Top performance of your company starts with attracting and retaining the right people. Building a diverse workforce with a perfect balance of competencies, skills, characters and experience. Whilst interviewing, selecting and hiring the right talent takes great effort, it is really just the start.
To make these efforts worthwhile, you need to retain new hires by landing them in a team with a positive atmosphere, providing leadership that supports performance and encourages growth. If you fail to do that, you waste more than your effort in hiring, onboarding and training. There are also separation and replacement costs to consider: a loss of productivity while finding and training a suitable replacement.
The cost of a failed hire is significant as the average replacement ranges between 6 and 12 months of salary. And the non-financial impact may be even worse: high attrition rates and repetitive replacement disturb team productivity and brings down morale.
Identify failed hires
HR-professionals realise that it pays-off to get talent acquisition and retention right. Yet they find it hard to pinpoint where the recruitment process goes wrong and how to optimise it. They have trouble identifying failed hires and can only begin to wonder at the reasons for failures. Is it concentrated in specific divisions or country organisations? Is it caused by poor onboarding, lukewarm team spirit, poor leadership or cultural factors?
You need proper analysis of your recruitment process to improve hire retention rates and lower recruitment cost. The Recruitment functionality of Crunchr provides the advanced analytics that you need. What do you need? Insight in the recruitment process is derived from essential information on new people you recruited, the hires that failed and the (effectivity of) recruitment channels that you use.
If you are curious on how to get insight into recruiting effectiveness using people analytics, download and read our whitepaper and get your recruitment right!