Leading organizations around the globe report positive impact of talent measurement on bottom line results
The majority of organizations have significant positive business outcomes when using quantifiable talent data, or People Intelligence, to inform their business decisions, according to .SHL’s 6th annual Business Outcomes Study (BOS) Report which offers an in-depth look at how organizations use data about their workforce to inform their business decisions. A record number of businesses were included in the report, representing industries as varied as financial services, technology, hospitality, media and engineering, and hailing from job roles in customer service, sales, management and more.
As competition heats up in our recovering economy, increasing numbers of organizations worldwide want access to comprehensive People Intelligence data to gain the strategic advantage over competitors through increased sales, reduced operating costs, and improvements in overall productivity. Out of the 66 businesses surveyed, 88 percent report favorable or very favorable business outcomes (with the remaining 12 percent lacking sufficient data to be conclusive). Specific achievements include:
- $995,000 increase in sales per salesperson for a major car retailer. The study also found these same employees are three times more likely to be ranked as top performers.
- 41 percent increase in productivity for call center collection agents.
- Over $3 million in savings for an insurance company as a result of reduced turnover and lower employee absence rates.
- Quadrupled sales revenue for a retail location with managers at the helm who were assessed as “high potential” employees.
- 41 percent increase in efficiency, 31 percent more revenue, and 22 percent lower employee turnover for a customer service outsourcer.
The study also found that organizations are becoming increasingly aware of the negative impact that a poor new hire candidate experience can have on the company brand. With the rise in popularity of social media, and with more job seekers using it as a platform to air their grievances, a positive experience is as essential for candidates who don’t receive job offers as those who do. “People are at the heart of everything we do, so it’s imperative that we closely examine the link between our customers’ talent decisions and their business outcomes,” explained David Leigh, CEO of SHL. “In this day and age, the way companies leverage their People Intelligence can not only dictate their level of success, but whether they can compete at all in any given market.”
Source: SHL; www.shl.com.