A company’s hiring success can be measured using a wide variety of metrics. In an earlier blog post, we outlined some of the key hiring metrics that employers should track in order to stay on top of the success of their hiring initiatives. Many of these hiring metrics are obvious, like time-to-hire and employee turnover. But another key metric that we’ve found to be a direct reflection of the hiring process is the rate at which new employees successfully complete training.
There has always been a lot of fear and hesitation around data and artificial intelligence, especially when it comes to incorporating it into the hiring process. The resistance is reasonable. After all, HR is a “human” field, and hiring is such a nuanced, personal process.
The millennial generation makes up the largest proportion of the US workforce, and organizations are now saying that accommodating millennials is a business imperative. A lot of research has gone into uncovering the differences between millennials and other generations, and the brunt of this research reveals that the wants and needs of all generations really aren’t all that different. However, millennials do have slightly different priorities when it comes to work and careers, and these key differences can be harnessed by employers looking to hire and retain them.
What is Employee Turnover?
Employee turnover is a measure of how many people leave an organization within a given period of time. Typically expressed as a rate or percentage, turnover can signal a lot of things (both good and bad) about the general effectiveness of an organization.
Hiring is complex because people are complex. There is an endless list of factors you could take into account in order to make a hiring decision – resumes, interviews, references, assessment scores, education, previous roles - the list could go on. So why would you let one single factor make your hiring decision for you?
As an employer, you can usually tell intuitively whether or not your hiring practices are working. Maybe you see that too many employees are leaving after 6 months, or you notice more new employees are struggling to complete the training process. But before you can come up with a solution to fix the problem, it helps to have some data to clarify and quantify exactly what the issue is.
Turnover is a major challenge facing the healthcare industry. According to one survey, 86% of healthcare facilities listed retention as a key initiative for their organizations. And compared to other industries, healthcare often ranks 2nd or 3rd for highest overall turnover, which includes both voluntary and involuntary turnover.
Overqualified applicants can sometimes trigger concerns for employers – that they don’t really want the job; that they’ll leave the job as soon as they find something better; that they won’t be a good fit for the role.
One of the biggest challenges employers are facing right now is in finding and retaining the best talent. In a recent survey, 73% of CEOs said that they were concerned about finding employees with the right skills. This skills shortage, combined with fairly low unemployment across the US, places the burden squarely on the shoulders of employers to do everything they can to attract the right candidates.
Millennials -- those tech-savvy, avocado-loving twenty- and thirty-somethings -- have perhaps unfairly earned a bad reputation for “job-hopping.” According to Pew Research, there’s essentially no difference in the average length of time an 18 to 35 year old is employed, whether he or she was a Gen Xer or is a millennial.