The C-suite of every organization experiences endless frustration at the costs of employee turnover. Regardless of what they spend on recruiting, retention and corporate culture, the costs content to frustrate and plague the most astute HR leaders. Organizations focus on the most current practices across their platforms to attract and retain talent, but they continue to lose valuable time and significant expense in the exercise. Should you look to your data scientist and develop a new away of approaching the challenge through data? Many are now claiming that you might be approaching the problem from the correct aspect and putting to good use the valuable data that has already been accumulated.
Recent surveys show that even with an improving economy, the “quit rate” across the private sector are steadily increasing, averaging about 2.1% per month. With the costs involved, that number alone is terrifying leaders across the board and leaving them scrabbling for solutions. Wouldn’t it be amazing to predict a potential long-term, successful employee before you hire them? New approaches utilizing data quality tools are showing they are able to do just that, with a much higher success rate that current HR departments. Of course, the first thought comes to mind about potential legal actions and discriminatory behavior in this practice. Experts looking at the solution clearly point out that hiring based on data vs. a paper resume is no different. A company that is compliant with both state and federal law will make appropriate decisions, no matter how the data is delivered. This solution is creating opportunities for business leaders to make significant improvements in their recruiting and retention rates across the board.
The bottom line is that data quality tools will help you find talent that is being missed, stop you from overpaying for great talent and keep that talent in place for the long term. Several data quality tools have made significant strides across all platforms and industries, but have yet to appear in the HR Department. Isn’t it time we apply our science, technology and know-how to the one area that truly makes a difference in an organization? People are the key to success and business has the ability to make better decisions and gain competitive edge.
Data Ladder is the premier partner to human resources in taking on the challenges of hiring and retaining absolute quality people. From fuzzy matching techniques to deduplication and data matching services, we have the right knowledge, experience and software that can make a dramatic change in your business practice.