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Talent Retention and the Economic Value of Employees: SMBs Need to Start Thinking Analytics

Posted by Mark DaBell on April 25, 2015

millennials_and_the_workplace_2015Even the best organization cannot survive if their top performers quit, and high employee turnover costs all businesses time, productivity, and importantly – money. And in today’s successful businesses need to retain those “rockstar” employees who can change the customer experience to build brand loyalty.

But this is not as simple as it may seem. The reality is that today’s business leaders are faced with a changing workforce. Older workers are nearing retirement age and will be taking with them valuable institutional knowledge. And as the expert workforce ages out, millennials are fast becoming the largest generation in the U.S. workforce, but this generation brings with them a new set of expectations and needs.

In fact, according to the Millennial Majority Workforce Study, 53% of hiring managers said it is difficult to find and retain millennials, and 58% of millennials expect to leave their jobs in 3 years of less.

From the C-suite down, business leaders need to start delivering business decisions that are based on relevant data-driven insights, but the reality is that this approach presents special challenges to SMBs. Why? Because many SMBs do not think about analytics, and until they start, they will continue to lose out on real opportunities for employee retention and growth.

And what many SMBs have yet to realize is that today’s solutions are a game-changer for growth, providing an increase flow of integral data and information about a company’s workforce, such as

  • What is an employee’s skillsets?
  • Where does an employee excel?
  • When did an employee receive his or her last review and raise?
  • How many hours is an employee working?

Only with this information can SMBs start making better business decisions in order to retain the right employees. For example, one of our clients, a retail bank, came to us to resolve staffing issues. Their biggest challenge was keeping their best employees, many of who are part-time college students employed as bank tellers. They were looking for a solution that could identify and answer their key staffing problems:

  • How can they identify their top performers?
  • What can they do to retain those top performers?
  • When did their top performers get their last raise?
  • Are their top performers being compensated fairly?
  • How long has each employee been with the bank?
  • How do they keep their employees engaged?

Through the HigherUp solution, we were able to provide them with real-time analytics and user-friendly dashboard that provided them with the right answers to overcome their staffing challenges. In the end, we found the key solution for them was to start providing their employees with more timely review cycles.

Analytics enable SMBs to draw information to determine what employees need, align individual goals with business goals, and gain an understanding how each employee contributes to the company’s success. And real-time analytics solutions like HigherUp help SMBs unlock the power of their business’ potential by tapping into their most valuable asset – their employees and their everyday actions.

For more information on HigherUp solutions, visit GoHigherUp.com

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