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Although the labor market has cooled in recent months, recruiters still face a ferocious battle for talent. This is why many are investigating innovative ways to gain a competitive advantage, such as technology platforms that allow them to analyze compensation data and craft offers that have a better chance of landing new hires.
Organizations with people analytics like Visier in place are in an excellent position to make more equitable and better compensation decisions. Compensation data is tightly guarded and often doesn’t get released to others in the company without approval from the CHRO, CFO, or increasingly, the Chief Diversity Officer.
Whether or not these compensation policies are helping employee retention, boosting productivity, or otherwise making the best use of your compensation budget is a mystery. . Thoughtful and data-backed decisions around compensation will help you retain your stars, cut turnover costs, and get the most out your compensation strategies.
Did you lose a key employee or department, and the overtime is to compensate for this? Identify the cost savings of retention programs by analyzing the direct and indirect costs of turnover in relation to compensation, absenteeism, productivity, and learning and development. Why are you overspending on your overtime budget?
Similar to cost per hire, this is a per-person average used to evaluate the effectiveness of the “talentacquisition” process. Number of peer bonuses given Compensation metrics People’s motivations are greatly influenced by money. The key to reducing turnover is to make employees feel valued for their work.
Sabre combined lagging indicators, like compensation ratios and team makeup, with Visier’s predictive analytics to create a scale for high-performing employees at risk of exit. Regrettable attrition dropped by 1.5%, with Sabre’s team working on getting it back down its original 5% level.
We realized that not only is attracting this profile important, but of greater importance is to take care of our current talents. In this environment, we use Visier to monitor our ‘consistent stars’, to understand them in these dimensions: 1) Time Since Promotion, 2) Compa Ratio, 3) Career Path.
We realized that not only is attracting this profile important, but of greater importance is to take care of our current talents. In this environment, we use Visier to monitor our ‘consistent stars’, to understand them in these dimensions: 1) Time Since Promotion, 2) Compa Ratio, 3) Career Path.
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