can take preventive measures and drastically reduce attrition rates.