[In this multi-part series, FurstPerson will examine the award-winning results a telecommunications customer achieved through the use of FurstPerson’s hiring assessment tools. The series will examine specific obstacles, goals, statistics, and results that FurstPerson and the customer witnessed from the use of these assessments.]
Early stage attrition (attrition that takes place within the first 60 to 90 days or so) can be a continuous pain point in your organization. Hiring, employee satisfaction, and ensuring that your employees are comfortable are just a small amount of the many, many things that need to be done to address potential attrition issues before they happen. However, if reducing turnover is strategized for during the hiring process, everything becomes vastly easier to manage. In fact, if you’re looking to increase retention rates, your best place to start could be your hiring process.
FurstPerson has found that the use of hiring assessments are essential when it comes to reducing early stage attrition in your workforce. Interviews are helpful to getting to know a candidate, but assessments can provide measurable data that not only help you make a hiring decision, they also inform you of specific traits, characteristics, and skills of a candidate. The key to using assessments to help reduce attrition is by understanding what personality traits and skill sets yield the highest retention rates.
In one instance, FurstPerson worked with a major telecommunications company that had the goal of reducing their attrition rates. Specifically, the company was seeing a 36.7% turnover rate within the first 60 days. This was costly, time consuming, and impacted the growth of the company’s employees to an extent.
By working with FurstPerson, the company was able to target specific personality traits that were seen in long-lasting employees such as dependability, energy, friendless, and more, and incorporate those personality traits in their hiring assessment process. By continually measuring characteristics that were associated with long-tenured employees, the company was able to drop it’s early stage attrition dramatically. In just one year, the company went from 36.7% early stage turnover to just 5.9%.
Yielding results such as these required a multi-pronged approach from both the company and FurstPerson. In addition to identifying personality traits for longevity, FurstPerson and the company worked together to make sure the assignment was designed to uncover these traits. There is no “one size fits all” type of solution, since every organization requires different things from their employees, and therefore FurstPerson and the company made sure that the assessment was specific to the type of candidates the company was looking for.
Additionally, FurstPerson and the company did not roll out the assessment and call it a day. Part of the importance of a good hiring assessment is that results are being continually examined to help refine the assessment process. This means that the hiring assessment, just like the quality of candidate, was continually improved upon over time to ensure continued results. You can see in the graph that there wasn’t a sudden drop off in attrition for the customer – it was continued effort yielding continued results.
To learn more about this award winning study be sure to check out our press release, continue checking the blog every other day for new posts, or contact us today. For information on talent acquisition, download the talent acquisition commandments e-book below: