2023: How to Detect Personnel Turnover and Reduce the Bleeding Away of Good Talent
A Key Question to Ask yourself NOW
Is there any way you could predict, detect AND reduce personnel turnover? This is a key question that needs to be addressed, as we enter 2023. Some indicators are already alarming us of further resignation waves - which may make 2022 look like a warm-up for the upcoming trend:
- Up to 52% of employees were considering looking for another job during the last quarter of 2022 – a 35% increase from the previous year.
- The mains reasons were: Compensation (52%), career growth (43%) and lack of recognition (19%). (Source)
The Hidden Source of 88% of Employee Turnover
Research suggests that the most effective way to reduce turnover is to improve the effectiveness of your hiring process.
According to the Harvard Business Review, 80% of turnover can be attributed to bad hiring decisions. This implies that post-hire programs and initiatives (where the vast majority of turnover reduction efforts take place) focus primarily on the remaining 20%. (Source)
What this means is that you could reduce the odds of facing a high personnel turnover by optimizing your talent acquisition with a thorough preselection process, based on specific criteria (see below).
Detecting Turnover Predictors
Yes, there are "turnover predictors" that can be used in your hiring process, to limit the odds of a future exodus from your performing employees. These predictors are actually personality-based, confirming what we have suggested for the last 35 years. See the table below. (Source)
Interpretation
If you check the most impacting criteria in the above table, you immediately realize that those are part of any applicant's natural endowment - call it their personality, their behavioral profile, or their soft skills package. The point is you can reduce personnel turnover by selecting people for whom those turnover predictors are important.
That is exactly what we do at Hirebox. Those drivers of turnover can be evaluated if one uses (1) an effective preselection process and (2) a reliable soft skills assessment which can precisely evaluate applicants against those specific predictors.
Check this link to find out how we can help you detect if your preselected candidates possess the right package of soft skills to later demonstrate a higher level of loyalty to your organization.
To your success,
Best,
Patrick Valtin,
CEO Hirebox
