The average person will spend 90,000 hours at work in their lifetime. So it’s safe to say finding happiness and satisfaction is critical, especially when most employees report that their work defines their sense of purpose. Organizations must make sure they’re doing everything to engage, challenge, and grow their employees — or risk turnover.
Over 75% of HR leaders reported higher employee turnover in the past year. Yet despite this high statistic, 61% haven’t begun to develop an employee retention strategy.
Retention rate is a core HR metric because it says a great deal about what employees think about an organization. Companies prioritizing employee retention typically:
Experience rapid business growth.
Build attractive employer brands.
To improve retention rates organization-wide and reap those benefits, HR leaders need to adapt to the needs of modern workers by adopting new tools and building a strong diversity, equity, inclusion, and belonging (DEIB) program.
Creating a powerful retention strategy
A strong retention strategy involves constant monitoring, which you can more easily achieve with the help of new tools and technology. A people analytics solution calculates employee retention rates and tracks trends over time. This type of automation helps gauge the effectiveness of your organization’s strategy while aggregating all necessary data and historical information without the hassle of spreadsheets.
When tracked and used correctly, retention rates provide the insight to create positive change in your company. Here are three recommendations to elevate your retention efforts.
To Know More, Visit@ https://hrtechcube.com/retention-rate-a-core-hr-metric/
Discover HRTech Interview with Dr. Ximena Hartsock, Co-founder of BuildWithin - https://hrtechcube.com/hrtech-interview-with-dr-ximena-hartsock/