Research says look for 6 traits in candidates for employment and you can help ensure retention even before you put your new employees to work.
We’ve all heard about it … the oncoming “talent war” caused by a confluence of baby boomers retiring, followed by generations not populous enough to fully replace them.
We’ve all heard about the outrageous cost of having to replace a solidly performing employee. The U.S. Department of Labor estimates it at nearly $14,000. Others have higher estimates of from 29 percent of yearly salary to several times annual pay.
And we’ve all heard about the methods organizations are inventing to build retention among talented employees in light of all this … the extra perks and bonuses, the creative use of flex time and added benefits, even the use of sabbaticals offering up to a year off with pay to refresh, recharge, and it is hoped, to come back and stay!
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Well, what if there was a retention strategy that could help you avoid all that? What if there were ways to hire people you knew would stay even before you put them to work?
According to the Institute for Corporate Productivity (“i4CP”), there has been research leading to exactly that result. “Certain applicants have a higher propensity for turnover, and these characteristics can often be identified prior to hire,” say researchers Mei-Chuan Kung and Matthew O’Connell in an article on the subject.
The research was done by Development Dimensions International (DDI) in a study of some 4,000 employees in varied industries. As reported by i4CP, traits predictive of future loyalty and retention are:
- adaptability
- passion for work
- emotional maturity
- positive disposition
- self-efficacy
- achievement orientation
All six, says DDI, can be measured through questionnaires, administered on-site during the interview process or online.
Match the Organization’s Culture
Other organizations use the above process almost in reverse to achieve “retention before the fact,” as i4CP calls it. Instead of probing the applicant’s characteristics, they list the characteristics of their own culture and of the specific job. Then applicants are closely matched against those criteria to determine who seems to be the best fit. Other companies allow candidates to sit in at the job site and watch the work being done, to help them better determine before the fact if the position fits their personal style.
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Another commentator who has spoken on the idea of hiring with retention in mind is Daisy Saunders, founder of the HR consulting firm, Big Eyes International. As reported on the BLR website, Compensation.BLR.com, Saunders offers 9 tips for retaining your top workers. The very first one deals with hiring.
Personality and Job Essentials
Saunders advises employers to first ask themselves, “What are the essential services and needs for the company that help to sustain its productivity and success rate?” Then, follow up with this key question, “What types of skills and personality traits are necessary for an employee to have in order to fulfill the duties in the job description?”
“Employee turnover,” she concludes, “can be reduced substantially by hiring the right person for the right job at the right time.” Saunders goes on to give 8 more tips for retention, which we’ll cover in tomorrow’s HR Daily Advisor.
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