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Tips On Curtailing Employee Turnover Costs
Employee turnover costs may not result in recordable losses, but a study undertaken by William M Mercer says that about half of the employers worldwide have reported a per employee turnover cost as high as $10,000. In addition to this, one-fifth of the total employers have lost capital in the range of $30,000. What results in employee turnover costs? It is a typical cycle of bearing the financial burden of sourcing, recruiting, interviewing, hiring, training, learning curve, a nadir in employee morale and lost company’s intellectual property, credibility and customers after an employer has lost an aforesaid employee.
However, baffling it may sound employee turnover costs can be earnestly controlled by making use of novel recruitment techniques such as scaling adaptability of talent through ingenious talent matching tools. Holistic use of talent matching tools has all the ingredients to shield your organization from hazards such as unsatisfied, misaligned, demotivated workforce. This helps your organization from the scrupulous employee turnover costs and churns profitable outcomes as the corresponding result.
What is talent matching?
Talent matching involves carrying out an in-depth background verification of prospective employees before hiring to make sure that their goal, zeal to perform, inclination and skill set adaptability are in sync with your organization. It will save you from undertaking the same painful process of recruiting for the same position as a result of employee turnover six months down the line. Instead, you’ll be blossoming mutually beneficial synergies between you and your employees making a perfect work ecosystem.
Youth4work has developed a set of tools and technology to make your recruitment process seamless, enjoyable and more fruitful in terms of talent matching, mapping, and assessment. Talent mapping processes which can help you in your talent mapping exercise are as follows :
- Psychometric Tests:
Psychometric tests have gained immense popularity in the last decade in the recruitment industry. Many employers use psychometric tests to assess the mental bearing of the prospective candidates before the skill assessment round. Although, not seen as an exercise to sieve out incompetent candidates but it provides detailed and statically prudent insights into the examinee’s Emotional Quotient (EQ). Psychometric tests are proven tools to test the candidate’s fit in your company’s culture, beliefs, and goals. Youth4work has crafted an in house “Big Five” assessment tests which help employers to adjudicate five diverse personalities among the cohort of job applicants.
2. Skill Assessment:
Veritably, skill assessment tests need to be a part of every recruiting manager’s armory. In the contemporary set up youth4work have developed more than 200 skill-based tests to measure the proficiency of an individual in a stipulated skill set. Let’s assume you’re tasked to recruit candidates for an International BPO in their various backend possesses. You can evaluate their data entering skill by making use of Youth4works’s Typing test. Similarly, you can also test their Microsoft Word skills to justify their match with the relevant profile. And if required you test them in any of the European languages to test their command over a particular foreign language.
Youth4work has benchmarked its skill assessment tests and it vouches to endow high success and satisfaction accruing higher retention of employees and thereby lesser turnover costs.
3. Adaptive tests vs. Fixed tests:
Youth4work has evolved an incorrigible solution to the chance of luck and probability while assessing candidates for various profiles. More often than not fixed assessment suffers from this dilemma, and their projections are highly skewed as a result of commission and omission attributable to probability. Therefore, Youth4work has created tests based on intelligence adaptive algorithm which negates any chance of probability of an examinee getting only easy or difficult answers. In adaptive tests, the difficulty of the upcoming question is settled by your performance in the current question.
Hence the reports furnished by adaptive tests are more insightful and coherent than the fixed tests. As an employer, you shortlist candidates with analogous culture and mindset which answers your million dollars question how to impede various employee turnover costs?
Pre-tested candidates always vindicate their usefulness across the industry because of their coherence with company culture and beliefs. Online testing by a third partner vendor has two unique advantages
- It helps you to reach a plethora of employers spread across the world.
- Second, it shields you from unsolicited discriminatory lawsuits which may arise due to an unscrupulous allegation of testing and administering the test yourself.