28/04/2023 – At our last HR Business Breakfast in Frankfurt am Main, Robin Zugehör, Commercial Director DACH at LutherOne, and Alessa Kinna, Senior Consultant Sales & Marketing at Robert Walters, shared practical approaches on how to attract qualified employees and retain them in the long term.
How data-based employee retention works
To successfully retain capable employees, there are effective, data-driven approaches and corresponding analysis tools available today. These enable HR managers to make informed decisions based on quantitative data insights, rather than just relying on assumptions and their intuition.
The set goals can be made measurable, leading to an objective assessment. It becomes possible to compare the effectiveness of different strategies and identify those that achieve the best results.
At the same time, data-based analyses can increase the cost efficiency of companies, as improved employee retention leads to cost savings in the areas of recruitment, induction, and training of new employees.
Robin Zugehör explains: ,At LutherOne, we have developed a high-performance platform that evaluates millions of data points every day and with which companies can successfully strengthen their employee retention. For example, we offer engagement surveys, a continuous feedback process or employee performance management.’
Likewise, the platform compares the data of one's own company with international benchmarks. This quickly reveals deficits in international comparison and can be specifically remedied. Zugehör explains:
Our system has the great advantage of being able to make predictions for the future. For example, employees at risk of churn or burnout can thus be identified at an early stage and the company can take measures to counteract these tendencies.
In the long run, companies that successfully implement data-based employee retention strategies, gain a competitive advantage over companies that do not.
Work attitudes of different generations
Central to successful employee retention is knowing the differences between the generations and incorporating them into the company's internal employee retention strategies. Generations have diverse demands and expectations of their employer:
- Baby boomers (1946-1964): Characterised by loyalty and commitment, they value security and stability in their careers.
- Generation X (1965-1980): Known for their independence and flexibility, they value a work-life balance and are independent problem solvers.
- Millennials (1981-1996): They seek meaningful and purposeful jobs. Collaboration and open communication are important to them.
- Generation Z (1997-2012): Raised on technology and innovation, they value an employer that promotes diversity and inclusion.
Retaining different generations
Employers can retain the different generations by taking into account their specific needs and desires. For example, they could offer flexible working conditions and work-life balance initiatives for Generation X and Millennials, provide training and development opportunities for all generations, and promote new technologies and innovations within the company with the inclusion of Generation Z.
Retention strategies
Zugehör presents five key factors that show companies the path to optimised employee retention:
- Continuous mapping of relevant indices and scores: regular surveys make it possible to keep an eye on the mood in the company and react to employee dissatisfaction at an early stage.
- Establishing a continuous feedback culture: Open and honest communication between supervisors and employees promotes trust and makes it possible to identify and eliminate weaknesses together. What is the employee dissatisfied with and where can this dissatisfaction be addressed?
- Motivation and recognition: Appreciation and praise are essential to motivate employees and strengthen their loyalty.
- Internal communication: Internal communication is important because it helps to foster a sense of belonging, transparency and trust between employees and managers.
- Bridge between work and private life: A good work-life balance increases employee satisfaction and productivity.
Data-driven optimisation and targeted action
It is crucial that companies use the insights gained through analytics. This allows them to work specifically on identified weaknesses and create an innovative environment that is tailored to the needs and strengths of their employees. As an employer, the main goal should be to create optimal conditions for employees to best support them in their work, increase their performance and promote satisfaction and engagement.
Recruiting comes before retention
In the first part of our event recap, Data-Based Recruitment, you will learn how to use data not only to ensure that employees stay longer in your company, but also to support the recruiting of suitable talent.
Further information
If you are looking for suitable candidates for your company, we would be happy to help you. To do so, simply submit your job specification and we will contact you promptly to discuss your requirements in detail.
About LutherOne
Our partner LutherOne offers an innovative software platform that helps organisations improve employee engagement, collaboration and workforce performance. The platform combines various features and tools that enable HR managers, leaders and employees to collaborate effectively and make data-driven decisions. Tools offered include employee surveys, performance management, feedback & communication, analytics & reporting, integration & customisation. Millions of daily data points from over 45 countries are already analysed by LutherOne. Learn more on their website.
