These Psychologists May Have Cracked the Code to Motivating Employees (and Retaining Them)
Spoiler: it’s not about money
PHOTO CREDIT: Getty Images
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).
Predictably Powerful 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.