Tuesday, December 10, 2019
We’re sharing five takeaways each week on how our acquisition of ENGAGE Talent transforms hiring and retention strategies for global organizations.
Last week, we highlighted how the acquisition will disrupt the workforce management market. This week we look at five specific ways ENGAGE’s proprietary intelligence enables organizations to recruit, manage, and retain high-value talent.
1. Recruit and hire smarter and faster with real-time monitoring of passive candidates.
The best defense is a good offense — and that rule certainly applies when competing in today’s tight labor market. While almost half of today’s workers will be looking to change jobs next year, how do you know when they’ll be ready to talk? And what message is going to get them to respond, engage, and accept your offer?
2. Reach gig talent before your competitors with new “likely to be contingent” algorithm.
Despite global contingent workforce management being a multi-billion-dollar market, recruiting platform innovation has been focused primarily on full-time worker identification and engagement. That means hiring organizations have recruited from the pool of ‘known’ contingent candidates who have worked in a prior contingent role for them, or have applied to a contingent job posting. This has effectively limited available talent considered by hiring managers. How can these same managers expand their hiring pool by identifying workers who might not have contingent work on their resume yet, but are open to these roles?
Our patent-pending “likely to be contingent” algorithm solves this challenge by identifying the passive candidates most likely to be open to contingent opportunities – now or in the future. You can target and win contingent candidates before they apply for a job with a competitor. In a hyper-competitive recruiting market, this predictive head start is the edge every employer needs.
3. Be smarter, more proactive in hiring and workforce planning with actionable intelligence.
With the ongoing war for talent, the winning organizations will be the ones that take the most proactive approach.
With ENGAGE’s Talent Retention Risk (TRR) ScoresSM, you can ask and answer forward looking questions: Are we at risk of losing key talent in the short term? Long term? Are we confident we can recruit talent from competitors at a reasonable cost? Which competitors’ talent will we have the best success rate recruiting?
The AI models examine how various factors – macroeconomic trends, social and news sentiment, stock performance, analyst assessments, leadership changes, and more – contribute to employee volatility or stability. Knowing whether your company is at high risk of losing key talent and benchmarking against competitors enables you to work smarter and get ahead.
4. Keep people happy so they stay long term with employee-specific messaging.
With Work Institute estimating more than 1 in 3 workers will voluntarily quit each year by 2030, retention must be a priority for every organization.
The best employers don’t react. They get out ahead and address these issues before workers leave. ENGAGE’s 5D ProfileSM enriches internal talent engagement by enabling you to tailor your employee messaging based on unique attributes most likely to optimize job appeal – company environment, organizational stability, strength of leadership, and opportunities for growth. You can use these AI-informed insights to focus your pulse surveys on the things that matter most to your workers, understand the best positioning to use to engage with employees, and proactively address the specific hurdles getting in the way of retention.
5. Lower cost of turnover and replacement with real-time employee churn insight.
SHRM estimates every time a business replaces a salaried employee, it costs 6-9 months’ salary on average. For a manager making $75,000, that equates to $37,500 to $56,000 in recruiting and training expenses.
TRR ScoresSM enable you to analyze expected employee churn in real time across key roles, tenure profiles, and more, so you can understand the root causes of turnover, identify and plan for future skills gaps, and make retention risk predictions. The result: you can address critical staffing issues and shortages before experiencing the high costs of turnover.
Read last week’s 5 for 5 around how Workforce Logiq’s acquisition of ENGAGE disrupts the Workforce Management market.
Want more? Visit the ENGAGE – Workforce Logiq Welcome Center and check out the interactive infographic – “In-Play or At Risk?” – which showcases ENGAGE’s Talent Retention Risk (TRR) Score and ENGAGE 5D Profile for all U.S. states.
Ready to take the next step? Request a personalized demo to see ENGAGE in action.