Reducing Employee Turnover

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In the majority of cases, a high employee turnover is not regarded as ideal for a company’s reputation, performance and goals. The costs themselves are high due to the fact that people are leaving, thus leading to numerous hirings and training programs for the constant flow of new employees. If your company has experienced high turnover in recent times, it might be time to think about effective retention strategies.

A high employee turnover is bad for any organisation’s bottom line. It has been estimated that the cost of replacing an employee is nearly double their salary for a year. Morale can also go down if too many people come and go through the office doors.

There are a number of ways in which you can reduce employee turnover and they are not as difficult as you might think. When employees feel their work environment offers them the necessary support for them to achieve their goals that is when they thrive the most.

There are many ways in which you can make your employees feel that their work is appreciated enough so they don’t leave or you are not forced to fire them. Let’s go through these ideas step-by-step:

  1. Flexibility – Work flexibility is all about the possibility of working either from home, a café or even while on vacation, as long as employees have a good internet connection (and that is not hard to find nowadays). People are more motivated to produce great results when they have the opportunity to work in the environment they’re most productive. This idea works best on the new generation i.e. millennials.
  2. Honest job expectations – Many companies suffer from high employee turnover due to the fact that employees are assigned something different from what they have seen in the initial job description. When employees are given responsibilities that do not suit their interests and strengths, their drive to perform goes to ground.
  3. Promote a healthy work-life balance – The work-life balance has become extremely important to employees, but many managers fail to realise that. The managers should take care of their team in order for them to avoid employee burnout. Regular check-ups help, because if you observe something is not right with one of your staff you can give them a day off to decompress. It is key you do not bombard your employees with one too many projects at once.
  4. The possibility of professional growth – It is as clear as day that people are more interested in jobs where professional development is one of the advantages. In order to boost your company’s performance, (internal) growth has to be one of the core principles. Whether we are talking about a promotion or a simple salary raise, this will motivate your employees to achieve the organisation’s goals/objectives. Provide the opportunity for career and personal growth through training and education, challenging assignments and more responsibility. Welfare is important to people, undermining their value and pay would be a fatal mistake. Managers and CEOs should work hand in hand with the HR department in order to devise to most appropriate pay plan possible for their employees.
  5. Finding the best candidate from the beginning – It may seem like a pretty obvious idea, but many companies fail to realise the importance of the recruiting process. Besides the necessary skills any employee should have, try and find out if that person identifies with the company culture and gets along with the co-workers and managers.

This is where Great People Inside comes to your aid. Our online platform offers the best solutions and tools for your company to thrive in every type of industry and any possible situation your organisation may find itself. In terms of lowering your employee turnover rates we recommend our GR8 Full Spectrum assessment for hiring and 360° Survey for retention. Finding the right talent, the best fit for the job and your organisation, can be a very challenging task. It requires deep knowledge of your own organisation’s culture and keen understanding of the candidate’s personality, strengths, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you find employees who can flourish and reach the highest performance required to constantly bring your company forward.

 

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Sources:

Theculture.com

Guides.wsj.com

Thebalance.com

Why is freelancing so popular these days?

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Freelancing is becoming a more and more common practice in this day and age because of the simple fact people get to ditch the routinely 9 to 5 schedule. In a study conducted by the HR service Paychex, the freelancer market has shown rapid growth. This surge in the freelancing market couldn’t have been foreseen back in 80s or 90s. To put things into perspective, between 2000 and 2014 the freelancer workforce has grown by 500% according to the same report from Paychex. This type of work environment has become possible due to the rise of startups, millennials and their pursuit for a more flexible work schedule. The economic recession and the continuous development of technology have also been key for this shift to occur.

At the moment, there are around 53 million freelancers working in the United States. Out of them all, 14.3 million are people who have full-time jobs, but also perform freelancer tasks when time allows it – they are also known as “moonlighters”. Another 9.3 million people do freelancing in combination with part-time jobs. The remaining people are working as full-time freelancers going from project to project. By 2020, it is estimated that over 40% of the workforce available in America will be pursuing independent work.

Given these numbers and the growing desire for more control over their own schedules, there now are co-working spaces specifically designed for freelancers. It is a well-known fact that working from home can become uncomfortable and maybe just a little bit depressing. In the U.S. this issue is beginning to be tackled, especially in large cities. For example, WeWork has become one of the most popular providers of common workspace for freelancers and has also started expanding outside the United States. They have concentrated on creating the best working atmosphere for everyone around, competing with the best startups. They provide independent workers with things such as fresh fruit, arcade games and even beer on tap. Why wouldn’t anyone want to be a freelancer these days?

Although some people may consider freelancing as a way of avoiding the real working world, businesses actually thrive on finding specific talent for particular projects and needs and with the advantage of a smaller fee. Instead of going through the hassle of interviewing and recruiting someone new (and all that comes with it), companies can now find consultants for each and every project they have. And more often than not, that person has more time to deal with arising issues when that happens.

It is important for people to understand that the freelancing world isn’t about “temporary” work. These people are highly experienced, professional and very engaged with the tasks they have to perform. All they want is more flexibility and most of time they get what they want.

There are also platforms that connect freelance workers with multinational organisations or even small local businesses. A primary example of this type of business is Upwork, a company which manages to connect 3.6 million organisations with over 9 million freelancers from all around the world (180 countries to be more precise). This platform allows large corporations to hire people when the need for a full-time employer isn’t justified and the need for cost control is very important. Small businesses profit from this service as well, especially when they require help with their finances, marketing strategy or even a product launch.

The industry of freelancing is highly evolved, given the fact that there are websites where you can hire people to do your daily menial tasks such as: house repairs, cleaning and running errands of any kind. TaskRabbit is known to offer people this type of service. Amazon is also in this area of business helping people with moving, cleaning, shopping and repairs.

But as with anything in this world, there must also be a downside. Although there are numerous platforms for people to find a job or get help in various activities, due to the increased number of such platforms and the obvious competition that ensues, many of the jobs available do not reach the living wage, which can be difficult for many people.

Finding the right talent, the best fit for the job and your organisation, can be a very challenging task. It requires deep knowledge of your own organisation’s culture and keen understanding of the candidate’s personality, strengths, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you find employees who can flourish and reach the highest performance required to constantly bring your company forward.

Request a free demo:

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Sources:

Entrepreneur.com

Fastcompany.com

huffingtonpost.com

 

Great People Inside featured in ‘Executive Recruiting for Dummies’

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We are really proud and honoured to be featured in the ‘Executive Recruiting for Dummies‘ as one of the best assessment and development solutions for recruitment.  For Dummies is the world’s bestselling reference brand. Each and every day, Dummies products are in the news, on bestseller lists, and, most important, helping customers turn “I can’t” into “I can.” This book offers great insight on how to find and hire the best candidates that “fit” into their company and for the job. You can also discover how to keep engagement soaring high long after the post-hire “honeymoon period”.

Executive Recruiting for Dummies is exactly what you expect from this type of book. It is easy to read and understand and it is written by industry giants: David Perry and Mark J. Haluska. They have a success rate of 99.54% in their endeavours to find the best candidates for the companies that asked for their services.

We all know recruiting can be difficult, because a bad hire can negatively influence your finances and that is why you do not wish to make a mistake. David Perry has expressed his satisfaction with our products having used them in his recruitment process personally: “As you will read in the book, we had an impressive success rate using Great People Inside – one of the best assessment and development solutions I have personally experienced. This Next Generation People Intelligence Platform is based on cutting-edge technology, and is probably today’s most advanced and innovative solution. It’s cloud-based, configurable and customisable to meet exactly your needs.”

If you feel this book is for you we recommend you buy it before March 20th. If you do, you will be entitled to exclusive professional bonuses which include never seen before content from: Amy Karam (The China Factor), Steve O’Hanlon (The Digital Bank Revolution for Dummies), Ron Wiens (Building Organisations that Leap Tall Buildings), Timothy Keiningham (The Wallet Allocation Rule) and last but not least Dan Hill (Emotionomics).
By reading Executive Recruiting for Dummies, readers will also learn:

  • Tips on assembling a first-class search team
  • How to research, find and successfully engage top candidates who aren’t even looking for work
  • How to create a robust and in-depth interview process
  • Secrets on closing the deal
  • Why hiring a large executive search firm can be one of your biggest mistakes

 

On top of that, you also get the chance to try out for free the best software tools for recruiting offered by Great People Inside.  For purchases or more information on the bonuses, please visit this page.

 

Hyperconnectivity – The New Imperative?

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Society has reached a stage in which it is impossible for people not to be connected to their devices all the time. Staying in touch has apparently become a social norm due to constant social media updates, imessaging, regular texting, especially for millennials. Maintaining relationships is easier as well with the help of technology such as Skype, Facetime, Google Handouts etc.

In terms of business, technology connectedness has helped people from around the world form companies and makes transactions around the clock. We are walking with powerful “PC’s” in our pockets, almost oblivious about the capabilities we have at our disposal. Large databases are now online through the cloud and that means wherever there is internet, you could access a huge amount of information. News nowadays are being broadcasted on social media as well, while television is slowly losing its credibility and fanbase. All these examples and much more lead to hyperconnectivity. This term not only encompasses the multitude of communication channels and interactions, but it also reveals the impact on a personal and organisational behaviour level.

This has helped create new opportunities and ways of working for companies; regular working hours and locations are now a thing of the past. In the 21st century, everything is digital so it’s absolutely imperative that organisations  stay as connected to technology as possible, because every day new techniques and tools are being released in order to improve everything from productivity to employee engagement.  HR plays an important role here. Learning about these tools and implement them as naturally and effectively as possible so that they create an advantage for the company.

Although the benefits of hyperconnectivity are more than obvious, HR directors and managers must be able to make employees cope better and better with the new levels of stress and pressure due to this “always on” environment. The best solution for this is the simplest solution, an Occam’s razor really: the real human contact. That is why large corporations always organise team activities and social events, in order to encourage face-to-face human interaction. Although very useful, these types of events fail to create a bond between co-workers from departments which are not directly linked together.

Hyperconnectivity also disrupted the usual flow of a company’s life-span. If back in the 1920s, an organisation had  on average 67 years “to live”, nowadays they are around for about 15. The social media industry is the perfect example: first there was Bebo which paved the way for MySpace which was ultimately dethroned by Facebook.

This type of business environment can allow businesses to grow fast and easily find customers, but at the same time, their competitors have access to the same information and ideas, which can prove to be tough to deal with.

It is pretty clear by now that hyperconnectivity is bringing both positives and negatives. Companies can go from rapid development and great productivity to people struggling to understand all these changes and not misuse the information they have acquired. As mentioned above, hyperconnectivity is not only changing the way us people communicate and interact, but also has a continuous involvement in our personal and professional lives.  Furthermore, hyperconnectivity has a strong impact on various industries, research foundations, academic organisations, neo-urbanisation, education and healthcare, so it is our duty to understand and make the best out of it.

Finding the right talent, the best fit for the job and your organisation, can be a very challenging task. It requires deep knowledge of your own organisation’s culture and keen understanding of the candidate’s personality, strengths, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you find employees who can flourish and reach the highest performance required to constantly bring your company forward.

Request a free demo:

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 Sources:
-HR Weekly
-nhrdnmumb.caiom
-www.itproportal.com

 

Discovering the Millennial Mindset of 2017

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There are many things that have been said about Millennials these days and not all of them are good things. As a group, they are being viewed as lazy, entitled, impatient and disloyal due to their lack of continuous activity at one particular job. Every company wants to understand them better, because they stand as a group that is also looking for a good balance between work and personal life, feedback and they do not shy away from a smaller salary as long as they have a proper work environment.

But having a good work environment isn’t everything for millennials. They are looking for wellbeing programs whilst also developing a purposeful life and being active throughout. Given the fact that they practically grew up alongside the technological boom, engagement at work is something they are struggling with.

Today’s business environment isn’t prepared for this generation and vice versa. Millennials lack in social skills due to the fact that they are always “online” and this makes it difficult for companies to fully grasp their needs and desires. Although there are apps and tools that help people connect with one another, that allow them to easily share information of any kind, too much connectivity is actually killing connectivity.

People have stopped interacting face-to-face and it’s absolutely vital that real human contact is brought back into our society. Unfortunately, for large organisations, big events are not at all effective; when you are gathering over 100 people in the same place, obviously people will interact with their usual acquaintances.

Millennials are also not rushing into marriage and do not show the same level of commitment in their respective communities, whilst they also distance themselves from political and religious affiliations. A study done by Gallup has uncovered the fact that close to 44% of millennials interviewed, declared to be politically independent in comparison to people from generation X, baby boomers and traditionalists with 37%, 32% and 26% respectively.

Simply embracing ideas, principles and values is not the “millennial way”. This happens because they are connected with everything that happens in the world around them. and they are exposed to a huge array of different opinions and ideas.  As mentioned earlier in the article, millennials are connected 24/7 to the internet and have instant access to anything ranging from news and political debates to entertainment and comedy shows. The same study done by Gallup revealed that a whopping 91% of millennials possess a smartphone and 71% of them use the internet for information and news. That is how millennials build their unique viewpoint on a global scale, thus making them intriguing to observe, specifically the way in which they buy, communicate, work and interact.

The “usual” workplace mindset is not something they relate to. Millennials are looking for a more personal approach from their managers in terms of their relationship. The aforementioned study, noticed that 62% of millennials that manage to speak with their managers about non-related work issues see themselves working for that company a year from now.

Given the fact that millennials are keen on company values, they wish to see a change in behaviour reflected in community and/or society programs. In a study conducted by Deloitte for 2017, it was revealed that 62% of millennials want to see business leaders devoted to improving society, this representing a 9% increase from 2015. Furthermore, 65% think that companies are acting in a more ethical manner, corroborated with a 16% decrease in criticism, in regards to 2015, in relation to business activities.

Millennials wish to see businesses involved in projects that focus on economic, environmental and social issues that concern our days. To be more precise, they wish to see organisations address problems regarding: cyber-security, economic stability, health care, unemployment, climate change and education.

In conclusion, although millennials appear to be fussy and disinterested, they value a strong work and business ethic and given their moral compass, they want a continuous development of society in order to ensure a meaningful and enjoyable existence/life for everyone around the world.

 

Sources:

http://www.gallup.com/businessjournal/191435/millennials-work-life.aspx

www.blog.hrweekly.com

The 2017 Deloitte Millennial Survey:
Apprehensive millennials:
seeking stability and opportunities
in an uncertain world

The Effectiveness of High-Potential Employee Programs

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High-potential (HIPO) employees find themselves in the top 5% within an organisation, based on their individual performances. They are considered the company’s most prized assets and are being tipped-off to go into leadership positions. But this is easier said than done. In most cases, organisations develop HIPO programs in order to train their best employees in becoming future leaders.

Although high-potential employee programs might seem like the perfect solution, over 40% of the people participating do not belong there, according to the data analysed by the Harvard Business Review (HBR). The information gathered by HBR consists of 1,964 high potential employees, from 3 distinct companies, who have measured their leadership abilities through 360° assessments. Feedback is immediate, with analysis reports being developed almost instantly. This type of assessment is done when organisations wish to measure capabilities such as low turnover, employee engagement and high productivity. Obviously, the better the score, the better the outcome.

When looking at the data gathered from the participants in the HIPO programs, the results were outlandish. 12% of them found themselves in the lowest quadrant in leadership effectiveness; resulting in an overall 42% below average. They’re not in the top 5% anymore, not by a mile.

What about the quality of the HIPO programs that are running in your company? There are a couple of mistakes that may come along the way in regards to these programs:

  1. Performance doesn’t equal potential: HIPO programs tend to focus too much on performance and that generally leads to problems in today’s ever changing business climate. First of all, most companies do not know how to measure performance given the fact that if subjective ratings are eliminated, there are very few metrics left to count on. Secondly, even if the right parameters are chosen to measure performance, most top performers cannot handle or are simply not prepared for the next level. The transition from being a simple employee to a manager, or from a manager to a leader, requires abilities most people haven’t been trained for before. Plus, there is always the possibility that HIPO employees focus on solving problems or an all-round team player. Unfortunately, this leads to people placed in jobs they are not able or do not want to perform. It is absolutely vital to understand that performance represents what you do and potential is simply what you COULD do. If you are really good at doing X this doesn’t mean you will be great at doing Y – X and Y here being two distinct activities.
  2. HIPO’s have their weaknesses: Here, the Pareto principle fits the bill quite perfectly. If you don’t know what the Pareto principle is, here is the explanation: 20% of employees make up for 80% of the company’s revenues and profits. Based on this idea, it is clear that 20% of employees cause 80% of the problems within an organisation. Coincidentally or not, they are most often than not, the same employees. HIPO personnel, who generally know their worth, are frequently more difficult to manage. Nevertheless, no matter how astute these people are, they tend to have a dark side as well. In this scenario, the HR department has to intervene. Unfortunately, when it does intervene, the focus is on improving their existing qualities which leaves out their other personality problems to roam free. Overworked strengths have a tendency to become weaknesses and that is not good news for any organisation.

It is a well-known fact that a top performer may start having difficulties at his job when he is placed in a leadership role. It is clear he may perform well in one company but he cannot have the same impact and results in another organisation. It all depends on his vision and leadership, and these qualities are not easy to find.

Great People Inside provides easy-to-use tools and processes to attract, assess, match, select, onboard, manage, develop, benchmark and maintain workforces anywhere in the world.

We help you find the right talent, the best fit for the job and your organisation. It requires deep knowledge of your own organisation’s culture and keen understanding of the candidate’s personality, strengths, interests, work style and other characteristics. The GR8 360° tool is excellent at developing managerial competencies, skills and behaviours. When using this assessment, you will find over 50 dimensions that come along with suggestions for future improvement and development. Our technology and solutions will do the work for you, helping you find employees who can flourish and reach the highest performance required to constantly bring your company forward.

 

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Sources:

www.hbr.org

www.dcebglobal.com

www.forbes.com