Quit the revolving door of employee turnover
The challenge and price of employee turnover is one of the most discussed, most frustrating and most misunderstood troubles companies face. CEO’s have identified employee retention as among their key challenges in 2005. However organizations continue to struggle with this costly problem. The science of psychological assessments has recently advanced, allowing the development of a lot more predictive assessment tools.
In the event you don’t know what your employee turnover cost is, several professionals agree that you can come surprisingly close towards the expense of a single turnover incident by simply multiplying the annual salary for the position instances 2.5 that will cover productivity loss, recruiting and hiring cost, instruction expense, liability, unemployment along with the other 101 hidden costs that we generally try not to assume of when we lose an employee.
Employee turnover frequently starts with a poor hiring decision. When we employ a person who’s a poor job fit, we’ve currently begun an practically inevitable course which will end with failure and an additional turnover casualty. Part from the issue of poor hiring lies with our poor tools: A single extensive study in the hiring method indicated that, if an interview is your only tool, you have only a 14% opportunity of making a superb employ. Add excellent reference checking (and we all understand how tough that could be), you can raise your good results ratio to 26%. In case your aim would be to beat one particular out of four odds, you need far better tools!
Thankfully, the science of employee assessments has made increasingly helpful tools to add towards the art of hiring. While no assessment, or perhaps a mixture of assessments, guarantees good results, the identical study showed that use of character, abilities, interests, and job matching measures can raise your results rate to 75% or better. Equally important, valid pre employment screening assessment tools in all of those areas could be applied for effectively below 1% of the projected cost of a negative employ.
Why don’t more of us use employee assessments to improve our hiring (and lower turnover)? Element of the answer lies in lack of education on the topic not numerous of us have even attended a single seminar on use of scientific assessment tools. Part lies in reluctance to commit any money on new processes. Part of it, frankly, could be the already overwhelming load we location on the folks that are performing the hiring they’re so busy bailing the boat, they can’t take time out to turn on the bilge pumps! To modify the course of turnover, you should recognize that the costs are killing you, that you can adjust course, and that the rewards are nicely worth the difficulty.
Profiles International, Inc. may be the world’s leading publisher of employment-related assessments. Its merchandise serve the demands of company, sector, education, and government, by delivering a means of getting the details employers can use to make far better hiring choices.
The assessments are available from Robert A. Cameron & Associates, Weston FL, a Strategic Company Partner of Profiles International. Mr. Cameron works with employers to help them increase the effectiveness of their human resources departments and boost their company’s productivity and profitability. They can be reached at 954-385-8701 or visit their website at www.racameron.com
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