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Why You Should Invest in Talent Analytics

Retaining your best employees is difficult, but does analytics offer a lifeline for smaller companies?

12Dec

Every companies recruitment page outlines that they're looking for the best talent, which may be true, but unfortunately great talent is scarce, with the best often lured by bigger companies that often offer clearer career paths and the promise of bigger salaries.

This has led many smaller companies to wonder how they can guard against increased employee turnover, with the shadow of multinationals continually threatening to snatch their most talented people away from them. Workforce analytics could well be the answer, with data giving organisations the ability to better understand what makes their employees dissatisfied.

Happy staff equals happy customers after all, so it's essential that organisations understand what makes their people tick. The use of analytics can also become a strategic tool for employee engagement, and a way of targeting those whose dissatisfaction is affecting their outputs.

There are however a number of issues that must be considered, with correct variables essential for any HR model's efficacy. Pick the wrong variables and you'll get bad data that doesn't help you achieve your goals - in fact, bad data can cause you to make errors about employee satisfaction, meaning that you change aspects that people are actually happy about. Unfortunately, constructing analytical models is something that takes time and is highly labour-intensive, and even when you've got something that you're happy with, it needs to be monitored continually as the drivers of employee dissatisfaction do change over time. This is why employee churn is highly unpredictable and so damaging for companies who have invested in staff.

Data should be pivotal to any HR department, with analytical models a key ingredient to keeping workers at their desks. The implementation of such a system will make it easier for staff to be retained, allowing companies to grow with the same people that helped them get to the position they're at today, imperative when a young company wants to promote a long-lasting company culture. It will however take considerable manpower and talent to do effectively, but for small companies this could be the difference between keeping your best and losing them to bigger organisations. 

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