The 2014 Retail Equation: Big Data + Talent Analytics = Retention + Performance
By 2008, Michaels had expanded its use of talent science to evaluate tens of thousands of candidates every month for hourly positions, a task streamlined by technology that quickly and accurately identifies those most likely to be long-term, productive associates in the Michaels store environment.
In a post-deployment study of 7,861 Michaels associates over a 21-month period, hourly associates hired using talent science posted a turnover rate 41.9 percent lower than hires made without the hiring method in place.
Similar results were achieved at Brown Shoe, the operator of over 1,100 Famous Footwear locations. A talent science user since 2006, Brown Shoe has experienced years of turnover reductions among employees. In year one of the rollout, turnover dropped 50 percent over previous years (2004, 2005). In a later multiyear study, employees recommended by talent science continued to have a sizable advantage over their peers, posting a 33.62 percent lower turnover rate at the 30-day interval.
Why does talent science work? These results stem from a combination of finding the right person who "fits" the job and the natural productivity of satisfied employees who perform better than unengaged mishires who weren't compatible with the job.
Whatever results you wish to drive — from reducing turnover to increasing sales to improving customer service — talent science can help. With it you can select the KPIs that hiring managers should focus on to help your workforce stay with the company longer and be more productive.
Dr. Jason Taylor is the chief science officer of Infor PeopleAnswers, a provider of talent science software for employee assessment and job applicant selection.
