Oct 4, 2018
Statistics to Consider when Managing Human Resources
Are there any statistics worth being taken into account when managing human resources?
Managing human resources goes well beyond recruitment. Actually, the latter is just a small chunk of what HR managers do on a daily basis. They are those involved with employee retention, company culture, change implementation, managing a globalized workforce, creating a culture of collaboration, etc.
In addition, as the business landscape is changing rapidly, HR managers are also faced with various challenges that will continue to evolve in the coming years. Here are a few statistics that HR managers should consider in order to adapt their strategies and overcome existing challenges.
For 57% of organizations employee retention is seen as a problem, with 22% of new hires leaving their jobs within the first 45 days
Employee retention is one of the most poignant issues facing today's businesses as they compete for talent in a globalized environment. Retention is not the final element. It actually starts with recruiting, from the moment candidates apply for a job, to screening them and then choosing who to interview. It’s important to analyse every aspect in order to select the candidates who are likely to stay from the very beginning.
57% of job applicants prefer a live video interview to a pre-recorded video interview
Software Advice has conducted a survey to find out how candidates feel about interviewing for a job via video.
The key findings are as follows:
1. 47% of respondents with prior video interview experience prefer this format, while 67% of those who haven’t prefer phone interviews.
2. Most of the recent job applicants surveyed (57%) prefer a live video interview to a pre-recorded video interview (28%).
With these findings at hand, HR managers seeking to recruit top talent should take candidates’ preferences into account when it comes to interviewing and use video conferencing and collaboration tools to enable live video interviews.
Live interviews are also the new trend among HR managers. 56% indicate video as their most preferred method of business communication
Redshift Research has conducted a global survey revealing that HR managers who use video at work today will prefer video collaboration over email as their top method of business communication within three years. In fact, 56% of polled respondents indicated video would be their most preferred method of business communication, surpassing email (49%) and voice conference calls (32%).
Conducting live video interviews actually helps HR managers have a better understanding of their candidates’ behaviour, as opposed to voice-only interviews which limit the interaction. Studies conducted by Albert Mehrabian, Professor Emeritus of Psychology at UCLA, were combined to produce the “7%-38%-55% Rule” where 7% represents words, 38% represents voice and 55% represents facial expression.
Basically, the idea is that, in finding meaning and liking in a piece of communication, a receiver relies 7% on the actual words said, 38% on vocal elements and intonation, and 55% on facial elements cues. Therefore, it is very important for HR managers to actually have visual contact with their candidates during an interview.
For 96% of job seekers it’s important to work for a company that promotes and embraces transparency
Furthermore, existing employees also value transparency and the possibility to provide feedback. That is why, in order to boost both your recruiting and your retention strategies, you need to work on building a sense of community by promoting and enabling open communication between employees and management. Regardless of where your employees are (in a globalized world, enterprises also go global and have departments in different places across the globe), it’s important to use the right video conferencing tool that allows you to hold regular meetings in which employees can offer ideas, ask questions, and provide feedback. This makes them feel valued and appreciated and can actually make a difference in retention levels in the long run.
Fully 46% of new hires fail and are let go from their jobs in the first 18 months.
Interestingly enough, only 11% are let go due to lack of skill. In fact, 89% find themselves in this situation for attitudinal reasons like motivation and lack of coachability.
Regardless of where employees are, HR managers need to be able to provide them with the necessary training and coaching. According to MSG, the benefits of training are as follows:
1. It helps improve employees’ morale
2. Properly trained employees require less supervision in the workplace
3. The more trained an employee is, the fewer the errors that he makes
4. Training leads to increased employee productivity and efficiency.
When employees are working remotely, training can be conducted via video collaboration tools which enable real-time two-way video so that managers and trainers can easily spot any signs of confusion or fatigue and adjust the pace of the training lesson as needed. Furthermore, with tools that allow screen sharing and provide the possibility to draw on a whiteboard, HR managers can save on travel costs and deliver the same high quality training from wherever they are.
While the global competition for talents heats up, managing human resources becomes a vital aspect and organizations can no longer waste time in terms of finding the ideal candidate. Taking into account the job market and its current state, hiring someone has become a challenging and time-consuming process; it takes an average of 45 days to hire a new employee. Shortening that amount of time has become a priority for most HR managers and that is one of the reasons why video interviewing has gained significant popularity among interviewers. By exploiting that niche, video has found its place in the hiring process and it’s believed to remain on positions for a long time.
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