Industries with high turnover rates struggle to keep their employees, creating many different problems for them. The costs associated with replacing employees are high, and all the internal HR processes have to move more swiftly. In those conditions, it’s no wonder that every mistake in day-to-day employee management can cost a business more than one would expect.
However, even in industries with the highest turnover rates, it’s possible to minimize some of these problems by focusing on the quality of data; especially employee contact data. Let’s look at some of these industries in more detail, and how they can save immensely by correcting employee contact data.
Industries with the Highest Turnover
Three sectors tend to take the top spots on turnover trend studies and analyses. According to LinkedIn data – technology (software), retail and consumer products, media and entertainment – are the sectors with highest turnover rates, ranging from 13.2% for the tech to 11.4% for media and entertainment.
There is a different cause for high turnover for each of these industries. Technology is a high-competition industry where new talent is not so difficult to come by, and employees tend to move to better positions quickly. As opposed to that, media and entertainment turnover rates are caused by varying demand for certain professional services, while retail is struggling with the transition to the e-commerce business model.
However, in all three cases, there is a rising need for data accuracy and more efficient internal operations.
High Turnover Industries Saving with Accurate Data
When turnover rates are high, employees come and go through the business faster, which often means more paperwork and an increased workload for the HR department. Replacing lost staff members is another aspect of unnecessary spending that could be avoided.
Perhaps the most critical expense of having inaccurate employee contact data comes from employers being unable to deliver the necessary forms and records to employees after they’ve left the organization. What’s more, once duplicate or inaccurate contact data piles up, it becomes complicated for employees to manage the system, which makes it less likely for the business to have accurate records.
How to Achieve Employee Contact Data Accuracy
For businesses to save some of their unnecessary costs, they will need the right tools. Ideally, the chosen instrument should help the employees keep their employee contact data updated automatically so that no lengthy maintenance processes would be required.
One tool that can help is Runner EDQ’s CLEAN_Employee, as it can fight some of the ill effects of high employee turnover. CLEAN_Employee benefits employee data management across all the stages of employment: from hiring and recruitment, employment management and benefits, to employee retirement or separation.
Its main features are automatic address verification and validation, enhancing contact data with email addresses and social media handles, as well as NCOA validation, demographic data, and GeoCodes.
Industries with high turnover rates need to devote a lot of their resources to maintaining the accuracy of employee data records if they wish to cut back on the costs of inaccurate data.
Click Here to learn more about Runner EDQ quality data management solutions that help your business save millions in unnecessary expenses and become more efficient in its day-to-day operations.