How do you measure the retention rate of your niche talent hires?

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1 Why measure retention rate?

Retention rate is the percentage of employees who stay with your organization for a given period of time, usually a year. It is a key indicator of how well you are engaging and retaining your niche talent hires, who are often critical for your business success and competitive advantage. Measuring retention rate can help you evaluate the effectiveness of your niche talent acquisition strategy, identify areas of improvement, and reduce turnover costs and risks.

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2 How to calculate retention rate?

There are different ways to calculate retention rate, depending on your data and goals. One common method is to divide the number of niche talent employees who remained with your organization at the end of a period by the number of niche talent employees who were employed at the beginning of the period, and multiply by 100. For example, if you had 100 niche talent hires at the start of the year, and 80 of them stayed until the end of the year, your retention rate would be 80%. You can also calculate retention rate for specific groups, such as by department, role, or source.

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3 How to benchmark retention rate?

To understand how well you are retaining your niche talent hires, you need to compare your retention rate with some benchmarks. These can be internal or external, depending on your context and objectives. Internal benchmarks are based on your own historical data, such as your average retention rate over the past years, or your retention rate for other types of employees. External benchmarks are based on industry standards, best practices, or competitors' data, if available. You can use both types of benchmarks to set realistic and relevant goals and targets for your retention rate.

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4 How to improve retention rate?

Improving retention rate necessitates a comprehensive and proactive approach that meets the needs and expectations of niche talent hires throughout their employee lifecycle. Employer branding, candidate experience, onboarding, performance management, career development, and employee engagement are all key elements that can influence retention rate. Employer branding involves positioning and promoting your organization as an employer of choice for niche talent, as well as communicating your vision, values, and culture. Candidate experience includes creating a positive and engaging impression of your organization during the recruitment process, as well as providing feedback and support to candidates. Onboarding should involve welcoming and integrating new niche talent hires into your organization, while also providing them with training, resources, and guidance. Performance management requires setting clear and meaningful goals and expectations for niche talent hires, while also providing them with feedback, recognition, and rewards. Career development entails offering niche talent hires opportunities for learning, growth, and advancement while supporting their professional aspirations and interests. Finally, employee engagement involves fostering a sense of belonging, commitment, and satisfaction among niche talent hires while also soliciting and responding to their feedback and suggestions.

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5 How to monitor retention rate?

Monitoring retention rate is an ongoing process that involves collecting and analyzing data, tracking trends and patterns, and evaluating outcomes and impacts. You can use various tools and methods to monitor retention rate, such as surveys to measure satisfaction, engagement, and intention to stay or leave; exit interviews to identify reasons for leaving; analytics software or platforms to track and visualize data; and dashboards to create a summary of key metrics. Measuring the retention rate of your niche talent hires is a vital part of your niche talent acquisition strategy. It can help you understand how well you are retaining your most valuable employees, so that you can make improvements. By leveraging the concepts and methods outlined in this article, you can measure your retention rate effectively and efficiently.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you measure the retention rate of your niche talent hires?

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1 Why measure retention rate?

2 How to calculate retention rate?

3 How to benchmark retention rate?

4 How to improve retention rate?

5 How to monitor retention rate?

6 Here’s what else to consider

Niche Talent Acquisition

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