Can Data Driven HR Retain Talent?

Many companies are still figuring out ways to deal with the challenges brought out by the pandemic. Retaining employees is a big problem as most working from home are complaining about burnout. Organizations have to modify their employee benefits package, keeping in mind the new needs of employees post-pandemic. It is difficult for organizations to meet employee needs and, at the same time, ensure that they can navigate through this challenging period with minor damage. A data-driven HR strategy can help organizations better deal with these challenges.

Going the data-driven way can help organizations make the most of insights to make favourable decisions that lead to improving the employee experience and retaining top talent. So, data can work both ways – it can provide insights into the challenges that organizations are facing. It can also help them find areas to be changed to retain employees and deliver them a better working experience. 

Taking a data-driven HR approach is very important because, without data, HR doesn’t have enough information about what leads to employees leaving or staying. The job market today is very competitive. And the power to bargain, which once used to be employers, now lies with employees. Employees can now negotiate terms depending on their own needs. So, they can ask for a better salary package, greater work hour flexibility, and other such benefits without worrying about anything.

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In order for organizations to exercise more control over negotiations, they need first to develop a clear understanding of the needs and wants of employees. This is what a data-driven HR approach enables them to do. They can evaluate what their employees are doing and what their needs are, no matter the department, role, or function. And data can be incredibly helpful in helping organizations decide the compensation of different employees. In order to pay competitive salaries, they need to research the market, examine their own financial situation, and take into account the performance of their employees.

Data-driven HR also helps in providing employees with a better workplace experience. The extent to which an organization goes to deliver quality employee experience stems from how it sees its employees. A data-driven HR approach helps the decision-makers at organizations to get to know their employees better. Data gives leaders the complete picture of how important employees are to the success of the organization. It also allows leaders to develop a more humane perspective about their employees. Knowing what makes employees perform better and how to increase engagement, organizations can create easily navigable roads for the upward movement of their employees. This also helps in giving employees the opportunity to develop themselves beyond their role, which results in improving their experience of working with an organization.

Organizations need to track all the data that comes from different sources, such as recruitment, interviews, and employee development. It is very important to learn from this data and look at areas that need to be worked upon, in order to retain top talent.

Reference: Data Driven HR: The Key To Retaining Talent and Enhancing Employee Experience | Toolbox | Mari Kemp | November 1, 2021

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