Did you know 66% of millennials plan to leave their current employer by 2020? Or that 72% of CEOs are worried about their ability to attract and retain talent with the right skills? These are just a few of the startling statistics facing today's small business owners, startup founders, and corporate executives.
The Challenge: Talent Acquisition and Churn Prevention
While automation might be the biggest challenge facing the labor market in 5-10 years, today's urgent challenge is talent acquisition and preventing talent churn. This talent crunch is caused by a number of factors including demographic trends, economic growth, and a pronounced digital skills gap.
To prevent this talent crunch from eviscerating growth opportunities, business leaders must take a multi-pronged approach to talent management within their companies. By reviewing their organizational development structure, reviewing employee motivational cues, and quantifying internal company culture, today's business builders can help change the future of recruitment for their firms.
One tool business leaders have in their arsenal in their fight to attract and retain qualified talent is predictive HR analytics company, Attuned.ai. Built by a team of psychologists, Attuned combines psychological testing, machine learning, and personalized engagement surveys to understand employee motivations and predict employee turnover rates (with a whopping 80% accuracy).
How it works:
- Team members receive and complete a 'motivation assessment'.
- The assessment consists of 55 questions and takes about 10-15 minutes.
- Team members will choose the statement they are most aligned with or what they find most true, also indicating their degree of preference.
- At the end, a description of their motivational profile is provided, with a more detailed report provided as well.
Each team member can view their 'motivator profile' which spans across 11 factors that are likely to motivate them (i.e., financial needs, innovation, status, etc.). For management, the data is shown as a visual distribution and based on the results, will offer dynamic opportunities for improvement, while also highlighting the team's core strengths.
Predictably Powerful, Motivating, and Empowering
This knowledge gives human resource professionals and managers actionable recommendations for preventing employee turnover and boosting motivation among current staff. Armed with employee risk data, including information on reasons for potential talent departures, employers can prevent staff turnover before it happens and focus their efforts on retaining and motivating staff in meaningful ways. This ability to monitor employee engagement in real time is a step forward for business leaders concerned about their internal company recruitment challenges.
Understanding how to acquire and retain top talent is a crucial concern facing many companies around the globe. According to data offered by Statista Research, countries like Japan, India, Australia, and the United States are all facing a skills shortage. With major tech companies like IBM, Microsoft, Google, Amazon, Apple, and Facebook depending on foreign talent to fill their skills shortage, it's clear that the sooner solutions for the current talent crunch are found, the better. With continued innovation, today's business builders will have the tools in their arsenal for tackling the talent crunch head-on.