By implementing a total reward program, a company can build a reputation as a great place to work and therefore attract the best talent. Nonmonetary benefits and perks can, when combined with competitive salaries, form a well-rounded compensation strategy that helps an organization attract candidates, increase offer acceptance rates, and improve retention. Over the last three years, it’s become more and more common for candidates to receive multiple job offers at one time—and, consequently, for companies to increase salaries to attract them. Salary isn’t necessarily the most important factor candidates consider, though, and the best way for companies to increase offer acceptance (especially in multiple-offer scenarios) is by making improvements in the nonmonetary incentives they provide.
Topics: Human Resources Insights
Employee retention is the rate at which a company is able to keep their employees working for them. If a company keeps half of its employees around for one year, the employee retention rate for that specific year would be 50%. Many businesses are aware of the importance of employee retention and will enact policies or strategies in order to maintain a higher level of retention. When they are able to keep their existing employees around, they are able to reduce the costs associated with hiring and training new employees when their existing ones leave.
So often we see articles and reports on employee disengagement and workplace dissatisfaction. From all of the coverage it gets, you might be tempted to believe that disengagement and dissatisfaction levels are high when, in reality, they are at some of the lowest levels we have seen in years. In some instances, we are talking all-time lows. As the economy continues to show improvements, so does the overall employee interest in staying loyal to their organization or employer.
If there is one thing I know for sure, it’s that data changes lives. It helps us decide on the home we want to purchase. It guides us in our decision when selecting a new and trendy restaurant during business and vacation travels. This weekend, data has provided me with a foundation to move forward with building a stone patio in our backyard. Without data, I wouldn’t be attempting and investing the time in our DIY project.
Generally when you hear the word “sabbatical,” most people think of a college professor taking time off to do something intellectual that would then contribute to their ability to shape the minds of young people. If you search the word “sabbatical” it is actually defined by Google as “a period of paid leave granted to a college teacher for study or travel, traditionally every seventh year.”
Best HR Metrics for Human Capital Management
I’ve written before about HR Metrics being the key to HR’s seat at the executive table. Given the fact that the HR and recruiting departments are non-income generating, having solid metrics are key to demonstrating to senior leaders and executives how strategic HR initiatives can help affect an organization’s bottom line. But HR is more than just cost per hire, so I thought it would only be fair to share with you some of my favorite human resources measurement examples, metrics, and formulas to demonstrate and capture the value that your team brings to the table.
When someone who has never been a manager is hired or promoted, he or she often makes the kind of common mistakes that seem to be unavoidable due to lack of experience. Your company can avoid these mistakes by implementing mentorship or shadowing programs that allow new managers to learn from old pros before taking the reins themselves. Here are some common first-time-manager mistakes.
Contrary to the thought of many who work in HR and recruiting, big data doesn't have to be complicated. It is quite simple and most of you already have the data points in which to begin analyzing and evaluating to help you and your team 1) Establish patterns, 2) Predict the unpredictable and 3) Decrease uncertainty.
There are four steps when it comes to adding big data to your HR and recruiting arsenal. So let's get started. Shall we?
Topics: Human Resources Insights