Is People Analytics the Key for Businesses to Surviving the Great Resignation?

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Data analytics can be a crucial tool when assessing how to keep your staff for as long as possible. According to a recent McKinsey surveyOpens a new window , 70% of corporate leaders consider people analytics to be of the utmost importance. In light of the Great Resignation, Ben Eisenberg, director of product, applications & web at People Data Labs, elaborates on how data analytics can significantly improve a company’s recruiting and retention strategies. He also shares how data can help companies survive the “great” ordeal. 

According to the Bureau of Labor StatisticsOpens a new window , 4.5 million Americans quit their jobs in November 2021. The COVID-19 pandemic brought with it “The Great Resignation,” a wave of American workers voluntarily leaving their jobs en masse due to wage stagnation, long-lasting job dissatisfaction, new opportunities with cash incentives, better pay or better benefits, and availability of flexible/remote work opportunities in the market. Many parents – especially women – also quit their jobs due to the long-term closure of childcare facilities.

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The Great Resignation has also forced employers to revamp their workplace culture and start to think outside the box. For many, this meant implementing strategies that focus on employee retention and updating hiring practices to meet the needs of a decentralized workforce. In addition, it has become essential for business leaders to accept that companies will need to know more about their prospective employees to understand their needs and preferences in an employee-focused job market. 

“To navigate these challenging times, businesses must create more efficient hiring processes and outline ways to retain talent effectively they have already hired. Accomplishing both goals will require the use of quality data sources.”

– Ben Eisenberg, director of product, applications & web, People Data Labs

In a conversation with Spiceworks, Eisenberg talks about how data can help companies survive The Great Resignation. 

How to Use Data to Survive the Great Resignation & Retain Employees 

Understanding a candidate’s retention history

Now more than ever, it has become increasingly important for companies to have a “strong recruiting solution powered by high-quality professional and B2B data.” This will do wonders to help the staffing teams find and hire the best talent possible. Several important factors are worth analyzing when a company is considering whether or not to bring on a new employee. “Chief among them is their professional history, how long they have stayed in their previous roles, how frequently they have received promotions, and how long they have been in their particular field or industry,” he adds. 

By using data during this process, hiring teams will be able to generate high-converting successful shortlists of qualified talent for every role, identify candidates with high retention potential, and single out candidates committed to their industry.

– Ben Eisenberg, director of product, applications & web, People Data Labs 

Locating talent where they are

“Since the beginning of the pandemic, the professional talent pool has been scattered. Thanks to the normalization of remote work, the best employees to fit a role may no longer need to reside in the same area as the company they work for, nor are those companies limited to the local talent pool to fill many roles.” Businesses should take advantage of this change by being “flexible” when it comes to offering remote work options, which can both “speed up recruitment and have a positive impact on retention rates.” Eisenberg says that understanding a candidate’s penchant for relocation – where have they lived over time and for how long – can also be instructive, but only if the talent acquisition tool has that data.

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Expanded professional context

Professional data sources can help identify candidates with a history that favors retention. “These sources can quickly browse and flag any industry switches and stream changes that might have occurred. For example, a candidate that jumps from e-commerce to fintech to advertising is a bigger retention risk than candidates who have remained in the same field but are looking for a change within the same industry. This feature can help recruiters identify such inconsistencies and discuss them to find out their cause during interviews, thus making informed decisions.

“Talent intelligence software is a great resource built on an AI-based framework that can improve recruiting results. This type of software can provide companies with a solution that can learn, personalize, and optimize search processes to meet company-specific needs, but only if they have the right data. When hiring and talent retention have become a challenge for most companies, it is recommended to invest in an automated solution that will help assess the background of the applicants better to help companies avoid retention problems.”

Employers around the country have seen significant changes due to the Great Resignation, making it imperative that they accept every change with grace. A company’s capacity to adapt and change has always been essential to its success. And this juncture exemplifies that, concludes Eisenberg.

Do you think people analytics can help companies study employees’ quitting behavior? Let us know on LinkedInOpens a new window , Facebook,Opens a new window and TwitterOpens a new window . We would love to hear from you!

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